Your benefit amount depends on two things: when you claim and what you earned
Social Security calculates your monthly payment using your 35 highest-earning years of work. The Social Security Administration (SSA) then applies a reduction or increase based on the age you claim — anywhere from 62 to 70. Claim at 62 and your payment is smaller for life. Claim at 70 and your payment is larger for life. The difference between claiming at 62 and claiming at 70 can be 70 percent or more on the same earnings record.
Your actual payment amount is not something you can know exactly until you request it from SSA, because the calculation depends on your specific earnings history and the exact month you claim. But you can see your estimated benefit at different ages by creating a my Social Security account on ssa.gov.
Key Takeaways
- Social Security uses your 35 highest-earning years to calculate your benefit; years with no earnings or low earnings count as zeros in that calculation.
- Claiming at 62 gives you a permanent reduction of about 30 percent compared to claiming at your full retirement age, which varies by birth year.
- Claiming at 70 gives you a permanent increase of about 24 to 32 percent compared to your full retirement age, depending on when you were born.
- You can see your estimated benefit at ages 62, full retirement age, and 70 by logging into your my Social Security account on ssa.gov.
- If you did not work 35 years, SSA counts the missing years as zero, which lowers your average and your benefit.
How the 35-year earnings record works
Social Security looks back at your entire work history and picks the 35 years in which you earned the most. If you worked for 40 years, SSA uses the 35 highest. If you worked for 20 years, SSA counts those 20 years and treats the remaining 15 as zero-earning years.
The SSA then calculates your average monthly earnings across all 35 years — including the zeros. This average is called your Average Indexed Monthly Earnings (AIME). The higher your AIME, the higher your benefit. A person who worked 35 years at high wages will have a much higher AIME than someone who worked 35 years at low wages, or someone who worked only 20 years.
Years spent in school, raising children, unemployed, or self-employed with no net income all count as zero-earning years if you did not report earnings to Social Security that year. You cannot drop these years from the calculation — SSA always uses 35 years, filling in zeros if needed.
Full retirement age and how it affects your payment
Your full retirement age (also called normal retirement age) is the age at which Social Security pays you 100 percent of your calculated benefit. This age is not 65 for everyone. It depends on your birth year.
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
If you claim before your full retirement age, your payment is reduced. If you claim after your full retirement age, your payment is increased. The reduction or increase is permanent — it applies to every payment you receive for the rest of your life.
Claiming before your full retirement age reduces your payment
You can claim Social Security as early as age 62. If you do, your monthly payment will be roughly 30 percent lower than it would be at your full retirement age. The exact reduction depends on how many months early you claim.
For example, if your full retirement age is 66 and your calculated benefit at that age is $1,500 per month, claiming at 62 would give you roughly $1,050 per month instead. That $450 monthly difference adds up to $5,400 per year, or $108,000 over 20 years of retirement.
The reduction is permanent. Even after you reach your full retirement age, your payment stays at the reduced amount. You do not get a raise to the full amount later. This is why claiming early is a trade-off: you get money sooner, but you get less of it each month for as long as you live.
Claiming after your full retirement age increases your payment
For every year you delay claiming past your full retirement age, your benefit increases by roughly 8 percent per year, up until age 70. After 70, the increase stops — there is no financial advantage to delaying past 70.
If your full retirement age is 66 and your calculated benefit at that age is $1,500 per month, waiting until 70 would give you roughly $1,980 per month instead. That is about $480 more per month, or $5,760 per year.
Like the early-claiming reduction, this increase is permanent. Once you claim at 70, your payment stays at that higher amount for life. The trade-off here is the opposite: you get less money now, but you get more of it each month for as long as you live.
How to see your estimated benefit at different ages
The Social Security Administration publishes a Social Security Statement that shows your earnings history and your estimated benefit at three key ages: 62, your full retirement age, and 70. You can view this statement by creating a my Social Security account at ssa.gov.
To create an account, you will need your Social Security number, date of birth, email address, and a way to verify your identity (usually a phone number or address on file with SSA). Once you log in, you can see your earnings record year by year, check for any missing or incorrect earnings, and view your benefit estimates.
The estimates shown are based on the assumption that you will keep working and earning at your current rate until the age shown. If you plan to retire earlier or later, or if your earnings are expected to change, the actual benefit may be different. But the estimates give you a concrete picture of the trade-off between claiming early and claiming late.
What happens if you have gaps in your work history
If you took time out of the workforce — to raise children, go to school, care for a family member, or because of unemployment — those years count as zero-earning years in your Social Security calculation. SSA always uses 35 years, so gaps lower your average earnings and your benefit.
There is no way to remove these years from the calculation. You cannot ask SSA to ignore them or to use only your working years. However, if you continue working after you reach 35 years of earnings, SSA will drop your lowest-earning years and replace them with your newer, higher-earning years. This is called recomputation, and it happens automatically.
For example, if you worked 30 years and then took 5 years off, you have 30 working years and 5 zero years. If you then return to work for 10 more years, SSA will use your 35 highest-earning years from all 45 years of your work history, dropping the 5 zero years and your 5 lowest-earning years.
Frequently Asked Questions
Can I see what my benefit would be if I claim at 62 versus 70?
Yes. Log into your my Social Security account at ssa.gov and view your Social Security Statement. It shows your estimated benefit at age 62, your full retirement age, and age 70. These estimates assume you continue working at your current earnings level until each age.
Does working longer always increase my Social Security benefit?
Working longer increases your benefit only if your new earnings are higher than one of your lowest 35 years. If you earn less than your lowest year on record, it will not help. SSA automatically recalculates your benefit each year you work and keeps only your 35 highest-earning years.
What if I did not work 35 years?
SSA counts the missing years as zero-earning years. If you worked 30 years, your benefit is calculated using those 30 years plus 5 years of zeros. This lowers your average and your benefit. Working more years can raise your benefit if your new earnings replace a zero or a low-earning year.
Does my spouse's earnings affect my Social Security benefit?
No. Your benefit is based only on your own earnings record. However, you may be able to receive a separate benefit based on your spouse's earnings record if you are married, divorced, or widowed. That is a different calculation with different rules.
If I claim early and my payment is reduced, can I get the full amount later?
No. The reduction is permanent. Once you claim at 62, your payment stays reduced for life, even after you reach your full retirement age. You cannot change your mind and get the higher amount later.