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 amount you receive each month depends on when you claim. If you claim at 62, you get a reduced payment — typically 30 percent less than you would receive at your full retirement age. If you wait until age 70, your monthly payment increases by about 8 percent for each year you delay past your full retirement age, up to age 70.

Your full retirement age — the age at which you receive your complete benefit amount — depends on the year you were born. For people born in 1943 or later, full retirement age ranges from 66 to 67. The Social Security Administration (SSA) has a table on its website showing the exact age based on your birth year.

The choice between claiming early, at full retirement age, or at 70 is a financial decision that depends on your health, how long you expect to live, whether you still work, and whether you need the money now. There is no single "best" age for everyone.

Key Takeaways

  • You can claim Social Security retirement benefits starting at age 62, but your monthly payment will be permanently reduced if you claim before your full retirement age.
  • Your full retirement age is between 66 and 67, depending on your birth year, and this is when you receive your standard benefit amount.
  • Waiting until age 70 increases your monthly payment by roughly 8 percent per year beyond your full retirement age, up to a maximum at age 70.
  • If you continue working and claim before your full retirement age, the SSA will reduce your benefits based on your earnings until you reach full retirement age.
  • You must have earned enough work credits — typically 40 credits over your lifetime — to be may have access to to retirement benefits at any age.

How your birth year determines your full retirement age

The SSA raised the full retirement age gradually starting in 2000. 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 is between 66 and 67 (increasing by two months for each year of birth). If you were born in 1960 or later, your full retirement age is 67.

Knowing your full retirement age matters because it determines when you can claim your full benefit without reduction. It also affects how much your benefit grows if you delay claiming past that age. The SSA website has a table that shows the exact full retirement age for your birth year.

What happens to your payment if you claim at 62

Claiming at 62 means your monthly benefit is permanently reduced. The reduction is roughly 30 percent less than your full retirement age benefit, though the exact percentage depends on how many months early you claim. If your full retirement age is 67 and you claim at 62, you are claiming five years early, which results in a larger reduction than if you claimed at 66.

This reduction stays with you for life. Even after you reach your full retirement age, your payment does not increase to what it would have been if you had waited. The only exception is if you withdraw your claim within 12 months of claiming and repay all benefits you received — a process called a withdrawal, which is rarely done.

Claiming early makes sense if you need the money now, expect to live a shorter life due to health issues, or have other sources of income. It does not make sense if you are in good health, have savings to live on, or expect to live into your 80s or beyond, because you will receive less total money over your lifetime.

How waiting until 70 increases your payment

For every year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent, up until age 70. After age 70, your benefit no longer increases, so there is no financial reason to delay claiming beyond that age.

If your full retirement age is 67 and you wait until 70, your monthly payment will be roughly 24 percent higher than your full retirement age benefit (8 percent per year for three years). This higher payment continues for the rest of your life and is also passed to your surviving spouse or children if you die.

Waiting until 70 is a bet that you will live long enough to break even compared to claiming earlier. Financial advisors often suggest that if you are in good health and do not need the money immediately, waiting until 70 gives you the largest monthly payment and the most protection against running out of money in old age.

How working affects your benefits before full retirement age

If you claim Social Security before your full retirement age and continue to work, the SSA will reduce your benefits based on your earnings. For 2024, the SSA reduces your benefit by $1 for every $2 you earn above $23,400 per year (this limit changes each year). In the year you reach your full retirement age, the reduction is $1 for every $3 you earn above a higher 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 without any reduction to your benefits. This is an important distinction: the earnings limit only applies if you claim before full retirement age.

The reduction is temporary. When you reach your full retirement age, your benefit is recalculated to account for the months you did not receive a payment, so you do not lose that money permanently — you receive it later in the form of a higher monthly payment.

How to check your work credits and estimated benefits

To receive Social Security retirement benefits at any age, you must have earned enough work credits. Most people need 40 credits over their lifetime, though you can earn up to four credits per year. This means most people need to have worked for at least 10 years to be may have access to to benefits.

You can check how many credits you have earned by creating an account on ssa.gov and viewing your Social Security Statement. This statement also shows your estimated benefit amount at age 62, at your full retirement age, and at age 70. The estimates are based on your actual earnings record, so they are more accurate than general figures.

If you find errors in your earnings record, you can contact the SSA to correct them. Errors are rare but can happen if an employer reported your earnings incorrectly or if your name or Social Security number changed.

Spousal and survivor benefits tied to your claiming age

If you are married, your spouse may be may have access to to a benefit based on your work record. The amount your spouse receives depends partly on when you claim. If you claim at 62, your spouse's benefit is also reduced. If you wait until your full retirement age or beyond, your spouse's benefit is higher.

Similarly, if you die, your children and surviving spouse may receive benefits based on your work record. The total family benefit is capped at a percentage of your primary insurance amount (the benefit you would receive at full retirement age). Claiming early reduces not only your benefit but also the maximum amount available to your family.

Frequently Asked Questions

Can I claim Social Security at 62 if I am still working full-time?

Yes, you can claim at 62 while working, but your benefits will be reduced based on your earnings if you earn above the annual limit (roughly $23,400 in 2024). Once you reach your full retirement age, the earnings limit no longer applies and your benefit is recalculated upward to account for the months you did not receive a payment.

What is the difference between my full retirement age and my earliest claiming age?

Your earliest claiming age is always 62. Your full retirement age depends on your birth year and ranges from 66 to 67. At your full retirement age, you receive your standard benefit amount with no reduction. Before that age, your benefit is permanently reduced.

If I wait until 70 to claim, will I get back all the money I would have received between 62 and 70?

No. Waiting until 70 means you receive a higher monthly payment for life, but you do not receive payments for those eight years. Most people break even around age 80 or 81, meaning the higher monthly payment eventually adds up to more total money. If you live past 80, waiting usually results in more total lifetime benefits.

Does my health affect when I should claim?

Your health is one factor to consider. If you have a serious health condition and do not expect to live into your 80s, claiming at 62 may result in more total money over your lifetime. If you are in good health, waiting until 70 typically results in more total money, especially if you live past 85.

Can I change my mind after I claim Social Security?

You can withdraw your claim within 12 months of claiming and repay all benefits you received. After 12 months, you cannot withdraw. At your full retirement age or later, you can suspend your benefits to let them grow, but this is different from withdrawing your claim.