You can start taking Social Security 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, claiming at 62 means you receive a permanently reduced monthly payment — typically 30 percent less than you would get at your full retirement age. The longer you wait to claim, the larger your monthly check becomes, up until age 70, when the increase stops.

Your full retirement age depends on the year you were born. For people born in 1943 or later, full retirement age ranges from 66 to 67. If you were born in 1960 or later, your full retirement age is 67. You can check your exact full retirement age on your Social Security statement or by contacting Social Security directly.

The decision of when to claim is a trade-off between getting money sooner at a lower rate or waiting longer for a higher rate. There is no single "right" answer — it depends on your health, how long you expect to live, whether you still work, and how much you need the money now.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be reduced by roughly 30 percent 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.
  • Waiting until age 70 increases your monthly payment by about 8 percent for each year you delay past your full retirement age.
  • If you claim before your full retirement age and still work, Social Security will reduce your benefit if your earnings exceed a certain limit.
  • You must be a U.S. citizen or legal resident and have worked long enough to earn Social Security credits to claim benefits.

How your birth year determines your full retirement age

Social Security uses your birth year to calculate your full retirement age — the age at which you receive your standard benefit amount with no reduction. Congress set different full retirement ages for different generations as part of a 1983 law.

If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, 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.

You can find your exact full retirement age on your Social Security statement, which you can view online at ssa.gov by creating a my Social Security account. You can also call Social Security at 1-800-772-1213 to confirm your full retirement age.

What happens if you claim at 62

Claiming at 62 gives you access to your benefits immediately, but the reduction is permanent. If your full retirement age is 67 and you claim at 62, your monthly payment will be about 30 percent lower than it would be at 67. This reduced amount stays the same for the rest of your life — it does not increase to the full amount later.

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 that will support you later. It also makes sense if you are still working and your earnings would trigger a reduction anyway — in that case, you might as well receive the benefit you have earned.

However, if you claim early and continue working, Social Security will reduce your benefit if your earnings exceed a limit. In 2024, that limit is $23,400 per year. For every $2 you earn above that limit, Social Security reduces your benefit by $1. This earnings test stops once you reach your full retirement age.

The advantage of waiting until your full retirement age

At your full retirement age, you receive your standard benefit amount with no reduction. This is the amount Social Security calculated based on your 35 highest-earning years of work. Reaching this age removes any earnings limit — you can work and earn as much as you want without affecting your benefit.

For many people, full retirement age is a natural stopping point. You have waited long enough to avoid the early-claim reduction, you can work without penalty, and you have not yet reached the point where the monthly increase for waiting becomes small enough that it may not be worth the delay.

If you are still working at your full retirement age and do not need the money yet, you can delay claiming further. There is no requirement to claim Social Security at any particular age — you can wait as long as you want, up to age 70.

Why waiting until 70 increases your payment

For each year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent per year. This increase, called delayed retirement credits, continues until age 70. After 70, there is no additional increase for waiting longer.

If your full retirement age is 67 and you wait until 70, your monthly payment will be about 24 percent higher than it would be at 67. Over a long retirement, this larger monthly check can add up to significantly more total benefits received, even though you started collecting later.

Waiting until 70 makes sense if you are in good health, expect to live into your mid-80s or beyond, do not need the money now, and want to maximize the monthly income you receive later in retirement. It also makes sense if you have a spouse who will receive a benefit based on your record — their benefit may also be higher if you wait.

How work affects your benefits before full retirement age

If you claim Social Security before your full retirement age and continue working, your earnings can reduce your benefit. Social Security calls this the earnings test. The test applies only to benefits you claim before reaching your full retirement age — once you hit that age, you can earn unlimited income without penalty.

In 2024, if you earn more than $23,400 per year before your full retirement age, Social Security reduces your benefit by $1 for every $2 you earn above that limit. The year you reach your full retirement age has a different limit that applies only to earnings before the month you reach full retirement age.

This earnings test is one reason some people delay claiming even if they are 62. If you are still working and earning a substantial income, claiming early might result in little or no benefit check until you stop working or reach your full retirement age. In that case, waiting to claim might make more financial sense.

What you need to have worked to claim benefits

To claim Social Security retirement benefits, you must have worked long enough to earn Social Security credits. In 2024, you earn one credit for each $1,730 of wages you earn, up to a maximum of four credits per year. You need 40 credits total to be may be able to access for retirement benefits — this typically means working for at least 10 years.

The amount you earned in those years matters too. Social Security calculates your benefit based on your 35 highest-earning years. If you worked fewer than 35 years, Social Security counts zeros for the missing years, which lowers your average and reduces your benefit amount.

You can check how many credits you have earned by viewing your Social Security statement online or by calling Social Security. If you are close to 40 credits but not quite there, you may be able to reach the threshold by working a bit longer.

Frequently Asked Questions

Can I change my mind after I start taking 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 restarts your benefit and allows you to claim again later at a higher rate. 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.

What if I am still working at 62 — should I claim Social Security?

Not necessarily. If you are earning above the earnings limit ($23,400 in 2024), Social Security will reduce or eliminate your benefit check. You might receive little or nothing until you stop working or reach your full retirement age. Waiting to claim may result in a larger check when you do claim.

Does my spouse get a benefit based on my Social Security record?

Yes, if you are married. Your spouse may be able to claim a benefit based on your work record, even if they did not work long enough to claim on their own. Your spouse's benefit is typically up to 50 percent of your full retirement age benefit, but it is reduced if they claim before their own full retirement age.

What happens to my Social Security if I die before I start claiming?

Your family members may be able to claim survivor benefits based on your work record, even if you never claimed retirement benefits yourself. Your spouse, children, and parents in certain situations can receive benefits. The amount depends on your earnings record and their relationship to you.

Can I claim Social Security if I am not a U.S. citizen?

You can claim if you are a legal permanent resident (green card holder) or a citizen. Some non-citizens who worked in the U.S. and paid Social Security taxes may also be able to claim. Contact Social Security directly to learn whether your immigration status affects your may be able to access.