The right time depends on your age, health, and how long you expect to live

You can claim Social Security as early as age 62, but your monthly payment will be permanently smaller than if you wait. If you wait until your full retirement age — somewhere between 66 and 67 depending on your birth year — you get your full benefit amount. If you wait until 70, your monthly payment grows by about 8% for each year you delay past full retirement age. The choice between claiming early, at full retirement age, or at 70 is a financial trade-off: claiming early means more total payments over time if you die young, but claiming later means a bigger monthly check if you live into your 80s or 90s.

There is no single "best" age to claim. The decision depends on whether you need the money now, your health and family history, whether you are still working, and your life expectancy. This guide explains what happens at each age and the real consequences of claiming early versus waiting.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be about 30% lower than if you wait until full retirement age.
  • Your full retirement age is 66 or 67 depending on your birth year, and claiming at that age gives you your standard benefit amount.
  • Waiting until 70 increases your monthly payment by roughly 24% more than your full retirement age benefit, but you receive fewer total payments if you die before 80.
  • If you are still working before full retirement age, Social Security reduces your benefit by $1 for every $2 you earn above an annual limit.
  • You must be a U.S. citizen or lawful permanent resident and have worked long enough to earn Social Security credits to claim benefits.

Claiming at 62: The earliest option and its cost

Age 62 is the earliest you can claim Social Security retirement benefits. If you claim at 62, your monthly payment is permanently reduced — typically by about 30% compared to what you would receive at full retirement age. The exact reduction depends on how many months early you claim. For someone with a full retirement age of 67, claiming at 62 means 60 months of reduction, which adds up to a significant lifetime cut.

Claiming early makes sense if you need the money now, have health problems that suggest a shorter life expectancy, or have already stopped working and have no other income. It also makes sense if you are divorced and your ex-spouse's earnings record would give you a higher benefit — you may be able to claim on your own record early while waiting to claim on theirs later.

The catch is that this reduction is permanent. Even if you change your mind later, you cannot get back the full amount. You can withdraw your claim within 12 months of filing and repay what you received, but after that, the lower payment stays locked in for life.

Full retirement age: Your standard benefit amount

Your full retirement age is the age at which Social Security pays you your standard benefit — the amount you earned based on your work history. This age is 66 for people born between 1943 and 1954, and it rises gradually to 67 for people born in 1960 or later. If you were born between 1955 and 1959, your full retirement age falls somewhere in between.

Claiming at full retirement age means no reduction and no increase. You receive the benefit amount Social Security calculated based on your 35 highest-earning years of work. This is the middle ground: you are not leaving money on the table by claiming early, but you are also not gaining the bonus that comes with waiting until 70.

If you are still working at full retirement age, there is no earnings limit — you can earn as much as you want without any reduction to your benefit. This is different from claiming before full retirement age, when your benefit is reduced if you earn above a certain threshold.

Waiting until 70: The highest monthly payment

If you delay claiming until 70, your monthly benefit grows by about 8% for each year you wait past full retirement age. For someone with a full retirement age of 67, waiting until 70 means three years of growth, which adds up to roughly 24% more per month than the full retirement age amount. This increase is permanent and applies to your benefit for life.

Waiting until 70 makes sense if you are in good health, have a family history of longevity, are still working and do not need the money, or want to maximize the benefit your spouse or children can receive based on your record. The longer monthly payment also protects you against inflation and outliving your savings, since Social Security adjusts for cost of living each year.

The trade-off is that you receive fewer total payments if you die before your early 80s. Someone who claims at 62 will have received more total money by age 78 or 79 than someone who waited until 70. But if you live into your 90s, the higher monthly payment from waiting will have paid you more overall.

How earnings affect your benefit before full retirement age

If you claim Social Security before full retirement age and continue working, your benefit is reduced based on how much you earn. For 2024, Social Security reduces your benefit by $1 for every $2 you earn above $23,400 per year. This limit changes each year. The reduction applies only to the year you claim and the years before you reach full retirement age.

