What retirement age means for Social Security

Retirement age is the age at which you become may be able to access to receive your full Social Security 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 retirement age is somewhere between 66 and 67. If you were born in 1960 or later, your retirement age is 67.

You can start collecting Social Security as early as age 62, but if you do, your monthly payment will be permanently reduced — typically by about 25 to 30 percent. You can also wait until after your retirement age to start collecting, which increases your monthly payment by about 8 percent for each year you delay, up until age 70.

The Social Security Administration (SSA) publishes a table showing the exact retirement age for each birth year. Your retirement age is fixed and does not change, even if you delay claiming.

Key Takeaways

  • Your retirement age depends on your birth year and ranges from 66 to 67 for people born between 1943 and 1960.
  • You can claim Social Security at 62, but your monthly benefit will be reduced permanently if you do.
  • Waiting until after your retirement age to claim increases your monthly benefit by roughly 8 percent per year until age 70.
  • The SSA publishes a birth-year table that shows your specific retirement age, which you can find on their website or by calling 1-800-772-1213.

How your birth year determines your retirement age

The Social Security Administration raised the retirement age gradually starting in 2000. People born before 1943 have a retirement age of 65. For those born from 1943 onward, the age increased in two-month increments every few years.

Here is how the schedule works: if you were born between 1943 and 1954, your retirement age is 66. If you were born between 1955 and 1959, your retirement age is between 66 and 2 months and 66 and 10 months, depending on your exact birth year. If you were born in 1960 or later, your retirement age is 67.

You can find your exact retirement age on the SSA's website under "Retirement Age Calculator" or by calling their customer service line at 1-800-772-1213. You will need to know your birth date.

Claiming before your retirement age

You can file for Social Security benefits as early as age 62, even if your retirement age is 66 or 67. However, claiming before your retirement age means your monthly benefit is reduced. The reduction is permanent — it does not increase later when you reach your retirement age.

The reduction amount depends on how many months early you claim. If your retirement age is 67 and you claim at 62, you lose roughly 30 percent of your benefit. If you claim at 65, you lose roughly 13 percent. The SSA can tell you the exact reduction for your situation when you contact them.

People often claim early because they need the money now, or because they are unsure whether they will live long enough to benefit from waiting. There is no single right answer — it depends on your health, your financial situation, and how long you expect to live.

Claiming after your retirement age

If you wait to claim Social Security after you reach your retirement age, your monthly benefit increases. For each year you delay past your retirement age, your benefit grows by about 8 percent. This increase stops at age 70, so there is no financial advantage to waiting past 70 to claim.

For example, if your retirement age is 67 and your full benefit at that age would be $2,000 per month, waiting until 70 would increase your monthly payment to roughly $2,480. You would collect fewer total payments over your lifetime, but each payment would be larger.

Waiting makes sense if you are in good health, have other income to live on, and expect to live into your mid-80s or beyond. The SSA's website has a break-even calculator that shows when you would start coming out ahead by waiting.

What happens if you work while claiming Social Security

If you claim Social Security before your retirement age and continue to work, the SSA reduces your benefit based on your earnings. For 2024, the SSA reduces your benefit by $1 for every $2 you earn above a certain limit. That limit changes each year.

Once you reach your retirement age, the earnings limit no longer applies. You can work and collect your full benefit at the same time with no reduction.

This rule applies only to earned income from work — it does not affect income from investments, pensions, or rental property. Contact the SSA if you are unsure whether your income counts toward the limit.

How to find your retirement age

The fastest way to find your retirement age is to visit ssa.gov and use their Retirement Age Calculator. You enter your birth date and the calculator tells you your retirement age and the amount your benefit would be reduced if you claimed at 62.

You can also call the Social Security Administration at 1-800-772-1213. A representative can tell you your retirement age and answer questions about how claiming at different ages would affect your benefit. The phone line is open Monday through Friday, 7 a.m. to 7 p.m. Eastern time.

If you have a my Social Security account (a free account on the SSA website), you can log in and view your retirement age, your estimated benefit amount, and a record of your earnings history.

Frequently Asked Questions

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

Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your claim and reapply later at a higher benefit amount. You must repay all benefits you received. After 12 months, you cannot withdraw your claim, but you can suspend your benefits at your retirement age and let them grow until age 70.

What if I was born on January 1st — which year's rules explore to me?

If you were born on January 1st, the SSA treats you as born in the previous year for retirement age purposes. For example, if you were born on January 1, 1943, your retirement age is 65, not 66.

Does my retirement age change if I move to another country?

No. Your retirement age is determined by your birth year and does not change based on where you live. However, some countries have agreements with the SSA about how benefits are paid. Contact the SSA if you plan to move or travel outside the United States.

What if I never worked enough to may have access to for Social Security?

You need 40 work credits to be may be able to access for retirement benefits. Most people earn four credits per year, so 40 credits typically takes 10 years of work. If you do not have enough credits, you cannot collect retirement benefits on your own record, but you may be able to collect spousal or survivor benefits.