You can start collecting Social Security retirement benefits as early as age 62, but your monthly payment will be smaller than if you wait
The earliest age to claim Social Security retirement benefits is 62. However, the Social Security Administration reduces your monthly payment by a percentage for each month you claim before your full retirement age — the age at which you receive your full benefit amount. If you were born in 1943 or later, your full retirement age is between 66 and 67, depending on your birth year. Claiming at 62 instead of waiting until full retirement age can reduce your monthly benefit by 25 to 30 percent for the rest of your life.
You can also delay claiming past your full retirement age. If you wait until age 70, your monthly benefit increases by 8 percent for each year you delay, up to a maximum increase of 32 percent above your full retirement age amount. The trade-off is straightforward: claim early and get smaller checks for longer, or wait and get larger checks for fewer years.
Key Takeaways
- You can claim Social Security retirement benefits as early as age 62, but your monthly payment will be permanently reduced.
- Your full retirement age — when you receive your complete benefit amount — is between 66 and 67 depending on your birth year.
- Waiting until age 70 increases your monthly benefit by 8 percent per year, up to a 32 percent boost above your full retirement age amount.
- Your decision to claim early, at full retirement age, or late affects how much you receive every month for the rest of your life.
How your birth year determines your full retirement age
The Social Security Administration uses a schedule based on your birth year to calculate your full retirement age. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, your full retirement age increases gradually from 66 and 2 months to 67. If you were born in 1960 or later, your full retirement age is 67.
You can find your exact full retirement age on the Social Security Administration's website or by calling 1-800-772-1213. Knowing this number matters because it is the baseline for calculating how much you lose by claiming early or gain by claiming late.
What happens to your benefit if you claim at 62
Claiming at 62 gives you the smallest monthly benefit you can receive. The reduction depends on how many months you claim before your full retirement age. If your full retirement age is 67 and you claim at 62, you lose roughly 30 percent of your benefit. If your full retirement age is 66 and you claim at 62, you lose roughly 25 percent.
This reduction is permanent. Even after you reach your full retirement age, your monthly payment will not increase to what it would have been if you had waited. The only exception is if you claim before full retirement age, then change your mind and ask to withdraw your claim within 12 months — a rare option that comes with specific rules and limits.
Earning income while claiming before full retirement age
If you claim Social Security before your full retirement age and continue working, the Social Security Administration will reduce your benefit based on your earnings. For 2024, if you earn more than $23,400 per year, Social Security deducts $1 from your benefit for every $2 you earn above that limit. In the year you reach full retirement age, the limit is higher and the deduction applies only to earnings before the month you turn full retirement age.
This earnings test stops once you reach your full retirement age. After that month, you can earn any amount without affecting your benefit. If you are still working and considering claiming early, factor in whether the reduction from early claiming plus the earnings deduction makes sense for your situation.
Delaying past full retirement age increases your benefit
For every month you delay claiming past your full retirement age, your benefit grows by two-thirds of one percent per year — which adds up to 8 percent per year. If you wait from age 67 to age 70, your monthly benefit will be 24 percent higher. If you wait from age 66 to age 70, your monthly benefit will be 32 percent higher.
This increase continues only until age 70. After 70, your benefit stops growing, so there is no financial reason to delay claiming past that age. The decision to wait depends on your health, family history, and how long you expect to live — factors only you can weigh.
Married couples and divorced people have additional options
If you are married, you may be able to claim a spousal benefit based on your spouse's earnings record, even if your spouse has not yet claimed. The spousal benefit is up to 50 percent of your spouse's full retirement age benefit, but only if you wait until your own full retirement age to claim it. If you claim the spousal benefit early, it is reduced.
If you are divorced and were married for at least 10 years, you may be able to claim on your ex-spouse's record without affecting their benefits. You must be at least 62 and unmarried. The rules for spousal and ex-spousal benefits are complex and depend on your age and your spouse's or ex-spouse's age, so contact the Social Security Administration directly to understand your options.
How to claim Social Security retirement benefits
You can claim Social Security online at ssa.gov, by phone at 1-800-772-1213, or by visiting your local Social Security office in person. Online is usually the fastest option. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and bank account information for direct deposit.
The Social Security Administration recommends applying three months before you want your benefits to start. Processing typically takes two to four weeks, though it can take longer if the agency needs additional information. Once you claim, your benefit begins the month after you apply or the month you specify, whichever is later.
Frequently Asked Questions
Can I claim Social Security at 62 if I am still working full time?
Yes, but your benefit will be reduced both because you claimed early and because of your earnings. If you earn above the annual limit, Social Security deducts $1 for every $2 you earn above the threshold. Once you reach full retirement age, the earnings limit no longer applies.
What if I claim early and then change my mind?
You can withdraw your claim within 12 months of claiming and repay all benefits you received. Your benefit will then be recalculated as if you had not claimed. After 12 months, you cannot withdraw, though you can suspend your benefits at full retirement age and let them grow until 70.
Does claiming Social Security affect Medicare?
No. 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 during your initial enrollment window to avoid late-enrollment penalties.
How much will my benefit be if I claim at 62?
Your benefit depends on your lifetime earnings record. You can see an estimate by creating an account at ssa.gov and viewing your Social Security statement. The statement shows what you might receive at 62, full retirement age, and 70 based on your work history.
What happens to my Social Security if I move out of the country?
You can receive Social Security benefits while living outside the United States, with some exceptions. Citizens of certain countries may have restrictions. Contact the Social Security Administration before moving to confirm your benefits will continue.