You can start collecting Social Security retirement benefits as early as age 62, but your monthly payment will be smaller than if you wait

The earliest age to claim Social Security retirement benefits is 62. However, the Social Security Administration reduces your monthly payment by a percentage for each month you claim before your full retirement age — the age at which you receive your full benefit amount. If you were born in 1943 or later, your full retirement age is between 66 and 67, depending on your birth year. The reduction can be substantial: claiming at 62 instead of waiting until full retirement age typically means a 25 to 30 percent smaller check every month for the rest of your life.

You can also delay claiming past your full retirement age. If you wait until age 70, your monthly benefit increases by 8 percent for each year you delay. This means someone born in 1960 who waits from age 67 to age 70 receives a benefit that is 24 percent larger than their full retirement amount. The choice between claiming early, at full retirement age, or delaying depends on your health, life expectancy, financial need, and other income sources.

Key Takeaways

  • You can claim Social Security retirement benefits starting at age 62, but your monthly payment will be permanently reduced if you claim before your full retirement age.
  • Your full retirement age — when you receive your complete benefit amount — is between 66 and 67 if you were born in 1943 or later, depending on your exact birth year.
  • Delaying your claim past full retirement age increases your monthly benefit by 8 percent per year until age 70, after which the increase stops.
  • The Social Security Administration uses your 35 highest-earning years to calculate your benefit, so your work history and earnings record affect the amount you receive.

How your birth year determines your full retirement age

The Social Security Administration sets full retirement age based on when 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, your full retirement age increases by two months for each year of birth, ranging from 66 and 2 months to 67. If you were born in 1960 or later, your full retirement age is 67.

This gradual increase was built into the Social Security system through legislation passed in 1983. The change was meant to account for longer life expectancies over time. You can find your exact full retirement age on the Social Security Administration's website or by calling 1-800-772-1213.

What happens to your payment if you claim at 62

Claiming at 62 reduces your monthly benefit permanently. 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 are claiming 60 months early. The Social Security Administration reduces your benefit by roughly 0.556 percent for each of the first 36 months you claim early, and 0.416 percent for each month after that. This typically results in a reduction of about 30 percent.

This reduction applies to every payment you receive for the rest of your life, even after you reach your full retirement age. If you claim at 62 and live to 90, you will continue receiving the reduced amount. However, if you claim early and then pass away before reaching full retirement age, your family members may still be able to receive survivor benefits based on your earnings record.

How waiting until full retirement age or beyond affects your benefit

If you wait until your full retirement age to claim, you receive 100 percent of your calculated benefit amount with no reduction. This is the baseline against which all other claiming ages are measured.

If you delay claiming past your full retirement age, your benefit grows by 8 percent per year. This increase continues until age 70. After age 70, there is no additional increase for waiting longer, so there is no financial advantage to delaying past 70. For someone with a full retirement age of 67, waiting from 67 to 70 means a benefit that is 24 percent larger than the full retirement amount.

How your work history and earnings affect the amount you receive

The Social Security Administration calculates your benefit based on your 35 highest-earning years of work. If you worked fewer than 35 years, the calculation includes zeros for the missing years, which lowers your average. You must have earned at least 40 work credits to be may be able to access for retirement benefits; in 2024, you earn one credit for each $1,705 in wages, up to four credits per year.

Your earnings record is maintained by the Social Security Administration. You can view your record by creating an account on ssa.gov. If you find errors — such as wages that were not credited to your account — you can request a correction. Correcting errors before you claim can increase your benefit amount.

Claiming Social Security while still working

You can claim Social Security before your full retirement age and continue working, but your benefits will be reduced if your earnings exceed a certain limit. In 2024, if you have not yet reached your full retirement age, the Social Security Administration deducts $1 from your benefits for every $2 you earn above $23,400 per year. In the year you reach your full retirement age, the limit is higher and applies only to earnings before the month you reach full retirement age.

Once you reach your full retirement age, you can earn as much as you want with no reduction to your benefits. This is one reason some people choose to delay claiming until full retirement age if they plan to continue working.

Survivor and family benefits based on your Social Security record

When you claim Social Security, you are not just securing your own retirement income. Your spouse, ex-spouse, children, and parents may also be able to receive benefits based on your earnings record. A spouse can claim benefits as early as age 62 (with a reduction) or at their own full retirement age. Children under 19 (or up to 23 if in high school full-time) and disabled adult children can receive benefits. Unmarried ex-spouses can also claim on your record if the marriage lasted at least 10 years.

These family benefits do not reduce your own benefit amount. However, the total amount paid to your family members is limited to between 150 and 180 percent of your full retirement benefit, depending on your family structure. If multiple family members claim on your record, the Social Security Administration divides this family maximum among them.

Frequently Asked Questions

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

Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim and repay what you received; this resets your claiming age. After 12 months, you cannot withdraw your claim. However, you can suspend your benefits at full retirement age and let them grow until age 70, though this is rarely done today.

What is the difference between my Primary Insurance Amount and my benefit?

Your Primary Insurance Amount (PIA) is your full retirement benefit — the amount you receive if you claim at your full retirement age. Your actual benefit depends on when you claim: it is reduced if you claim early, and increased if you delay. The Social Security Administration uses your PIA as the starting point for all other calculations.

Do I have to claim Social Security at 70?

No. You can claim anytime between 62 and 70, or even later if you choose. However, your benefit stops increasing after age 70, so there is no financial benefit to waiting past 70. Some people choose not to claim at all if they do not need the income.

How does claiming Social Security affect my Medicare coverage?

Claiming Social Security does not affect your Medicare may be able to access. You become may be able to access for Medicare at 65 regardless of whether you have claimed Social Security. However, if you delay claiming Social Security past 65, you should still sign up for Medicare during your initial enrollment period to avoid late enrollment penalties.

What happens to my Social Security if I move outside the United States?

You can receive Social Security benefits while living in most countries. However, benefits are suspended if you live in certain countries, including Cuba, North Korea, Iran, Syria, and a few others. If you plan to move abroad, contact the Social Security Administration before you leave to understand how it affects your benefits.