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

The age you choose to start Social Security affects how much money you receive each month for the rest of your life. You have options: you can begin at 62, wait until your full retirement age (which depends on your birth year), or delay until 70. The earlier you start, the lower your monthly check. The longer you wait, the higher it becomes. There is no single "right" age — it depends on your health, finances, and how long you expect to live.

Social Security is a federal program that pays monthly benefits to people who have worked and paid into the system. The age you were born determines your full retirement age, which is the point at which you receive your standard benefit amount. If you were born in 1960 or later, your full retirement age is 67. If you were born between 1943 and 1954, it is 66. The full retirement age gradually increases for people born between 1955 and 1960.

Key Takeaways

  • You can start Social Security at 62, but your monthly payment will be about 30 percent lower than if you wait until your full retirement age.
  • Your full retirement age is between 66 and 67, depending on your birth year, and that is when you receive your standard benefit amount.
  • If you delay Social Security until age 70, your monthly payment increases by about 8 percent for each year you wait past your full retirement age.
  • You must have worked and paid Social Security taxes for at least 10 years to receive benefits based on your own work record.
  • You can check your projected benefits and full retirement age by creating an account on the Social Security Administration website.

How your birth year determines your full retirement age

The Social Security Administration sets a different full retirement age for each birth year. This is the age at which you receive 100 percent of your calculated benefit — the amount the system says you have earned based on your work history and income.

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 those 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. The Social Security Administration publishes a full chart on its website showing the exact age for each birth year.

What happens if you start at 62

Starting Social Security at 62 is the earliest option, but it comes with a permanent reduction in your monthly payment. The reduction is roughly 30 percent less than your full retirement age benefit, though the exact percentage depends on your birth year and how many years before your full retirement age you claim.

This reduction stays with you for life. If your full retirement age benefit would be $1,500 per month, starting at 62 might give you around $1,050 per month instead. That lower amount continues even after you reach your full retirement age. The trade-off is that you receive payments for more years overall, which can add up if you live a long time.

Waiting until your full retirement age

Claiming at your full retirement age means you receive your standard benefit amount with no reduction. This is the benefit amount the Social Security Administration calculated based on your earnings record. You receive 100 percent of what you have earned.

For someone born in 1960 or later, that age is 67. For those born between 1943 and 1954, it is 66. Waiting until this age removes the early-claim penalty, so you are not locked into a permanently lower payment. Many people choose this option because it balances receiving benefits sooner than age 70 while avoiding the reduction that comes with claiming at 62.

Delaying until 70 for a higher payment

If you wait to claim Social Security until age 70, your monthly payment increases by roughly 8 percent for each year you delay past your full retirement age. This increase is called a delayed retirement credit. If your full retirement age is 67 and you wait until 70, you receive about 24 percent more per month than you would at 67.

This higher payment also lasts for life. The trade-off is that you do not receive any benefits between your full retirement age and 70. Delaying makes sense if you are in good health, expect to live well into your 80s or 90s, or do not need the money right away. The higher monthly amount can be valuable if you live a long time and want to maximize your lifetime benefits.

Work requirements and your earnings record

To receive Social Security based on your own work record, you must have worked and paid Social Security taxes for at least 10 years. The system counts credits, which you earn by working and paying taxes. You need 40 credits total to be may be able to access for retirement benefits, and you can earn up to 4 credits per year. This means 10 years of work covers the requirement.

Your benefit amount is based on your highest 35 years of earnings. If you worked fewer than 35 years, the system counts zeros for the missing years, which lowers your average. The more you earned and the longer you worked, the higher your benefit will be. You can also receive benefits based on a spouse's or ex-spouse's work record if you meet certain conditions, even if you did not work 10 years yourself.

How to check your projected benefits

The Social Security Administration offers a free online account where you can see your earnings record and projected benefits at different ages. You can create an account on the Social Security website using your email address and Social Security number. Once you log in, you can view your statement, which shows your estimated benefits at 62, your full retirement age, and 70.

The statement also shows your earnings history, so you can check that the Social Security Administration has the correct record of what you earned each year. If you spot an error, you can report it through your account. Reviewing your statement every few years helps you catch mistakes early and gives you a clear picture of what to expect when you are ready to claim.

Frequently Asked Questions

Can I work and still collect Social Security before my full retirement age?

Yes, but if you claim before your full retirement age and earn above a certain amount, Social Security reduces your benefits. In 2024, if you are under your full retirement age for the entire year, your benefits are reduced by $1 for every $2 you earn above $23,400. Once you reach your full retirement age, there is no earnings limit.

What if I was married or divorced — can I get benefits on my spouse's record?

Yes. If you were married for at least 10 years and are now divorced, or if you are still married, you may be able to receive benefits based on your spouse's work record. The amount depends on your age and your spouse's benefit amount. You can contact the Social Security Administration to learn whether you may have access to.

Can I change my mind after I start collecting?

You can withdraw your claim within 12 months of starting and repay the benefits you received, which resets your claim. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until 70. The rules are complex, so contact Social Security directly to discuss your options.

What happens to my benefits if I die?

Your family members — spouse, children, or ex-spouse — may be able to receive survivor benefits based on your work record. The amount they receive depends on their relationship to you and their age. Contact Social Security to find out who in your family might be covered.

How do I know if my earnings record is correct?

Log into your Social Security account online and review your earnings history. If you see missing years or incorrect amounts, you can report the error through your account or contact Social Security directly. You have a limited time to correct errors, so check your record regularly.