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

You can start receiving Social Security retirement benefits as early as age 62, but the Social Security Administration (SSA) reduces your monthly payment by a percentage for each month you claim before your full retirement age. Full retirement age ranges from 66 to 67 depending on your birth year. If you wait until age 70, your monthly payment increases by about 8 percent for each year you delay past full retirement age, up to age 70.

The choice between claiming early, at full retirement age, or delaying is a financial trade-off. Claiming at 62 means smaller monthly checks but you receive payments for more years. Waiting until 70 means larger monthly checks but fewer total years to collect. Your life expectancy, current financial needs, and whether you plan to work all factor into the decision.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced compared to waiting until full retirement age.
  • Full retirement age is 66 or 67 depending on your birth year, and this is when you receive your full benefit amount with no reduction.
  • Delaying past full retirement age increases your monthly payment by roughly 8 percent per year until age 70, when increases stop.
  • If you claim before full retirement age and continue working, the SSA may reduce your benefits based on your earnings until you reach full retirement age.
  • You must have earned enough work credits (typically 40 credits over your lifetime) to receive retirement benefits at any age.

What full retirement age means for your payment amount

Your full retirement age is the age at which the Social Security Administration pays you your full benefit amount without any reduction. This age depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it increases gradually from 66 and 2 months to 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.

The SSA calculates your benefit based on your 35 highest-earning years of work. The amount you receive at full retirement age is your Primary Insurance Amount (PIA). If you claim before full retirement age, your monthly payment is a percentage of this amount. If you delay past full retirement age, your payment grows until age 70.

How claiming at 62 affects your monthly payment

Claiming at 62 results in a permanent reduction to your monthly benefit. The reduction depends on how many months before your full retirement age you claim. If your full retirement age is 67 and you claim at 62, you receive about 70 percent of your full benefit amount. The reduction is steeper the earlier you claim relative to your full retirement age.

This reduction is permanent — it does not increase later when you reach full retirement age or turn 70. You will receive the reduced amount for the rest of your life. The trade-off is that you collect payments for five additional years compared to waiting until 67.

How delaying past full retirement age 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 continues until age 70. If your full retirement age is 67 and you wait until 70, your monthly payment will be about 124 percent of your full benefit amount.

Like the reduction for early claiming, this increase is permanent. You receive the higher amount for the rest of your life. The SSA stops increasing your benefit at age 70, so there is no financial advantage to waiting past 70 to claim.

Earnings limits if you claim before full retirement age and work

If you claim Social Security before reaching your full retirement age and you continue to work, the SSA reduces your benefits based on your earnings. For 2024, the SSA reduces your benefit by $1 for every $2 you earn above the annual earnings limit (the limit changes each year). In the year you reach full retirement age, the reduction is $1 for every $3 you earn above a different limit, and this only applies to earnings before the month you reach full retirement age.

Once you reach your full retirement age, you can earn any amount without a reduction to your benefits. This earnings limit applies only to work income — it does not include investment income, pensions, or other non-work income.

How to check your work credits and benefit estimate

To receive Social Security retirement benefits, you must have earned enough work credits during your lifetime. You earn one credit for each $1,730 of covered earnings (this amount changes yearly). Most people need 40 credits total, which typically takes about 10 years of work. You can earn up to four credits per year.

You can create a free account on ssa.gov to view your earnings record and see an estimate of your benefits at different claiming ages. The SSA sends a statement by mail to people age 60 and older who do not yet have an online account. This statement shows your estimated benefits at ages 62, full retirement age, and 70.

What happens to your benefits if you are married or divorced

If you are married, you may be able to receive benefits based on your spouse's work record in addition to your own. The rules depend on your age, your spouse's age, and whether your spouse has claimed benefits. A spouse can claim at full retirement age and receive up to 50 percent of the worker's full benefit amount, or claim as early as 62 with a reduction.

If you are divorced and your marriage lasted at least 10 years, you may be able to claim based on your ex-spouse's record even if they have not claimed yet. You must be at least 62 and unmarried. The amount you receive does not reduce your ex-spouse's benefit or your current spouse's benefit.

Frequently Asked Questions

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

You can withdraw your application within 12 months of claiming and repay all benefits received. This resets your claim and allows you to claim again at a later date with a higher benefit amount. After 12 months, you cannot withdraw your application, but you can suspend your benefits at full retirement age and let them grow until age 70.

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

If you were born on January 1st, the SSA considers you born on December 31st of the previous year for benefit calculation purposes. This affects which full retirement age applies to you and when you become may be able to access to claim.

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

No. You can delay claiming as long as you want, up to age 70 or beyond. There is no requirement to claim at any specific age, though your benefit amount stops increasing at 70.

How does claiming Social Security affect my Medicare coverage?

You become may be able to access for Medicare at age 65 regardless of when you claim Social Security. If you claim before 65, you still need to enroll in Medicare separately. If you delay claiming past 65, you should still sign up for Medicare to avoid late enrollment penalties.

What if I claim and then return to work — can I earn as much as I want?

If you have not yet reached full retirement age, the earnings limit applies and your benefits will be reduced if you earn above the annual limit. Once you reach full retirement age, you can earn any amount without affecting your benefits.