The earliest age you can claim Social Security retirement benefits

You can claim Social Security retirement benefits as early as age 62, but the amount you receive will be permanently reduced compared to what you would get if you waited. The reduction is roughly 30 percent if you claim at 62 versus waiting until your full retirement age, which depends on your birth year. The Social Security Administration calculates your benefit based on your 35 highest-earning years, then applies a reduction based on how early you claim.

Claiming at 62 makes sense only if you need the money now or have reason to believe you will not live long enough to break even by waiting. If you are still working at 62, Social Security will also reduce your benefit by $1 for every $2 you earn above a certain threshold (about $23,400 in 2024, though this changes yearly). That reduction stops once you reach your full retirement age.

Key Takeaways

  • You can claim Social Security retirement benefits at age 62, but your monthly payment will be permanently lower than if you wait until your full retirement age.
  • Your full retirement age is between 66 and 67, depending on the year you were born, and waiting until then gives you your standard benefit amount.
  • If you delay claiming past your full retirement age until age 70, your monthly benefit increases by about 8 percent for each year you wait.
  • If you are still working when you claim at 62, Social Security reduces your benefit based on your earnings until you reach full retirement age.
  • You must have earned at least 40 work credits (roughly 10 years of work) to receive any retirement benefit at all.

Full retirement age and how it affects your benefit amount

Your full retirement age is when Social Security considers you old enough to receive your standard benefit without any reduction. This age is not 65 for everyone — it depends on your birth year. If you were born in 1943 or earlier, your full retirement age is 65. If you were born between 1943 and 1954, it increases gradually: born in 1954 means full retirement age 66. If you were born in 1955 or later, your full retirement age is 66 and some number of months, up to 67 for anyone born in 1960 or later.

You can find your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213. Knowing this number matters because it is the dividing line between a reduced benefit (if you claim before it) and an increased benefit (if you claim after it). Waiting even a few months past your full retirement age increases your monthly payment.

Delayed retirement credits and claiming after age 70

If you wait to claim Social Security after your full retirement age, your benefit grows. For each year you delay between your full retirement age and age 70, your monthly payment increases by roughly 8 percent per year. This means someone who waits from age 66 to age 70 receives about 32 percent more per month than they would have at 66. After age 70, your benefit no longer increases, so there is no financial reason to wait past 70 to claim.

Delayed claiming works best if you are in good health, have family history of longevity, or have other income to live on. The break-even point is usually around age 80 or 81 — if you live past that, the larger monthly payment from waiting will have paid off compared to claiming at 62. If you die before 80, you will have received more total money by claiming at 62, but you cannot predict your lifespan with certainty.

Work credits and the 40-credit requirement

To receive any Social Security retirement benefit, you must have earned at least 40 work credits. You earn one credit for each $1,730 of wages you report to Social Security (this dollar amount changes yearly). You can earn up to four credits per year, so 40 credits typically takes about 10 years of work. Self-employed people also earn credits the same way — based on net self-employment income reported on tax returns.

If you have not worked 10 years, you cannot claim your own retirement benefit. However, you may be able to claim a benefit based on a spouse's or ex-spouse's work record if you are at least 62 and meet other conditions. The Social Security Administration keeps a record of your credits and will tell you how many you have if you create an account at ssa.gov or call 1-800-772-1213.

How your benefit amount is calculated

Social Security calculates your retirement benefit using your 35 highest-earning years. If you worked fewer than 35 years, they count the missing years as zero, which lowers your average. The calculation converts your average monthly earnings into a benefit amount using a formula that replaces a higher percentage of lower earnings than higher earnings — this is why Social Security replaces a larger share of income for lower-wage workers.

Once Social Security calculates your benefit at your full retirement age, that number becomes your primary insurance amount. If you claim before full retirement age, they reduce it. If you claim after, they increase it. Cost-of-living adjustments (COLAs) happen once per year, usually in October, and affect all benefits equally — a 3 percent COLA means everyone's benefit goes up 3 percent, regardless of when they claimed.

Spousal and survivor benefits tied to your age

If you are married, your spouse may be able to claim a benefit based on your work record. A spouse can claim a reduced benefit as early as 62, or a full spousal benefit at their own full retirement age (usually 50 percent of your primary insurance amount). If you die, your spouse and children may receive survivor benefits, and the amount depends on your age when you die and how much you had earned.

If you are divorced, you may be able to claim on an ex-spouse's record if you were married at least 10 years, are at least 62, and are not currently married. The rules are the same as for current spouses — you can claim a reduced benefit at 62 or a full benefit at your full retirement age. Your ex-spouse does not need to have claimed yet, as long as they are at least 62.

What happens if you claim and then change your mind

If you claim Social Security before your full retirement age and then decide you want to wait, you have limited options. You can withdraw your claim within 12 months of claiming, repay all the benefits you received, and restart your benefit at a higher amount later. This is rare because it requires repaying a large sum of money upfront. After 12 months, you cannot withdraw your claim.

If you have already reached your full retirement age and want to increase your benefit, you can suspend your benefits and let them grow until age 70. This is different from withdrawing — you do not have to repay anything, but you also do not receive payments during the suspension period. Few people use this option because it requires going without income for years.

Frequently Asked Questions

Can I work and collect Social Security at the same time?

Yes, but if you claim before your full retirement age, Social Security reduces your benefit based on your earnings. In 2024, they reduce your benefit by $1 for every $2 you earn above $23,400 per year. Once you reach your full retirement age, you can earn as much as you want without any reduction to your benefit.

What if I was born outside the United States?

You can still receive Social Security retirement benefits if you have 40 work credits earned in the United States. You do not have to be a U.S. citizen. If you are not a citizen, you may need to be physically present in the U.S. to receive benefits, depending on your country of citizenship. Contact Social Security directly to confirm your situation.

Does claiming Social Security affect Medicare?

You become may be able to access for Medicare at 65 regardless of whether you claim Social Security. However, if you delay claiming Social Security past 65, you should still sign up for Medicare at 65 to avoid late enrollment penalties. Claiming Social Security does not change your Medicare coverage or costs.

What if I reach 70 and have not claimed yet?

Your benefit stops growing at age 70. There is no financial advantage to waiting past 70 to claim. You should claim by age 70 to start receiving the maximum benefit amount you are may have access to to. If you have not claimed by then, contact Social Security to file.

Can I claim Social Security if I am still married to the same person?

Yes. A current spouse can claim a reduced benefit at 62 or a full spousal benefit at their full retirement age, which is usually 50 percent of your primary insurance amount. Your own benefit is not affected by your spouse claiming on your record.