What retirement Social Security is and when you can start it

Retirement Social Security is a monthly payment from the federal government based on your work history. You become may be able to access to claim it once you reach a certain age — that age depends on the year you were born. The earliest you can claim is 62, but your monthly payment will be smaller than if you wait. If you wait until 70, your monthly payment will be larger.

The amount you receive each month is calculated from your earnings record. Social Security looks at your 35 highest-earning years of work and uses a formula to determine your benefit. If you worked fewer than 35 years, zeros are counted for the missing years, which lowers your benefit. You must have worked at least 10 years (40 quarters of coverage) to be may have access to to retirement benefits at all.

Your "full retirement age" — the age at which you receive your full calculated benefit — is between 66 and 67 depending on your birth year. Claiming before that age permanently reduces your monthly payment. Claiming after that age increases it by about 8 percent per year until age 70.

Key Takeaways

  • You can claim retirement Social Security as early as age 62, but your monthly payment will be permanently reduced if you do.
  • Your full retirement age is between 66 and 67 depending on your birth year, and claiming at that age gives you your full calculated benefit.
  • Waiting until age 70 to claim increases your monthly payment by about 8 percent per year compared to your full retirement age amount.
  • You must have worked at least 10 years to be may have access to to retirement benefits, and your benefit is based on your 35 highest-earning years.
  • You can view your earnings record and estimated benefit amount through your personal Social Security account online.

How your full retirement age is determined

Your full retirement age depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it increases by two months for each year of birth, ranging from 66 and 2 months to 67. If you were born in 1960 or later, your full retirement age is 67.

This is the age at which Social Security will pay you your full benefit amount with no reduction. If you claim before this age, your benefit is reduced by a percentage that depends on how many months early you claim. If you claim after this age, your benefit increases.

You can find your exact full retirement age on your Social Security statement, which you can view in your online account at ssa.gov. The statement also shows your estimated benefit amount at different claiming ages.

How claiming age affects your monthly payment

Claiming at 62 reduces your monthly benefit by about 30 percent compared to your full retirement age amount. This reduction is permanent — it does not increase later. If your full retirement age benefit would be $1,500 per month, claiming at 62 might give you around $1,050 per month for life.

Claiming at your full retirement age gives you 100 percent of your calculated benefit. Claiming after your full retirement age increases your benefit by about 8 percent per year. If you wait from age 67 to age 70, your monthly payment would be about 24 percent higher than your full retirement age amount.

The trade-off is time. If you claim early, you receive payments for more years, but each payment is smaller. If you wait, each payment is larger, but you receive fewer total payments. The break-even point — where total lifetime benefits are roughly equal — is usually in the early 80s, though this varies based on your health and family history.

How your benefit amount is calculated

Social Security uses your earnings record to calculate your benefit. The agency looks at your 35 highest-earning years of work and adjusts them for inflation using a formula called the Primary Insurance Amount (PIA). If you worked fewer than 35 years, zeros are included for the missing years, which lowers your average and therefore your benefit.

The formula is progressive, meaning it replaces a higher percentage of earnings for lower-income workers than for higher-income workers. This is why two people with different work histories receive different benefits even if they claim at the same age.

You can see your actual earnings record on your Social Security account. Review it for accuracy — if an employer reported your earnings incorrectly, you can request a correction. Errors are most common for self-employed workers or those who changed names.

When to claim: early, at full retirement age, or delayed

Claiming at 62 makes sense if you need the money now, expect a shorter lifespan due to health issues, or have other income sources. The reduction is permanent, so this choice should be deliberate. If you claim early and later regret it, you cannot undo the reduction — though you can suspend benefits at full retirement age and restart them later at a higher amount, but this is rarely advantageous.

Claiming at your full retirement age is a middle ground. You receive your full benefit without reduction and without waiting. This works well if you want to retire at a standard age and do not have strong reasons to claim earlier or later.

Claiming at 70 maximizes your monthly payment and makes sense if you are in good health, still working, or have substantial other income. The 8 percent annual increase compounds, so the difference between 67 and 70 is significant. If you are married, delaying can also increase your spouse's benefit based on your record.

How work affects your retirement benefits

If you claim before your full retirement age and continue working, Social Security reduces your benefit by $1 for every $2 you earn above an annual limit. For 2024, that limit is $23,400, though it changes yearly. In the year you reach your full retirement age, the reduction is $1 for every $3 earned above a different limit, but only for earnings before the month you reach full retirement age.

Once you reach your full retirement age, you can earn as much as you want with no reduction to your benefit. This is one reason some people delay claiming — they can continue working without a benefit cut.

If you are still working and considering claiming, calculate whether the reduction makes sense for your situation. Social Security has a benefits calculator on its website that can show you the impact.

How to claim retirement benefits

You can claim retirement Social Security online through your account at ssa.gov, by phone at 1-800-772-1213, or by visiting your local Social Security office in person. Online is usually fastest — you can complete the process in about 15 minutes if you have your information ready.

You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and bank account information for direct deposit. If you were married more than once, bring divorce decrees. If you are still working, have your most recent pay stub or tax return.

Social Security typically processes claims within two weeks if you claim online. You will receive a notice confirming your claim and your estimated benefit amount. Your first payment usually arrives within one to two months after approval.

Frequently Asked Questions

Can I change my mind after I claim Social Security?

If you claim and then change your mind within 12 months, you can withdraw your claim and reapply later. You must repay all benefits you received. After 12 months, you cannot withdraw, but you can suspend your benefits at full retirement age and restart them later at a higher amount — though this is rarely worth doing.

What happens to my benefits if I die?

Your family members may be may have access to to survivor benefits based on your work record. Your spouse, ex-spouse, children under 19 (or 23 if in school), and parents over 62 may each receive a monthly benefit. The total family benefit is capped at about 150 to 180 percent of your full retirement age benefit.

How do taxes affect my Social Security benefit?

If your total income is above certain thresholds, up to 85 percent of your Social Security benefit may be taxable as federal income. The thresholds are $25,000 for single filers and $32,000 for married couples filing jointly. State taxes vary — some states do not tax Social Security at all.

Can I claim based on my ex-spouse's record?

Yes, if you were married at least 10 years, are at least 62, and are not currently married. Your ex-spouse's benefit does not affect their payment or their current spouse's payment. You can claim on your own record, your ex-spouse's record, or both, depending on which gives you the larger benefit.

What if I disagree with my benefit amount?

Request a detailed earnings statement from Social Security and review it for errors. If you find mistakes, file a request for correction with your local office. If you disagree with the calculation itself, you can request reconsideration, though Social Security's formula is set by law and rarely changes for individual cases.