The age you claim Social Security determines how much you receive each month for the rest of your life

You can claim Social Security as early as age 62, but the payment amount 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 (which ranges from 66 to 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 at 70 is one of the most significant financial decisions you will make, because it affects every payment you receive for decades.

There is no single "right" age to claim. The best choice depends on your health, how long you expect to live, whether you are still working, your household income, and whether you have dependents who might receive benefits based on your record. This guide explains how the system works so you can understand what each option costs and what it provides.

Key Takeaways

  • Claiming at 62 gives you lower monthly payments but starts payments immediately; claiming at 70 gives you higher monthly payments but requires you to wait eight years.
  • Your full retirement age (when you receive your standard benefit amount) is 66 or 67 depending on your birth year, and you can find yours on your Social Security statement.
  • If you claim before your full retirement age and still work, Social Security reduces your payment by $1 for every $2 you earn above an annual limit (roughly $23,400 in 2024, though this changes yearly).
  • Married couples can coordinate claims to maximize household benefits, and divorced people may be able to claim on an ex-spouse's record even if that person has not yet claimed.
  • You can change your claim decision within 12 months of claiming if you change your mind, but the rules for undoing a claim are strict and have time limits.

How your birth year determines your full retirement age

Social Security defines a full retirement age based on when you were born. This is the age at which you receive your standard benefit amount — neither reduced nor increased. For people born between 1943 and 1954, full retirement age is 66. For people born between 1955 and 1960, it gradually increases from 66 and 2 months to 67. For people born in 1960 or later, 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. Your statement also shows your estimated benefit at full retirement age, at 62, and at 70. These estimates assume you continue to work at your current earnings level until you claim, so they may change if your income changes significantly.

Claiming at 62: lower payments, immediate income

If you claim at 62, you receive payments right away, but your monthly benefit is permanently reduced. The reduction is roughly 30 percent if your full retirement age is 67, or roughly 25 percent if your full retirement age is 66. This reduction stays in place for your entire life, even after you reach full retirement age.

Claiming at 62 makes sense if you need income now, expect a shorter lifespan due to health issues, or have other sources of retirement savings you can draw from later. It also makes sense if you are still working but earn below the annual earnings limit, because you can collect payments without triggering the earnings test.

However, if you claim at 62 and continue to work, Social Security reduces your payment by $1 for every $2 you earn above the annual limit. In 2024, that limit is roughly $23,400, but it changes each year. The reduction applies only until you reach your full retirement age; after that, your earnings do not affect your payment. This earnings test is one of the most overlooked rules, and it can eliminate your payments entirely if you earn significantly above the limit.

Claiming at full retirement age: standard benefit, no reduction

If you wait until your full retirement age to claim, you receive your standard benefit amount with no reduction. You also avoid the earnings test entirely — you can work and earn as much as you want without any reduction to your payment. This is a significant advantage if you plan to keep working past 62.

Claiming at full retirement age is a middle ground. You are not getting the maximum possible payment (that comes at 70), but you are not taking a permanent reduction either. If you are healthy, expect to live into your mid-80s or beyond, and do not need the income immediately, waiting until full retirement age is often a reasonable choice.

Claiming at 70: highest payments, longest wait

If you delay claiming until 70, your monthly payment increases by roughly 8 percent for each year you wait past your full retirement age. If your full retirement age is 67, waiting three years until 70 increases your payment by about 24 percent. This increase is permanent and applies to every payment you receive for the rest of your life.

Claiming at 70 makes sense if you are in good health, expect to live well into your 80s or 90s, do not need the income now, and have other savings or income to live on. It also makes sense if you are married and your spouse will receive a higher benefit based on your record, because delaying increases that benefit as well. The tradeoff is that you forgo eight years of payments, which is a significant amount of money that you will never recover unless you live substantially longer than average.

How working affects your claim decision

If you are still working when you claim Social Security, the earnings test may reduce or eliminate your payment. The test applies only if you claim before your full retirement age. Once you reach full retirement age, you can earn unlimited income with no reduction to your benefit.

The annual earnings limit is adjusted each year for inflation. In 2024, it is roughly $23,400 if you have not yet reached full retirement age during the year. If you reach full retirement age during the year, a higher limit applies to earnings before the month you reach full retirement age. Social Security counts only wages and self-employment income; it does not count investment income, pensions, or other retirement income.

If you earn above the limit, Social Security withholds $1 in benefits for every $2 you earn above the threshold. This can reduce your payment to zero if you earn significantly more than the limit. The withheld amount is not lost — Social Security recalculates your benefit at full retirement age to account for the months you did not receive payment, which increases your future payments slightly. But this recalculation does not fully make up for the payments you missed.

Married couples and divorced people: coordinating claims

If you are married, your spouse may be able to receive a benefit based on your Social Security record. A spouse can claim a benefit of up to 50 percent of your full retirement age benefit, but only if they wait until their own full retirement age to claim. If your spouse claims before their full retirement age, their benefit is reduced.

Married couples can sometimes increase their household benefit by coordinating when each person claims. For example, if one spouse has significantly higher earnings, that person might delay claiming until 70 while the other claims at full retirement age. This strategy requires careful calculation and depends on both people's ages, health, and earnings records.

If you are divorced and were married for at least 10 years, you may be able to claim on your ex-spouse's record even if they have not yet claimed. You must be at least 62 and unmarried. Your benefit is limited to 50 percent of your ex-spouse's full retirement age benefit if you claim at your own full retirement age, or less if you claim earlier. This option does not affect your ex-spouse's benefit or their ability to claim.

Changing your mind after you claim

If you claim Social Security and then change your mind, you have limited options. Within 12 months of claiming, you can withdraw your claim and repay all the benefits you received. This restarts your benefit clock, and you can claim again later at a higher amount. However, you must repay the full amount you received, including any benefits paid to your spouse or dependents based on your record.

After 12 months, you cannot withdraw your claim. You can request a one-time "deemed filing" exception in rare circumstances, but these are limited to people who claimed before a specific date and meet other strict conditions. If you have already passed the 12-month window, you cannot undo your claim, though you can still delay claiming on a different benefit (for example, a divorced person might claim on their own record and delay claiming on an ex-spouse's record).

Frequently Asked Questions

What happens if I claim at 62 but then decide to keep working?

Your payment will be reduced by $1 for every $2 you earn above the annual limit (roughly $23,400 in 2024). This reduction applies only until you reach your full retirement age. Once you reach full retirement age, you can work and earn as much as you want without any reduction to your payment.

Can I claim Social Security and still work full-time?

Yes, but if you claim before your full retirement age and earn above the annual limit, your payment will be reduced. If you claim at or after your full retirement age, you can work full-time with no reduction to your benefit. Many people claim at full retirement age specifically to avoid the earnings test while continuing to work.

If I wait until 70 to claim, do I get back the payments I missed?

Not directly. You forgo payments from age 62 to 70, which is a significant amount of money. However, your monthly payment at 70 is much higher than it would have been at 62, so if you live long enough, the higher monthly payments eventually make up for the years you waited. This breakeven point is typically around age 80 to 82, depending on your exact situation.

Can my spouse claim benefits if they never worked?

Yes. A spouse who did not work can claim up to 50 percent of your full retirement age benefit if they wait until their own full retirement age to claim. If they claim before their full retirement age, their benefit is reduced. This applies whether or not your spouse has their own Social Security record.

What if I was married multiple times?

You can claim on the record of any ex-spouse you were married to for at least 10 years, as long as you are currently unmarried and at least 62. If you were married to multiple people for 10 years or more, you can claim on whichever record gives you the highest benefit. You do not have to choose the first ex-spouse.