The earliest you can claim is 62, but waiting until 66 or 70 increases your monthly payment significantly

You can start claiming Social Security retirement benefits at 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 wait until your full retirement age (66 or 67, depending on your birth year). If you wait until 70, your payment increases by about 8 percent for each year you delay past your full retirement age. The choice between claiming early, at full retirement age, or delaying is a financial trade-off that depends on your health, savings, and how long you expect to live.

There is no single "right" age to claim. Someone in excellent health with substantial savings might come out ahead by waiting until 70. Someone with serious health problems or immediate financial need might benefit from claiming at 62, even though the monthly amount is smaller. The Social Security Administration does not recommend one age over another — that decision is yours to make based on your circumstances.

Key Takeaways

  • You can claim as early as 62, but your monthly payment will be permanently reduced compared to waiting until your full retirement age or later.
  • Your full retirement age is 66 or 67 depending on your birth year; claiming at that age gives you your standard benefit amount.
  • Waiting until 70 increases your monthly payment by roughly 24 percent compared to your full retirement age benefit.
  • If you are still working, earning above a certain threshold can reduce your benefits until you reach full retirement age.
  • You should create a my Social Security account at ssa.gov to see your estimated benefits at different claiming ages before you decide.

How your full retirement age is determined

Your full retirement age — the age at which you receive your standard benefit amount — depends on the year you were born. If you were born in 1943 or earlier, your full retirement age is 65. For people born between 1943 and 1954, it is 66. For people born between 1955 and 1959, it increases by two months for each year of birth. If you were born in 1960 or later, your full retirement age is 67.

This is the age the Social Security Administration uses as the baseline for calculating your benefit. Claiming before this age reduces your payment; claiming after increases it. You can find your exact full retirement age on the Social Security Administration's website or in your my Social Security account.

Claiming at 62: the trade-off between early access and lower payments

Claiming at 62 gives you access to your benefits immediately, which can be the right choice if you need the money now or have health reasons to believe you will not live much longer. However, your monthly payment will be roughly 30 percent lower than if you waited until your full retirement age. That reduction is permanent — it does not increase later, even after you reach full retirement age.

If you claim at 62 and are still working, there is an additional cost. For 2024, if you earn more than $23,400 per year, Social Security reduces your benefit by $1 for every $2 you earn above that threshold. This earnings limit applies only until you reach your full retirement age; after that, you can earn as much as you want without affecting your benefit. The earnings limit changes each year.

Claiming early makes sense if you have immediate financial need, if you have a health condition that suggests a shorter life expectancy, or if you have already stopped working. It is less advantageous if you are still earning a substantial income or if you expect to live well into your 80s or 90s.

Waiting until your full retirement age or beyond

If you wait until your full retirement age, you receive your standard benefit amount with no reduction. If you wait past your full retirement age, your benefit increases by roughly 8 percent per year until you reach 70. Someone born in 1960 with a full retirement age of 67 who waits until 70 will receive about 24 percent more per month than they would at 67.

Waiting is most advantageous if you are in good health, still working and earning a good income, or have substantial savings to live on. It is also the better choice if you have a spouse or ex-spouse who may be able to claim benefits based on your work record — their benefit amount is also based on when you claim.

Many people wait until 70 because they are still working, because they want to maximize the benefit they eventually receive, or because they do not need the money yet. Others wait until their full retirement age and then claim, which gives them the standard benefit without the permanent reduction of early claiming.

How your work history affects your benefit amount

Your Social Security benefit is calculated based on your highest 35 years of earnings. If you worked fewer than 35 years, zeros are included in the calculation, which lowers your average. If you worked more than 35 years, the lowest-earning years are dropped from the calculation.

This means that working longer can increase your benefit in two ways: by replacing a low-earning year with a higher-earning year, and by delaying when you claim (which increases the payment amount). If you stopped working at 60 but did not claim until 70, your benefit would be based on your 35 highest years, and the payment would be increased by the delay.

You can see your earnings record and your estimated benefit at different claiming ages by creating a my Social Security account at ssa.gov. This account shows you what the Social Security Administration has on file for your work history and lets you see how your benefit would change if you claimed at 62, at your full retirement age, or at 70.

Spousal and survivor benefits: how your claiming age affects others

If you are married, your spouse may be able to claim a benefit based on your work record. If you are divorced and were married for at least 10 years, your ex-spouse may also be able to claim based on your record. The amount they receive depends partly on when you claim. If you claim early, their benefit is also reduced. If you delay, their benefit increases.

If you pass away, your spouse, ex-spouse, and children may be able to claim survivor benefits based on your work record. The total amount available to your family is fixed, but the way it is divided depends on how many family members claim and at what ages they claim. This is another reason to think about your family situation, not just your own finances, when deciding when to claim.

Coordinating with your other income and savings

Your decision about when to claim should take into account your other sources of income: pensions, retirement account withdrawals, rental income, or continued earnings from work. If you have substantial savings or a pension, you may be able to wait until 70 without financial hardship. If you have little savings and no other income, claiming at 62 may be necessary.

Some people use a strategy of claiming Social Security early while letting other retirement savings grow, or vice versa. Others coordinate their claiming age with when they plan to stop working or when they plan to start drawing from a 401(k) or IRA. There is no single strategy that works for everyone — it depends on your specific financial situation.

Frequently Asked Questions

Can I change my mind after I claim?

If you claimed within the last 12 months, you can withdraw your claim and reapply later at a higher benefit amount, but you must repay all benefits you have received. After 12 months, you cannot withdraw your claim. If you claimed early and regret it, you cannot undo the reduction, but you can speak with a Social Security representative about your options.

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

If you claim before your full retirement age and earn more than the annual threshold (roughly $23,400 in 2024), your benefits are reduced by $1 for every $2 you earn above that amount. Once you reach your full retirement age, this earnings limit no longer applies, and you can work and earn as much as you want without affecting your benefit.

How do I know what my benefit will be at different ages?

Create a my Social Security account at ssa.gov to see your earnings record and your estimated benefit at ages 62, your full retirement age, and 70. This estimate is based on your actual work history and is the most accurate way to compare your options before you claim.

Should I claim early if I have health problems?

If you have a serious health condition and a shorter life expectancy, claiming early may result in you receiving more total benefits over your lifetime, even though your monthly payment is lower. However, this is a personal decision that depends on your specific situation. A financial advisor or the Social Security Administration can help you think through the numbers.

What if I was married more than once?

You can claim benefits based on the work record of any ex-spouse you were married to for at least 10 years, as long as you are at least 62 and currently unmarried. You can claim on the record that gives you the highest benefit. Your current spouse's benefits are not affected by your previous marriages.