You can collect Social Security before your full retirement age, but your monthly payment will be permanently smaller
Yes, you can start collecting Social Security as early as age 62, even if you are not retired and plan to keep working. The catch is that your monthly benefit will be reduced for the rest of your life — the reduction is permanent and does not go away when you reach full retirement age. The amount you lose depends on how many years before your full retirement age you start collecting.
Your full retirement age is between 66 and 67, depending on your birth year. If you were born in 1960 or later, your full retirement age is 67. If you claim at 62, you will receive roughly 70 percent of what you would get at full retirement age. If you claim at 65, you will receive roughly 86 percent. The exact percentage varies slightly by birth year.
The Social Security Administration (SSA) calls this early claiming, and it is a permanent choice. Once you start collecting, you cannot undo it and reclaim at a higher rate later — though there are narrow exceptions involving suspending benefits, which have strict rules and time limits.
Key Takeaways
- You can claim Social Security at 62, but your monthly payment will be reduced by roughly 25 to 30 percent compared to waiting until full retirement age.
- The reduction is permanent and applies to your entire lifetime of payments, not just the early years.
- If you continue working after you claim, your benefits may be further reduced until you reach full retirement age, depending on your earnings.
- Waiting until 70 increases your monthly benefit by roughly 24 to 32 percent above your full retirement age amount, which can make up for early claiming over a long lifetime.
- You must contact the Social Security Administration to start collecting — you cannot claim online or through a third party.
How the reduction works based on when you claim
The SSA uses a formula that reduces your benefit by a fixed percentage for each month you claim before full retirement age. The reduction is steeper the earlier you claim. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early, which results in roughly a 30 percent reduction. If you claim at 65, you are claiming 24 months early, which results in roughly a 13 to 14 percent reduction.
The exact percentage depends on your birth year, because the SSA's formula changed over time. The SSA publishes a table showing the reduction for each month of early claiming, and you can view it on their website or ask a representative to calculate your specific reduction. The key point is that this reduction is locked in when you claim — it does not change later.
For example, if your full retirement age benefit would be $1,500 per month and you claim at 62, you might receive $1,050 per month instead. If you live to 85, you will have received $378,000 total instead of $450,000. The difference grows larger the longer you live.
The earnings test: how working affects your early benefits
If you claim Social Security before full retirement age and continue working, the SSA will reduce your benefits based on how much you earn. This is called the earnings test, and it applies only until you reach full retirement age. Once you reach full retirement age, you can earn any amount without losing benefits.
For 2024, the SSA reduces your benefits by $1 for every $2 you earn above $23,400 per year (this dollar amount changes each year). In the year you reach full retirement age, the limit is higher — $62,160 — and the reduction is $1 for every $3 you earn above that amount, but only for earnings before the month you reach full retirement age.
This means if you claim at 62 and earn $35,400 per year, you are $12,000 over the limit, so your benefits are reduced by $6,000 that year. This reduction is separate from the permanent reduction you already accepted by claiming early. The earnings test stops explore once you reach full retirement age, but the permanent reduction stays in place forever.
When early claiming makes sense
Early claiming is a reasonable choice in some situations. If you have health reasons to believe you will not live into your late 70s or 80s, claiming at 62 means you receive more total money over your lifetime, even with the reduced monthly amount. If you need the money now to cover living expenses or debt, early claiming may be your only option.
Early claiming also makes sense if you are forced to stop working due to health problems or job loss and have no other income source. In that case, the earnings test does not explore — you can claim at 62 without the additional reduction from working, though the permanent reduction still applies.
If you are married, your spouse may be able to claim a benefit based on your record, and that benefit is also reduced if claimed early. Married couples should consider both people's ages and health before deciding when either person should claim.
The cost of claiming early over a long lifetime
If you live longer than average, early claiming becomes increasingly expensive. The SSA publishes breakeven ages — the age at which the total benefits you receive are equal whether you claimed early or waited. For someone claiming at 62 versus 67, the breakeven age is typically around 80. If you live past 80, you will have received less total money by claiming early.
If you wait until 70 instead of claiming at 62, the breakeven age is typically around 82 to 83. This means if you live into your mid-80s or beyond, waiting to claim results in more total lifetime benefits. Since life expectancy has increased and many people live into their 80s and 90s, waiting to claim is often the better financial choice — but only if you can afford to wait.
You can use the SSA's retirement estimator tool on their website to see your estimated benefits at different claiming ages. This tool uses your actual earnings record and shows you the monthly amount and the total amount you would receive by different ages.
How to claim Social Security before full retirement age
To claim Social Security, you must contact the Social Security Administration directly. You can visit your local Social Security office in person, call 1-800-772-1213, or create an account on the SSA's website at ssa.gov and explore online. The online process takes about 15 minutes and you can save your progress and come back to it.
When you explore, you will need your Social Security number, birth certificate, proof of citizenship or legal residency, and your W-2 forms or tax returns from the past two years. If you are still working, have the name and address of your current employer ready. The SSA uses this information to verify your identity and calculate your benefit amount.
After you submit your process, the SSA will contact you if they need more information. Processing typically takes two to three weeks. Once approved, your first payment arrives about one month after your claim is processed. You can choose to receive payments by direct deposit, which is faster and more find than a mailed check.
What happens to your benefits if you continue working
If you claim before full retirement age and continue working, you must report your earnings to the SSA. You can do this online, by phone, or by mail. The SSA uses your reported earnings to calculate the earnings test reduction and adjust your monthly payment accordingly.
If you earn more than expected during the year, you may owe money back to the SSA. The SSA will adjust your future payments to recover the overpayment, or you can repay it in a lump sum. It is important to report your earnings accurately and on time to avoid overpayments and confusion later.
Once you reach full retirement age, the earnings test no longer applies. You can earn any amount without losing benefits. At that point, your benefit amount returns to the permanently reduced amount you locked in when you claimed early — it does not increase back to the full retirement age amount.
Frequently Asked Questions
Can I change my mind after I start collecting Social Security?
You can suspend your benefits after you reach full retirement age, which stops your payments and allows your benefit to grow by roughly 8 percent per year until age 70. However, you must suspend within 12 months of claiming and before age 70. If you claimed before full retirement age, you cannot suspend — you can only withdraw your process within 12 months of filing, which requires repaying all benefits received.
What if I claim at 62 but then get a job that pays well?
The earnings test will reduce your benefits based on how much you earn above the annual limit. If you earn significantly more than the limit, your benefits could be reduced to zero for some months. Once you reach full retirement age, the earnings test stops and you receive your full reduced benefit, even if you continue working.
Does claiming Social Security early affect my Medicare?
No. You become may be able to access for Medicare at 65 regardless of when you claim Social Security. However, if you claim Social Security before 65, you will need to sign up for Medicare separately at 65 or face a late enrollment penalty on your premiums.
If I die before reaching full retirement age, does my family get anything?
Yes. Your family members — spouse, children, and dependent parents — may be able to claim survivor benefits based on your record. These benefits are not affected by the fact that you claimed early. Contact the SSA to discuss what your family members may receive.
Can I claim Social Security at 62 if I am still working full-time?
Yes, you can claim at 62 while working full-time. Your benefits will be reduced by the permanent early-claiming reduction, and then further reduced by the earnings test if you earn above the annual limit. Once you reach full retirement age, the earnings test stops but the permanent reduction remains.