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

You can start receiving Social Security retirement benefits at age 62, but the amount you receive depends on when you claim. If you claim at 62, your monthly payment will be roughly 30 percent less than if you wait until your full retirement age — the age at which you receive 100 percent of your benefit. If you delay past your full retirement age, your payment increases by about 8 percent per year until age 70, when payments stop growing.

Your full retirement age depends on your birth year. For people born in 1943 or later, it ranges from 66 to 67. The Social Security Administration (SSA) publishes a table showing the exact age for your birth year on their website. The trade-off is simple: claim early and get smaller checks for a longer time, or wait and get larger checks for a shorter time. Neither choice is "right" — it depends on your health, finances, and how long you expect to live.

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 you can find yours on the SSA's website or by calling them.
  • Waiting until age 70 gives you the highest possible monthly payment, increasing by roughly 8 percent each year after your full retirement age.
  • You must have worked and paid Social Security taxes for at least 10 years (40 quarters) to receive any retirement benefit at all.

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, it falls somewhere between 66 and 67 depending on the specific year. If you were born in 1960 or later, your full retirement age is 67.

You can find your exact full retirement age by visiting ssa.gov and using their retirement age calculator, or by calling the SSA at 1-800-772-1213. Knowing this number matters because it is the baseline for calculating how much your payment shrinks if you claim early or grows if you delay.

What happens to your payment if you claim at 62

Claiming at 62 means your monthly benefit is reduced by roughly 30 percent compared to your full retirement age amount. The exact reduction depends on how many months early you claim. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early, which results in a larger reduction than if you claimed at 65.

This reduction is permanent. Even after you reach your full retirement age, your payment will not increase to what it would have been if you had waited. The SSA calculates your benefit once and locks it in. For people who live into their 80s, the total amount received over a lifetime is often higher if they waited, but for people who die in their 60s or early 70s, claiming early means they received more total money.

Waiting until your full retirement age or beyond

If you wait until your full retirement age to claim, you receive 100 percent of your calculated benefit. This is the baseline amount the SSA uses for all other calculations. Many people claim at this age because it feels like a natural stopping point — you have reached the age the government considers "full" retirement.

If you delay past your full retirement age, your payment increases by about 8 percent per year. This increase continues until age 70. At 70, your payment stops growing, so there is no financial benefit to waiting longer. For someone with a full retirement age of 67, waiting from 67 to 70 means a payment roughly 24 percent higher than the full retirement age amount.

The 10-year work requirement

To receive any Social Security retirement benefit, you must have worked and paid Social Security taxes for at least 10 years, or 40 quarters. A quarter is roughly three months, so 40 quarters equals 10 years. You do not have to work 10 years in a row — gaps are fine as long as your total adds up to 40 quarters.

If you have not reached 40 quarters by the time you want to claim, you will not receive a retirement benefit. However, you may be able to receive benefits based on a spouse's or ex-spouse's work record if you meet other requirements. The SSA can tell you how many quarters you have by looking at your earnings record.

How to check your earnings record and estimate your benefit

The SSA keeps a record of every year you worked and paid taxes. You can view your earnings record and get a benefit estimate by creating an account on ssa.gov and logging into "my Social Security." This tool shows you your quarters of coverage, your estimated benefit at different claiming ages, and whether there are any errors in your record.

The estimate you see is based on your earnings history up to the current year. If you are still working, your benefit may increase slightly each year you continue to earn. If you spot an error in your earnings record — a year where you worked but it does not show up — you can contact the SSA to correct it, though you generally have only three years, three months, and 15 days from the end of the year in which you earned the income.

Claiming while still working

You can claim Social Security before your full retirement age while still working, but your benefit will be reduced if your earnings exceed a certain limit. For 2024, if you are under your full retirement age for the entire year, the SSA reduces your benefit by $1 for every $2 you earn above $23,400. In the year you reach your full retirement age, the reduction is $1 for every $3 you earn above $62,160, but only for earnings before the month you reach full retirement age.

Once you reach your full retirement age, there is no earnings limit — you can work and earn as much as you want without any reduction to your benefit. This is one reason some people wait to claim: if they plan to keep working, waiting until full retirement age means their benefit is not reduced by their wages.

Frequently Asked Questions

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

Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your claim and repay what you received, which resets your benefit to a higher amount if you claim again later. After 12 months, you cannot withdraw your claim, but you can suspend your benefits at your full retirement age and let them grow until 70, though this is rarely done.

What if I was born on January 1st — which year's rules apply to me?

If you were born on January 1st, you are considered to have been born on December 31st of the previous year for Social Security purposes. This affects which birth year cohort you fall into for determining your full retirement age. The SSA can confirm your exact age category if you are unsure.

Do I have to claim Social Security at a certain age?

No. You can wait as long as you want to claim, up until age 70 when benefits stop increasing. There is no mandatory claiming age, though Medicare enrollment at 65 is separate from Social Security claiming and has its own rules.

What happens to my Social Security if I move out of the country?

You can receive Social Security while living outside the United States in most countries. However, some countries have restrictions, and you may need to report your residence to the SSA. Contact the SSA before you move to confirm your situation.