You can start drawing Social Security as early as age 62, but your monthly payment will be smaller than if you wait

The age you draw Social Security determines how much you receive each month for the rest of your life. You have a window of years during which you can claim — starting at 62 and ending at 70 — and the longer you wait, the larger your monthly check becomes. There is no single "right" age; it depends on your health, how long you expect to live, whether you need the money now, and what other income you have.

Social Security calculates your benefit based on your earnings history and the age at which you claim. If you claim at 62, you receive roughly 70 percent of what you would get at your full retirement age. If you wait until 70, you receive roughly 124 percent. The difference between claiming at 62 and claiming at 70 can be hundreds of dollars per month, compounded over decades.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced compared to waiting until your full retirement age.
  • Your full retirement age — when you receive your full benefit amount — is between 66 and 67, depending on your birth year.
  • Waiting until age 70 increases your monthly benefit by roughly 8 percent for each year you delay past your full retirement age.
  • If you claim before your full retirement age and continue working, your benefits may be reduced if your earnings exceed a certain threshold.
  • Married couples have additional options, including spousal benefits and survivor benefits, which depend on when each person claims.

Your full retirement age depends on when you were born

Social Security defines a full retirement age — the age at which you receive your complete benefit amount with no reduction. This age is not 65 for everyone. It depends on your birth year and has been gradually increasing since 1983.

If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it falls somewhere between 66 and 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.

Your full retirement age matters because it is the pivot point for calculating your benefit. Claiming before it means a permanent reduction. Claiming after it means a permanent increase.

Claiming at 62 means a smaller monthly payment

Age 62 is the earliest you can claim Social Security retirement benefits. The trade-off is immediate: your monthly payment is reduced by roughly 25 to 30 percent compared to what you would receive at your full retirement age, depending on exactly how early you claim.

This reduction is permanent. Even after you reach your full retirement age, your benefit does not jump up to the full amount. You will receive the reduced rate for life. This matters most if you live into your 80s or 90s — the longer you live, the more total money you lose by claiming early.

Claiming at 62 makes sense if you need the money now, expect to have a shorter lifespan due to health issues, or have no other income. It does not make sense if you are healthy, have other savings or income, and can afford to wait.

Waiting until your full retirement age gives you your full benefit

At your full retirement age, you receive your complete benefit amount with no reduction. This is the benefit Social Security calculated based on your lifetime earnings. For someone born in 1960 or later, this happens at age 67.

Reaching your full retirement age is a middle ground. You are no longer taking a permanent cut, but you are also not yet receiving the maximum benefit. Many people claim at this age because they have reached a milestone and want to start collecting what they have paid into the system.

If you continue working after your full retirement age, your benefits are not reduced, no matter how much you earn. This is different from claiming before your full retirement age, when earnings can trigger a temporary reduction.

Waiting until 70 gives you the largest monthly payment

For each year you delay claiming past your full retirement age, your benefit increases by roughly 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly benefit will be roughly 24 percent higher than it would be at 67.

Age 70 is the latest age at which it makes sense to delay. Social Security does not increase your benefit further if you wait past 70, so there is no financial advantage to delaying beyond that point.

Waiting until 70 is the right choice if you are in good health, have other income or savings to live on, and expect to live well into your 80s or 90s. The longer you live, the more you benefit from the higher monthly payment. It is less attractive if you need the money now or have reason to believe your lifespan will be shorter.

Earning money before your full retirement age can reduce your benefits

If you claim Social Security before your full retirement age and continue working, Social Security reduces your benefit if your earnings exceed a certain threshold. In 2024, that threshold is $23,400 per year, but this amount changes annually. For every two dollars you earn above the threshold, your benefit is reduced by one dollar.

This reduction is temporary. Once you reach your full retirement age, your benefit is recalculated to account for the months you did not receive a full payment, and the reduction stops. This is different from claiming early — the permanent reduction — and it is important to understand the difference.

If you plan to work while claiming Social Security before your full retirement age, contact Social Security to understand how your specific earnings will affect your benefit. The calculation is complex and depends on when during the year you claim and when you turn your full retirement age.

Married couples have additional claiming strategies

If you are married, you may be able to claim a spousal benefit — a payment based on your spouse's earnings record rather than your own. A spousal benefit is typically up to 50 percent of what your spouse receives at their full retirement age, but only if you have reached your own full retirement age when you claim it.

Couples can also coordinate their claiming ages to maximize lifetime benefits. For example, one spouse might claim early to cover household expenses while the other waits until 70 to maximize their benefit. If one spouse dies, the surviving spouse may receive a survivor benefit based on the deceased spouse's record.

The rules for spousal and survivor benefits are detailed and vary based on your ages, your earnings records, and when each of you claims. Married couples should review their options with Social Security or a financial advisor before deciding when to claim.

Frequently Asked Questions

Can I change my mind after I start drawing Social Security?

Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim and repay what you received, which resets your record as if you never claimed. After 12 months, you cannot withdraw. You can suspend your benefits at your full retirement age and restart them later at a higher rate, but this option is limited and has specific rules.

What happens to my Social Security if I keep working past 70?

Your benefit does not increase further after age 70, so there is no financial advantage to delaying past that age. However, if you continue working, your earnings may cause Social Security to recalculate your benefit upward if your recent earnings are higher than some of your earlier years. This is separate from the delayed claiming increase.

How do I know if I will live long enough to make waiting worth it?

There is no way to know for certain, but you can consider your family history, current health, and life expectancy estimates. A rough break-even point is around age 80 — if you claim at 62 versus 70, you will have received more total money by 80 if you claimed early, but less if you live past 80. Your personal situation, not statistics, should guide your decision.

Can I draw Social Security if I am still working?

Yes, but if you claim before your full retirement age, your benefit may be reduced based on your earnings. Once you reach your full retirement age, you can work and receive your full benefit with no reduction, regardless of how much you earn.

What if I never worked or have very few work credits?

You need 40 work credits to receive Social Security retirement benefits — roughly 10 years of work. If you do not have enough credits, you cannot claim a retirement benefit on your own record. You may be able to claim a spousal or survivor benefit if you are married or widowed, depending on your spouse's record and your age.