The earliest you can collect is age 62, but your monthly payment will be smaller than if you wait

You can start collecting Social Security retirement benefits as early as age 62, but the amount you receive each month depends on when you claim. If you claim at 62, your monthly payment will be roughly 30 percent lower than if you waited until your full retirement age. If you wait until age 70, your payment increases by about 8 percent for each year you delay past your full retirement age.

Your full retirement age — the age at which you receive your full 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 showing the exact age based on your birth year.

You do not have to be retired to collect Social Security, but if you claim before your full retirement age and continue working, your benefits will be reduced if your earnings exceed a certain limit. In 2024, that limit is $23,400 per year. Once you reach your full retirement age, there is no earnings limit.

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 is between 66 and 67 depending on your birth year, and waiting until then gives you your standard benefit amount.
  • Delaying your claim past your full retirement age increases your monthly payment by roughly 8 percent per year until age 70.
  • If you claim before full retirement age and earn above the annual limit, the SSA will reduce your benefits, though the reduction ends once you reach full retirement 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 falls somewhere 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.

You can find your exact full retirement age on the SSA website or by calling 1-800-772-1213. Knowing this number matters because it is the threshold where your earnings no longer reduce your benefits and where your monthly payment reaches its standard amount.

What happens to your payment if you claim early

Claiming at 62 instead of your full retirement age reduces your monthly benefit by roughly 30 percent. This reduction is permanent — even after you reach your full retirement age, your payment stays at the lower amount. The SSA calculates this as a percentage reduction for each month you claim before your full retirement age.

The trade-off is that you collect benefits for more years. If you live to an average age, you may receive roughly the same total amount of money over your lifetime whether you claim at 62 or at your full retirement age. If you live longer than average, waiting to claim pays you more in total. If you die before reaching your full retirement age, claiming early means you collected something rather than nothing.

What happens to your payment if you delay past full retirement age

For each year you delay claiming past your full retirement age, your monthly payment increases by roughly 8 percent per year. This increase continues until age 70. At 70, your payment stops growing, so there is no financial benefit to delaying past that age.

If your full retirement age is 67 and you wait until 70, your monthly payment will be about 24 percent higher than your full retirement age amount. This higher payment continues for the rest of your life and is also used to calculate any survivor benefits your family may receive.

Earnings limits if you claim before full retirement age

If you claim Social Security before reaching your full retirement age and you continue to work, the SSA reduces your benefits if your annual earnings exceed a set limit. For 2024, that limit is $23,400. For every $2 you earn above the limit, the SSA withholds $1 in benefits.

This earnings limit applies only in the year you claim and in years before you reach your full retirement age. Once you reach your full retirement age, you can earn any amount without a reduction to your benefits. The SSA counts only wages and self-employment income; it does not count investment income, pensions, or other sources.

Special situations: Survivors and disability

If you are a widow, widower, or surviving child of someone who received or was may have access to to Social Security, you may be able to collect survivor benefits before age 62. A widow or widower can claim at age 60 (or age 50 if disabled). Children can claim at any age if they are unmarried and under 19, or under 23 if they are a full-time student.

If you receive Social Security Disability Insurance (SSDI), your benefits automatically convert to retirement benefits when you reach your full retirement age, though the amount stays the same. You do not need to take any action; the SSA handles the conversion.

How to claim Social Security

You can claim Social Security online through the SSA website, by phone at 1-800-772-1213, or by visiting your local Social Security office in person. You will need your birth certificate, proof of citizenship or legal residency, and your W-2 forms or tax return if you are self-employed.

The SSA recommends claiming about three months before the month you want your benefits to start. Processing typically takes two to three weeks, though it can take longer if the SSA needs additional documents from you. You can check the status of your claim online using your my Social Security account.

Frequently Asked Questions

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. This resets your claim, and you can file again later at a higher payment amount. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until age 70.

What if I worked outside the United States?

Work you did in another country may count toward Social Security if that country has a totalization agreement with the United States. The SSA has agreements with about 30 countries. Contact the SSA to report foreign work history when you claim.

Does claiming Social Security affect my Medicare?

You become may be able to access for Medicare at age 65 regardless of when 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.

What happens to my benefits if I continue working after I claim?

If you claim before your full retirement age and earn above the annual limit, your benefits are reduced. Once you reach your full retirement age, you can work and earn any amount without a reduction. Your benefit amount may be recalculated if your new earnings are higher than your previous highest-earning years.

Can I claim Social Security if I never worked?

You must have earned enough work credits to claim retirement benefits on your own record. Generally, you need 40 credits, earned over at least 10 years of work. If you do not have enough credits, you may be able to claim spousal or survivor benefits based on someone else's record.