What retirement age means for your Social Security payment
Retirement age is the age at which you become may be able to access to receive your full Social Security benefit. It is not the age you must stop working — you can work as long as you want. It is the age Social Security uses to calculate your payment amount.
Your retirement age depends on the year you were born. If you were born between 1943 and 1954, your retirement age is 66. If you were born between 1955 and 1960, it rises by two months for each year of birth, reaching 67 for those born in 1960 or later. Social Security calls this your Full Retirement Age (FRA).
You can start collecting before your FRA — as early as age 62 — but your monthly payment will be permanently smaller. You can also wait past your FRA until age 70, and your monthly payment will be permanently larger. The choice you make affects how much you receive for the rest of your life.
Key Takeaways
- Your Full Retirement Age ranges from 66 to 67 depending on your birth year, and this is when Social Security pays you 100 percent of your calculated benefit.
- You can claim as early as 62, but your monthly payment drops by roughly 30 percent and stays that low for life.
- You can delay claiming until 70, and your monthly payment increases by roughly 24 percent per year you wait, up to age 70.
- The Social Security Administration mails a statement showing your estimated payment at 62, at your Full Retirement Age, and at 70.
- Working past your Full Retirement Age does not reduce your benefit, but earning above a certain amount before FRA temporarily reduces your payment.
How your birth year determines your Full Retirement Age
Social Security raised the Full Retirement Age gradually starting in 2000. Workers born before 1943 have an FRA of 65. The age then increases in steps based on birth year.
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
You can find your exact Full Retirement Age on your Social Security statement, which the agency mails to you each year starting at age 60. You can also create an account at ssa.gov to view your statement online.
Claiming before your Full Retirement Age
You can claim Social Security as early as age 62. If you do, your monthly payment is permanently reduced. The reduction is roughly 30 percent if your FRA is 67, and roughly 25 percent if your FRA is 66. The exact percentage depends on how many months before your FRA you claim.
Claiming early makes sense if you need the money now, expect a shorter lifespan than average, or have other income to live on. It does not make sense if you can afford to wait and expect to live into your mid-80s or beyond — you will receive more total money by waiting.
If you claim before your FRA and continue working, Social Security temporarily reduces your payment if your earnings exceed a limit. In 2024, that limit is $23,400 per year. For every $2 you earn above that, your benefit drops by $1. This reduction stops once you reach your Full Retirement Age.
Claiming at or after your Full Retirement Age
If you claim at your Full Retirement Age, you receive 100 percent of your calculated benefit. You can work as much as you want without any reduction to your payment.
If you delay claiming past your FRA, your payment increases by roughly 8 percent per year until age 70. This is called a delayed retirement credit. If your FRA is 67 and you wait until 70, your monthly payment is roughly 24 percent higher than it would be at 67. After age 70, your payment does not increase further, so there is no financial reason to delay past 70.
Delaying makes sense if you are in good health, have other income to live on, or want to maximize the payment for a surviving spouse. Your spouse can receive a benefit based on your work record, and that benefit is also higher if you delay.
How to find your estimated benefit amount
Social Security calculates your benefit based on your 35 highest-earning years. The agency adjusts older earnings for inflation, then averages them, then applies a formula that replaces a higher percentage of lower earnings than higher earnings.
You do not need to understand this formula. Social Security sends you a statement each year showing your estimated monthly payment at three claiming ages: 62, your Full Retirement Age, and 70. This statement is the most accurate estimate you can get without actually claiming.
To view your statement online, create an account at ssa.gov using your email address and Social Security number. The statement updates once per year. If you do not have internet access, you can call Social Security at 1-800-772-1213 and ask them to mail you a statement.
What happens to your benefit if you keep working
Working past your Full Retirement Age does not reduce your Social Security payment. Your benefit is based on your 35 highest-earning years, so additional years of work can only increase it if those years are higher-earning than years already counted.
If you claim before your FRA and keep working, Social Security temporarily reduces your payment based on your earnings. The reduction applies only until you reach your Full Retirement Age. Once you hit FRA, your payment returns to its full amount, even if you continue working.
If you claimed early and your payment was reduced due to earnings, Social Security recalculates your benefit once you reach FRA. The recalculation removes the months when your payment was reduced, which increases your ongoing payment amount.
Spousal and survivor benefits tied to your retirement age
If you are married, your spouse may be able to receive a benefit based on your work record. That benefit is also affected by retirement age. Your spouse can claim a reduced benefit as early as 62, or wait until their own Full Retirement Age for a full benefit.
If you die, your spouse and children can receive survivor benefits based on your work record. The amount they receive depends partly on your age when you claimed. If you claimed early, survivor benefits are lower. If you delayed, they are higher.
This is one reason some people delay claiming even if they do not need the money — to protect their family's future income if they die.
Frequently Asked Questions
Can I change my mind after I start collecting Social Security?
Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim, repay what you received, and restart later at a higher amount. After 12 months, you cannot withdraw. You can suspend your benefit at your Full Retirement Age and restart it later at a higher amount, but this is rarely done anymore.
What if I was born on January 1st — which year's rules apply to me?
Social Security treats people born on January 1st as if they were born on December 31st of the previous year. So if you were born January 1, 1955, you use the Full Retirement Age for people born in 1954, which is 66.
Does my Full Retirement Age change if I live longer than expected?
No. Your Full Retirement Age is fixed based on your birth year and does not change. However, your benefit amount may increase if you continue working past your FRA, because additional high-earning years can replace lower-earning years in the calculation.
What if I have not worked 35 years — can I still collect?
Yes. Social Security counts zero-earning years in the 35-year average, which lowers your benefit. You need at least 10 years of work (40 credits) to be may be able to access for retirement benefits at all. The more years you worked, the higher your benefit will be.
Do I have to be retired to collect Social Security at my Full Retirement Age?
No. You can work full-time and collect your full benefit once you reach your Full Retirement Age. The term "retirement age" refers only to the age Social Security uses to calculate your payment, not the age you must stop working.