What the retirement age means for your benefits
Social Security has a full retirement age — the age at which you can receive your full benefit amount. This age is not the same for everyone. It depends on the year you were born. If you were born in 1943 or later, your full retirement age is somewhere between 66 and 67. If you were born in 1960 or later, it is 67.
You can start taking Social Security as early as age 62, but your monthly payment will be smaller than your full amount. You can also wait past your full retirement age — up to age 70 — and your monthly payment will be larger. The longer you wait, the more you receive each month for the rest of your life.
The retirement age itself has not changed recently. Congress set the current schedule in 1983, and it has been phasing in gradually since 2000. No law currently in place changes this schedule going forward.
Key Takeaways
- Your full retirement age depends on your birth year and ranges from 66 to 67 for people born after 1942.
- You can claim Social Security at 62, but your monthly benefit will be permanently reduced by roughly 25 to 30 percent.
- Waiting until age 70 increases your monthly benefit by roughly 24 to 32 percent compared to claiming at your full retirement age.
- The current retirement age schedule was set in 1983 and has been phasing in since 2000; no change to this schedule is currently law.
How your birth year determines your full retirement age
The Social Security Administration uses a table based on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, it increases by two months for each year — so someone born in 1955 has a full retirement age of 66 and 2 months, and someone born in 1959 has a full retirement age of 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.
You can find your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213. Having this number matters because it determines when you can receive your full benefit without any reduction.
What happens if you claim before your full retirement age
Claiming at 62 is the earliest you can start receiving Social Security retirement benefits. However, your monthly payment will be permanently lower — roughly 25 to 30 percent less than your full amount, depending on your exact birth year and when you claim. This reduction stays in place for your entire life, even after you reach your full retirement age.
There is also an earnings limit if you claim before your full retirement age and continue to work. In 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. This limit applies only until you reach your full retirement age; after that, you can earn any amount without a reduction.
What happens if you delay past your full retirement age
For each year you delay claiming past your full retirement age, your monthly benefit increases by roughly 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly benefit will be roughly 24 percent higher than it would be at 67. This increase also stays in place for your entire life.
There is no financial benefit to waiting past age 70. Your benefit stops increasing at that point, so most people do not delay beyond 70. However, some people do wait past 70 for other reasons — to continue working, to let their spouse claim a higher benefit first, or because they are in good health and expect to live a long time.
How spousal and survivor benefits connect to retirement age
If you are married, your spouse may be able to receive a benefit based on your work record. Your spouse's full retirement age is also based on their birth year, not yours. Your spouse can claim a spousal benefit as early as 62, but like your own benefit, it will be reduced if claimed before their full retirement age.
If you pass away, your family members — spouse, children, or ex-spouse — may receive survivor benefits based on your work record. The amount they receive depends partly on your age when you died and partly on their own age. The Social Security Administration can explain your family's specific situation if you call or visit their website.
What proposals exist to change the retirement age
Various proposals have been made over the years to change Social Security, including raising the full retirement age further or adjusting how benefits are calculated. As of now, no proposal has become law. The current retirement age schedule remains in place.
If you want to know about current proposals or changes being discussed, the Social Security Administration website and official government sources have the most up-to-date information. News outlets and advocacy groups also cover Social Security policy changes, though they may have different viewpoints on what changes would be best.
How to find your personal retirement age and benefit estimate
The Social Security Administration provides a free online tool called "my Social Security" at ssa.gov. You can create an account, log in, and see your estimated benefit at different ages — 62, your full retirement age, and 70. This tool shows you the actual numbers for your specific situation based on your earnings record.
You can also call Social Security at 1-800-772-1213 to speak with someone who can answer questions about your retirement age and benefits. If you prefer to visit in person, you can find your local Social Security office through the website. Bring your Social Security card and a photo ID.
Frequently Asked Questions
Can I change my mind after I start taking Social Security?
You can withdraw your process within 12 months of claiming and repay what you received. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until age 70. Suspending is different from withdrawing and has different rules, so contact Social Security to understand your options.
Does my retirement age change if I work longer?
No. Your full retirement age is determined by your birth year and does not change based on how long you work. However, working longer may increase your benefit amount because Social Security calculates your benefit using your 35 highest-earning years. More years of work can replace lower-earning years in that calculation.
What if I was born on January 1st?
Social Security treats people born on January 1st as if they were born on December 31st of the previous year. So if you were born on January 1, 1960, Social Security counts you as born in 1959 for purposes of determining your full retirement age.
Is there a penalty for claiming Social Security early?
There is no penalty in the sense of a fine, but your monthly benefit is permanently reduced. The reduction is built into how your benefit is calculated. You receive a smaller monthly amount for the rest of your life if you claim before your full retirement age.
Will my retirement age increase in the future?
The current law does not schedule any increase beyond age 67 for people born in 1960 or later. Congress would have to pass a new law to change the retirement age. Proposals to do so have been made, but none have become law.