The earliest age you can claim Social Security is 62

You can begin collecting Social Security retirement benefits at age 62, but your monthly payment will be permanently smaller than if you wait. The Social Security Administration calls this early claiming, and the reduction is substantial — typically 30 percent less per month than you would receive at your full retirement age.

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born in 1960 or later, it is 67. For birth years in between, it falls somewhere in the middle. You can work and collect benefits at 62, but your earnings above a certain limit will reduce your monthly payment until you reach your full retirement age.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly benefit will be permanently reduced compared to waiting until your full retirement age.
  • Your full retirement age is between 66 and 67 depending on your birth year, and waiting until then gives you a larger monthly payment.
  • If you work before reaching your full retirement age and earn above the annual limit, Social Security will reduce your benefit by $1 for every $2 you earn over that limit.
  • Delaying your claim past your full retirement age increases your monthly benefit by about 8 percent per year until age 70.
  • You need at least 40 work credits (roughly 10 years of work) to be may be able to access for any Social Security retirement benefit.

How the reduction works if you claim at 62

The reduction for claiming at 62 is permanent. Even after you reach your full retirement age, your monthly payment stays at the reduced amount. The exact percentage depends on how many months early you claim. If your full retirement age is 67 and you claim at 62, you lose roughly 30 percent of your benefit. If your full retirement age is 66 and you claim at 62, the reduction is about 25 percent.

The Social Security Administration has a retirement estimator on its website (ssa.gov) where you can enter your birth date and see what your benefit would be at different ages. This tool uses your actual earnings record, so the numbers it shows are specific to you, not a general estimate.

Earnings limits if you work while collecting at 62

You can work and collect Social Security at 62, but there is a limit. 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 amount. The limit changes each year. This reduction 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 applies only to wages and self-employment income. It does not count investment income, pensions, or other retirement income. If you are self-employed, you report your net earnings from self-employment on your tax return, and Social Security uses that figure.

What happens if you wait past your full retirement age

If you do not claim at your full retirement age, your benefit grows. For each year you delay between your full retirement age and age 70, your monthly payment increases by about 8 percent. This is called delayed retirement credits. At age 70, the increase stops, so there is no financial advantage to waiting past 70 to claim.

This means that if your full retirement age is 67, waiting until 70 gives you a benefit that is roughly 24 percent larger than what you would receive at 67. The trade-off is that you receive fewer total payments during your lifetime if you die before a certain age, but if you live into your mid-80s or beyond, the larger monthly payment usually means more total money received.

Work credits and the 40-credit requirement

To receive any Social Security retirement benefit, you need at least 40 work credits. 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, so 40 credits typically takes about 10 years of work.

You can check how many credits you have by creating an account on ssa.gov and viewing your Social Security Statement. This statement also shows your earnings history and an estimate of your benefit at different ages. If you do not have 40 credits yet, the statement shows how many more you need.

Spousal and survivor benefits at 62

If you are married, divorced, or a widow or widower, you may be able to claim benefits on your spouse's or ex-spouse's record at 62. These are called spousal benefits or survivor benefits. The rules are different from retirement benefits on your own record, and the reduction for claiming early is steeper — often 35 percent or more.

To claim spousal benefits, you must be at least 62 and your spouse must be at least 62 (or deceased). If you are divorced, your marriage must have lasted at least 10 years. You can claim on your own record, your spouse's record, or both, depending on your age and situation. The Social Security Administration can explain your options when you contact them.

How to claim at 62

You can claim Social Security online at ssa.gov, by phone at 1-800-772-1213, or by visiting your local Social Security office. Online is usually the fastest option. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and a bank account number if you want direct deposit.

The process process takes about 15 minutes online. Social Security typically makes a decision within two weeks. Your first payment arrives one to two months after you are approved. If you claim before your full retirement age and you are still working, tell Social Security about your expected earnings so they can calculate your benefit correctly.

Frequently Asked Questions

Can I change my mind after I claim at 62?

Yes, but only within a limited window. If you claim and then change your mind within 12 months, you can withdraw your claim and repay what you received. This resets your claim, and you can file again later at a higher age. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until 70.

What if I was born on January 1?

Social Security treats people born on January 1 as if they were born on December 31 of the previous year. This affects which full retirement age applies to you. Check your Social Security Statement or contact Social Security directly to confirm your full retirement age.

Does claiming at 62 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 still need to sign up for Medicare at 65 or face a permanent penalty on your premiums. You can claim Social Security and Medicare at different times.

What if I have not worked 10 years?

You cannot receive a retirement benefit on your own record without 40 work credits. However, you may be able to claim spousal or survivor benefits if you are married, divorced, or a widow or widower, even if you do not have 40 credits yourself.

Is the reduction for early claiming permanent?

Yes. If you claim at 62, your monthly benefit is permanently reduced compared to what you would receive at your full retirement age. This reduction does not go away when you reach full retirement age or later. The reduction is the trade-off for receiving payments for more years.