The earliest you can claim Social Security retirement is age 62, but your monthly payment will be permanently smaller than if you wait
Social Security retirement benefits are available starting at age 62, but the amount you receive each month depends entirely on when you claim. If you claim at 62, you get roughly 30 percent less per month than if you wait until your full retirement age — which ranges from 66 to 67 depending on your birth year. If you wait until 70, your monthly payment is about 24 percent higher than at full retirement age. The Social Security Administration does not increase your payment after age 70, so there is no financial advantage to waiting past that point.
Your full retirement age is determined by the year you were born. Someone born in 1943 or earlier has a full retirement age of 66. For people born between 1943 and 1954, it increases by two months for each birth year. Anyone born in 1960 or later has a full retirement age of 67. You can look up your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213.
Key Takeaways
- You can claim Social Security retirement at 62, but your monthly payment will be reduced by roughly 30 percent compared to waiting until your full retirement age.
- Your full retirement age depends on your birth year and ranges from 66 to 67; the Social Security Administration publishes a chart showing the exact age for each year.
- Waiting until age 70 increases your monthly payment by about 24 percent above your full retirement age amount, but payments do not increase after 70.
- If you claim before your full retirement age and continue working, Social Security will reduce your benefits by $1 for every $2 you earn above an annual limit.
How your birth year determines your full retirement age
The Social Security Administration raised the full retirement age gradually starting in 2000 because people are living longer. If you were born before 1943, your full retirement age is 66. For each birth year from 1943 through 1954, the full retirement age increases by two months. For example, someone born in 1950 has a full retirement age of 66 and 8 months.
Starting with people born in 1955, the increase jumps to four months per year. Someone born in 1955 has a full retirement age of 66 and 2 months, while someone born in 1956 has a full retirement age of 66 and 4 months. This pattern continues until 1960, when the full retirement age reaches 67 and stays there for everyone born in 1960 or later.
You can find your exact full retirement age by entering your birth date into the Social Security Administration's retirement age calculator on their website, or by calling their customer service line. Having this number matters because it is the threshold where your benefits stop being reduced if you work while collecting.
What happens if you claim before your full retirement age
Claiming at 62 instead of your full retirement age means a permanent reduction to your monthly payment. The reduction is roughly 30 percent for someone who waits only until full retirement age, but the exact percentage depends on how many months early you claim. Someone born in 1960 or later with a full retirement age of 67 who claims at 62 receives about 30 percent less per month than they would at 67. Someone who claims at 63 receives about 25 percent less. The reduction gets smaller the closer you are to your full retirement age.
If you claim before your full retirement age and you are still working, Social Security will withhold benefits based on your earnings. For 2024, if you earn more than $23,400 per year, Social Security reduces your benefits by $1 for every $2 you earn above that limit. This earnings test applies only in the years before you reach your full retirement age. Once you reach full retirement age, you can earn any amount without a reduction, even if you claimed early.
The reduction for early claiming is permanent. If you claim at 62 and receive 30 percent less per month, you will continue to receive that reduced amount for the rest of your life, even after you reach full retirement age. This is why the decision to claim early is significant — it affects your monthly income for decades.
What happens if you wait until or past your full retirement age
If you wait until your full retirement age to claim, you receive your full benefit amount with no reduction. You can also continue working without any earnings limit affecting your benefits. This is the break-even point where the earnings test no longer applies.
If you wait past your full retirement age, your monthly payment increases by about 8 percent for each year you delay, up until age 70. Someone born in 1960 or later with a full retirement age of 67 who waits until 68 receives about 8 percent more per month than at 67. Waiting until 69 gives about 16 percent more, and waiting until 70 gives about 24 percent more. After age 70, your payment does not increase no matter how long you delay claiming.
The trade-off for a higher monthly payment is that you receive fewer total payments during your lifetime if you die before a certain age. The Social Security Administration publishes life expectancy tables, but the break-even point varies by individual health and family history. Someone in excellent health with a family history of longevity may come out ahead by waiting until 70, while someone with health concerns may receive more total money by claiming earlier.
How your work history affects your benefit amount
Your Social Security retirement benefit is calculated based on your 35 highest-earning years of work. Social Security looks back at your entire work history, adjusts your earnings for inflation, and averages your top 35 years. If you worked fewer than 35 years, Social Security counts the missing years as zero, which lowers your average. You need at least 10 years of work (40 credits) to be may have access to to retirement benefits at all.
The benefit formula is progressive, meaning it replaces a higher percentage of earnings for lower-income workers and a lower percentage for higher-income workers. Someone who earned the average wage throughout their career receives a different replacement rate than someone who earned significantly more or less. You can view your own earnings record and an estimate of your future benefits by creating an account on the Social Security Administration website.
Spousal and survivor benefits tied to your claiming age
If you are married, your spouse may be may have access to to a benefit based on your work record. A spouse can claim at their full retirement age and receive up to 50 percent of your full retirement age benefit amount. If your spouse claims before their full retirement age, that benefit is reduced. Your spouse's benefit does not affect your own benefit amount.
If you die, your surviving spouse and children may receive benefits based on your work record. The total amount that can be paid to your family is limited to about 150 to 180 percent of your full retirement age benefit amount, depending on how many family members are may have access to. Claiming early reduces not only your own benefit but also the maximum amount available to your family if you pass away.
How to check your Social Security statement and plan your claiming strategy
The Social Security Administration sends a statement each year to people age 60 and older who are not yet collecting benefits. This statement shows your earnings history, your full retirement age, and estimates of what you would receive if you claim at 62, at full retirement age, or at 70. You can also create a my Social Security account on the Social Security Administration website to view your statement anytime and update your information.
Your statement includes an estimate based on your current earnings record, but the actual amount you receive may differ if you continue working and earn more. The statement also shows how much your family members could receive if you become disabled or pass away. Reviewing this statement a few years before you plan to claim helps you understand your options and decide when to start benefits.
Frequently Asked Questions
Can I change my mind after I claim Social Security?
You can withdraw your process within 12 months of claiming and repay all benefits you received, which restarts your claiming clock. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until 70. Suspending stops your monthly payments but increases the amount you receive when you restart.
What if I was born on January 1st — which year's rules explore to me?
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 considers you born in 1959 for purposes of determining your full retirement age.
Do I have to claim Social Security at my full retirement age?
No. You can claim anytime between 62 and 70, or even later. Your payment will be reduced if you claim before full retirement age and increased if you claim after. There is no requirement to claim at any particular age unless you reach 70, after which there is no financial benefit to waiting.
How does claiming Social Security affect my Medicare may be able to access?
You become may be able to access for Medicare at 65 regardless of when you claim Social Security. You should sign up for Medicare around age 65 even if you have not yet claimed Social Security retirement benefits. Delaying Social Security does not delay Medicare may be able to access.
What happens to my benefits if I move outside the United States?
You can receive Social Security retirement benefits while living outside the United States in most countries. However, benefits are suspended if you live in certain countries, and some countries have different rules. Contact the Social Security Administration before moving to confirm your benefits will continue.