In the year you reach full retirement age, the earnings limit is higher — $62,160 for 2024 — and the reduction is $1 for every $3 you earn above that amount. Once you reach full retirement age, there is no earnings limit at all, and you can work and earn as much as you want without any reduction to your benefit.

This earnings test is one reason some people delay claiming until full retirement age even if they could claim at 62. If you are still working and earning a solid income, claiming early and having your benefit reduced may not be worth it. You might come out ahead by waiting until full retirement age, when you can work without penalty.

Work history and credits: What you need to claim

To claim Social Security retirement benefits, you must have earned enough Social Security credits through work. You earn one credit for each $1,730 of wages or self-employment income in 2024 (this amount changes yearly). You can earn up to four credits per year, and you need 40 credits total to be may be able to access for retirement benefits — roughly 10 years of work.

If you have not worked long enough, you cannot claim your own retirement benefit. However, you may be able to claim a benefit based on a spouse's or ex-spouse's work record, even if you have never worked or have very few credits of your own. Divorced spouses can claim on an ex's record if the marriage lasted at least 10 years and you are at least 62.

You can check your work history and estimated benefits by creating an account on ssa.gov and viewing your Social Security Statement. This statement shows your earnings record and estimates what you would receive if you claimed at 62, full retirement age, or 70.

Married couples and divorced people: Special rules

If you are married, your spouse may be able to claim a benefit based on your work record, even if your spouse never worked or worked very little. A spouse can claim up to 50% of your full retirement age benefit, but only if your spouse is at least 62 years old or caring for a child under 16. The spouse's benefit does not reduce your own benefit.

If you are divorced, you can claim on your ex-spouse's record if you are at least 62, the marriage lasted at least 10 years, and you are not currently married. You do not need your ex's permission, and your ex does not need to know. Your ex-spouse's benefit is not affected by your claim. If you were married more than once, you can claim on the record of any ex-spouse whose benefit would be higher than your own.

There are also rules about when a spouse or ex-spouse can claim while you are still working or have not yet claimed. These rules changed in 2015, so if you were born after January 1, 1954, your options are more limited than they were for earlier generations. A Social Security representative can explain your specific situation.

How to claim and what to expect

You can claim Social Security online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Online is usually fastest. You will need your Social Security number, birth certificate, proof of citizenship or lawful permanent residency, and bank account information for direct deposit.

The application process takes about 15 minutes online. Social Security will contact you if they need more information. Once you submit your application, it typically takes two to three weeks to process, though it can take longer if you claim on a spouse's or ex-spouse's record or if additional verification is needed.

Your first payment usually arrives one month after your claim is approved. Social Security pays benefits on a schedule based on your birth date — most people receive payment between the 3rd and the 21st of each month. You can choose to have your benefit deposited directly into your bank account, which is the fastest and safest method.

Frequently Asked Questions

What happens if I claim at 62 but change my mind later?

You can withdraw your claim within 12 months of filing and repay all the benefits you received. After 12 months, you cannot withdraw, but you can request a one-time increase at full retirement age or later. Once you reach full retirement age, you can also suspend your benefits to let them grow, though this is less common now.

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

Yes, but if you claim before full retirement age, your benefit will be reduced if you earn above the annual limit. Once you reach full retirement age, you can work and earn as much as you want without any reduction. Many people delay claiming specifically because they are still working and do not need the money yet.

How do I know if I have enough work credits to claim?

You need 40 credits, earned over roughly 10 years of work. You can check your work history and credits by creating an account on ssa.gov and viewing your Social Security Statement. If you do not have 40 credits, you may still be able to claim on a spouse's or ex-spouse's record.

What if I was born outside the United States?

You can claim Social Security if you are a U.S. citizen or lawful permanent resident and have earned enough work credits. If you are not a citizen or permanent resident, you may still be able to claim if you meet certain conditions, such as being a resident of the United States for at least five years. Contact Social Security directly to discuss your situation.

Does claiming Social Security affect my Medicare?

No. You are automatically enrolled in Medicare at 65, regardless of whether you have claimed Social Security. However, if you delay claiming Social Security past 65, you should still enroll in Medicare during your initial enrollment period to avoid late enrollment penalties on your premiums.