Your full retirement age if you were born in 1962
If you were born in 1962, your full retirement age — the age at which Social Security pays you 100 percent of your benefit — is 66 and 10 months. This is the age Social Security uses to calculate your standard monthly payment.
The reason your full retirement age is different from someone born in 1960 or 1965 comes down to a federal law change. Congress gradually raised the full retirement age starting in 1983, moving it from 65 to 67 over a 22-year period. People born between 1943 and 1954 have a full retirement age of 66. The age then increases by two months for each birth year until it reaches 67 for people born in 1960 or later.
Knowing your full retirement age matters because it determines your baseline benefit amount. If you claim before that age, your payment is reduced. If you claim after, your payment increases.
Key Takeaways
- Your full retirement age is 66 and 10 months, which is when Social Security pays your standard benefit amount.
- You can claim as early as age 62, but your monthly payment will be permanently reduced by roughly 30 percent.
- You can delay claiming until age 70, and your monthly payment will increase by roughly 24 percent for each year you wait past full retirement age.
- The age you choose to claim affects not only your own payment but also any benefits your spouse or children may receive based on your record.
Claiming before your full retirement age
You can claim Social Security as early as age 62. For someone born in 1962, that means you could start receiving payments in 2024. However, claiming early comes with a permanent reduction to your monthly benefit.
The reduction is steeper the earlier you claim. If you claim at 62 — four years and 10 months before your full retirement age — your benefit is reduced by roughly 30 percent. This reduction stays in place for the rest of your life, even after you reach full retirement age. Social Security does not restore the amount you would have received if you had waited.
Early claiming makes sense for some people: those in poor health, those who need the money now, or those who have other income sources. It is a permanent trade-off between a smaller monthly payment and more total payments over time. The break-even point — where waiting and claiming later produces more total lifetime benefit — typically occurs around age 80 or 81, though this varies based on individual circumstances.
Claiming at your full retirement age
At 66 and 10 months, you reach your full retirement age and can claim your standard benefit with no reduction. This is the benefit amount Social Security calculated based on your earnings record.
Claiming at full retirement age also removes any earnings limits. If you claim before full retirement age and continue working, Social Security reduces your benefit by $1 for every $2 you earn above a certain threshold (the threshold changes yearly). Once you reach full retirement age, you can earn as much as you want with no impact on your benefit.
Delaying your claim past full retirement age
You do not have to claim at full retirement age. If you delay, your benefit increases by roughly 8 percent for each year you wait, up until age 70. For someone born in 1962, waiting from full retirement age (66 and 10 months) until age 70 would increase your monthly payment by roughly 24 percent.
Delaying makes sense if you are in good health, still working and earning well, or have other retirement income. The higher monthly payment lasts for the rest of your life and also affects any survivor benefits your family may receive. Like early claiming, delayed claiming is a trade-off: you receive fewer total payments but each one is larger.
How your birth year affects your full retirement age
Your full retirement age depends on your exact birth year. The chart below shows the full retirement age for people born from 1960 to 1965, which covers the range most commonly asked about.
| Birth Year | Full Retirement Age |
|---|---|
| 1960 | 67 |
| 1961 | 66 and 10 months |
| 1962 | 66 and 10 months |
| 1963 | 66 and 8 months |
| 1964 | 66 and 6 months |
| 1965 | 66 and 4 months |
If you were born on January 1, 1962, Social Security treats you as if you were born in 1961, so your full retirement age would be 66 and 10 months. If you were born on any other day in 1962, your full retirement age is 66 and 10 months.
How your claiming age affects family benefits
If you have a spouse or children, the age you choose to claim affects their benefits too. A spouse can receive a benefit based on your record, and that benefit is also reduced if claimed before their own full retirement age. If you delay claiming, your spouse's potential benefit increases along with yours.
Children under 19 (or 19 if still in high school) can receive benefits based on your record. These benefits are also affected by the age you claim. If you claim early, their benefits are reduced. If you delay, their benefits increase. This is one reason some people with dependents choose to delay claiming — it increases not just their own payment but the payments their family receives.
What to do before you claim
Before you decide when to claim, create a my Social Security account on the Social Security Administration website. This account shows your earnings record and an estimate of your benefit at different claiming ages. You can see what your payment would be at 62, at full retirement age, and at 70.
Review your earnings record for accuracy. Social Security bases your benefit on your 35 highest-earning years. If you see missing or incorrect earnings, you can request a correction. Errors can reduce your benefit, and the sooner you catch them, the sooner they can be fixed.
Think through your personal situation: your health, your family situation, whether you plan to keep working, and what other income or savings you have. There is no single "right" age to claim — the best choice depends on your circumstances. If you are unsure, you can speak with a Social Security representative by calling 1-800-772-1213 or visiting your local Social Security office.
Frequently Asked Questions
Can I change my mind after I start claiming?
Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your application and stop receiving benefits. You must repay all benefits you received, and then you can claim again later at a higher rate. After 12 months, you cannot withdraw your application, but you can suspend your benefits at full retirement age and let them grow until age 70.
What happens to my benefits if I keep working after I claim?
If you claim before full retirement age and earn above the annual limit, Social Security reduces your benefit by $1 for every $2 you earn over the threshold. The limit changes yearly. Once you reach full retirement age, there is no earnings limit and your benefit is not reduced no matter how much you earn.
How do I know if my earnings record is correct?
Log into your my Social Security account and review the earnings listed for each year. If you see missing years or amounts that seem wrong, contact Social Security with your tax records or W-2s as proof. Corrections can take several months, so report errors as soon as you notice them.
Does my benefit amount change after I start claiming?
Your benefit is adjusted yearly for cost-of-living increases, which means your monthly payment goes up most years. However, the percentage of your full retirement age benefit that you receive stays the same. If you claimed early and received a 30 percent reduction, that reduction remains even as the dollar amount increases.