The age you start Social Security determines how much you receive each month for the rest of your life

Social Security lets you start collecting at age 62, but the amount you get depends on when you claim. If you start at 62, your monthly payment is smaller than if you wait. If you delay past your full retirement age (which ranges from 66 to 67 depending on your birth year), your payment grows by roughly 8 percent per year until age 70. There is no financial benefit to waiting past 70.

The Social Security Administration (SSA) calculates your payment based on your highest 35 years of earnings. The age you claim is separate from that calculation — it only changes the percentage of your calculated amount you receive each month.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced compared to waiting until full retirement age.
  • Full retirement age is 66 or 67 depending on your birth year, and claiming at that age gives you 100 percent of your calculated benefit.
  • Waiting until age 70 increases your monthly payment by about 24 percent compared to full retirement age, but you receive fewer total payments if you die before 80.
  • Spousal and survivor benefits also depend on age, and the rules differ from your own retirement benefit.

How your birth year determines your full retirement age

The SSA raised the full retirement age gradually starting in 1983. If you were born in 1954 or earlier, your full retirement age is 66. If you were born between 1955 and 1959, it is between 66 and 2 months and 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.

This is the age at which you receive 100 percent of your calculated benefit. Claiming before this age reduces your payment; claiming after increases it. The SSA website has a table showing the exact full retirement age for your birth month and year.

What happens if you claim at 62

Claiming at 62 gives you the smallest monthly payment, but you start receiving money sooner. The reduction is permanent — even after you reach full retirement age, your payment stays at the reduced amount. For someone with a full retirement age of 67, claiming at 62 reduces the monthly payment by about 30 percent.

This choice makes sense if you need the money now, expect a shorter lifespan, or have other income to live on. It does not make sense if you are in good health and can wait, because you will receive less total money over your lifetime if you live past your early 80s.

What happens if you wait until 70

Each year you delay claiming past your full retirement age, your payment increases by about 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly payment is about 24 percent higher than it would be at 67. This is the maximum increase — the SSA stops adding to your payment after age 70.

Waiting until 70 makes sense if you are in good health, have other income to live on, or want to leave a larger survivor benefit to your spouse or children. The tradeoff is that you receive fewer total payments before you die, so the break-even point is usually around age 80 or 81.

Spousal and survivor benefits tied to your age

If you are married, your spouse can claim a benefit based on your earnings record. Your spouse's full retirement age is also 66 or 67 (depending on their birth year), and they can claim as early as 62. The rules are the same: claiming early reduces the payment, and waiting increases it.

If you die, your spouse and children can receive survivor benefits. The amount depends on your age when you died and when they claim. A surviving spouse can claim as early as 60 (or 50 if disabled), but the payment is reduced. A child can claim until age 19 (or 23 if in school full-time), and the payment does not depend on the child's age — it depends on your age when you died.

How earnings affect your payment before full retirement age

If you claim before your full retirement age and continue working, the SSA reduces your benefit by $1 for every $2 you earn above a certain limit. In 2024, that limit is $23,400 per year, but this amount changes annually. The reduction stops the month you reach full retirement age.

This rule applies only to earned income from work — it does not apply to pensions, investments, or other unearned income. Once you reach full retirement age, you can earn as much as you want without any reduction to your benefit.

When you must start taking Social Security

You do not have to claim Social Security at any particular age. However, if you reach age 70 and have not claimed, you should contact the SSA to start your benefit. There is no advantage to waiting past 70, and you will miss payments if you delay.

If you are already receiving Social Security and reach age 70, your benefit automatically adjusts to the maximum amount. You do not need to do anything — the SSA handles this change on its own.

Frequently Asked Questions

Can I change my mind after I start collecting?

You can withdraw your claim within 12 months of starting and repay what you received. This lets you restart at a higher age and a higher payment. After 12 months, you cannot withdraw, but you can suspend your benefit at full retirement age and let it grow until 70.

What if I was born on January 1?

The SSA treats people born on January 1 as if they were born on December 31 of the previous year. This affects which birth year group you fall into for full retirement age purposes. Check the SSA's birth year table to confirm your exact full retirement age.

Does my age affect how much my spouse gets?

Your spouse's benefit is based on your earnings record, but their payment amount depends on their own age when they claim, not yours. If they claim at their full retirement age, they get about 32 to 35 percent of your full retirement benefit. If they claim earlier, that percentage is lower.

What if I am still working at 70?

You can claim Social Security at 70 even if you are still working. Unlike claiming before full retirement age, there is no earnings limit that reduces your benefit. You receive your full payment regardless of how much you earn.

How do I know my full retirement age for sure?

Visit ssa.gov and use their retirement age calculator, or call the SSA at 1-800-772-1213. You can also create a my Social Security account online to see your full retirement age and your estimated benefit at different claiming ages.