You can claim Social Security at 64, but your monthly payment will be permanently reduced

If you are 64 and thinking about claiming Social Security, you need to know one thing first: claiming now means a smaller check for the rest of your life. Social Security calculates your payment based on your age when you claim. The younger you are when you claim, the lower your monthly amount becomes. At 64, your payment will be roughly 25 to 30 percent smaller than if you waited until your full retirement age — and that reduction never goes away.

The exact reduction depends on your birth year, which determines your full retirement age. For people born between 1943 and 1954, full retirement age is 66. For those born in 1960 or later, it is 67. The Social Security Administration has a table that shows the exact percentage reduction for your birth year and the age you claim.

This is not a temporary penalty. Once you claim at 64, your monthly payment is locked in at that reduced rate. If you live into your 80s or 90s, you will have received fewer total dollars than if you had waited, even though you started collecting earlier. The trade-off is that you receive payments for more years.

Key Takeaways

  • Claiming Social Security at 64 reduces your monthly payment by roughly 25 to 30 percent compared to waiting until your full retirement age.
  • Your full retirement age depends on your birth year — it ranges from 66 to 67 for people born in the 1940s through 1960s.
  • The reduction is permanent and applies to every check you receive for the rest of your life.
  • You can work and claim Social Security at 64, but your benefits will be reduced if your earnings exceed a certain limit set by Social Security each year.
  • You must contact Social Security directly to claim — you cannot claim online if you are under your full retirement age.

How the payment reduction works at different ages

Social Security uses a formula to calculate how much your payment shrinks based on how early you claim. The reduction is steepest in the first few years before your full retirement age and becomes less steep as you get closer to that age.

For someone born in 1960 (full retirement age 67), claiming at 64 means your payment is about 70 percent of what it would be at 67. At 65, it would be about 86.7 percent. At 66, it would be about 93.3 percent. The difference between 64 and 65 is larger than the difference between 66 and 67, so the earliest claims carry the biggest hit.

The Social Security Administration publishes a detailed table on its website showing the exact reduction percentage for your birth year. You can also call Social Security at 1-800-772-1213 to ask what your specific payment would be at 64 versus waiting.

Earnings limits if you work while claiming at 64

You can work and claim Social Security at 64, but there is a catch. Social Security reduces your benefits if you earn more than a certain amount in the year you claim. For 2024, that limit is $23,400 per year. If you earn more than that, Social Security deducts $1 from your benefit for every $2 you earn above the limit.

This earnings limit applies only in the year you claim and in years before you reach your full retirement age. Once you reach your full retirement age, you can earn as much as you want with no reduction to your benefits. The earnings limit changes each year — Social Security announces the new limit in October for the following year.

The earnings limit applies to wages and self-employment income. It does not explore to investment income, pensions, or rental income. If you are self-employed, you report your net earnings from self-employment.

How to claim Social Security at 64

You cannot claim Social Security online if you are under your full retirement age. You must contact Social Security directly by phone or in person. Call 1-800-772-1213 to set up an appointment or ask questions about your specific situation. You can also visit your local Social Security office in person — find the nearest one at ssa.gov/locator.

When you contact Social Security, have your Social Security number, birth certificate, and proof of citizenship or legal residency ready. If you are married, you may have questions about spousal benefits, and Social Security can explain your options. If you are divorced, you may be able to claim on your ex-spouse's record under certain conditions.

Social Security will ask you when you want your benefits to start. You can choose to start them right away or pick a future month. If you choose a future month, your payment will be slightly higher because you are waiting a bit longer, but the reduction compared to your full retirement age still applies.

What happens to your Medicare may be able to access at 64

Claiming Social Security at 64 does not automatically enroll you in Medicare. Medicare may be able to access begins at 65, regardless of when you claim Social Security. You need to sign up for Medicare separately when you turn 65, even if you claimed Social Security at 64.

If you do not sign up for Medicare Part B (medical insurance) and Part D (prescription drug coverage) when you first become may be able to access at 65, you may face a permanent penalty on your premiums. The penalty is 10 percent per year for each year you delay. This penalty applies for the rest of your life, so it is important to enroll on time even if you do not plan to use Medicare right away.

You can sign up for Medicare online at medicare.gov, by phone at 1-800-MEDICARE, or in person at your local Social Security office.

Spousal and survivor benefits at 64

If you are married, you may be able to claim spousal benefits based on your spouse's Social Security record. The rules are complex and depend on your age, your spouse's age, and whether your spouse has already claimed. At 64, you can claim spousal benefits, but they will also be reduced.

If your spouse has already claimed Social Security, you may be able to claim a benefit based on their record. If your spouse has not claimed yet, the rules are different depending on whether your spouse is at least 62 years old. Social Security can explain your specific options when you call.

If you die, your family members may be able to receive survivor benefits based on your Social Security record. The amount they receive depends on your age when you claimed and your earnings history. Survivor benefits are not reduced by the early-claim penalty, so this is one reason some people claim early — to may support their family receives benefits if they pass away.

Reconsidering your decision to claim at 64

If you claim at 64 and later regret the decision, Social Security allows you to withdraw your claim within 12 months of claiming. You must repay all the benefits you received, but your record is reset as if you never claimed. You can then claim again at a later age and receive a higher monthly payment.

This option is available only once and only within the first 12 months of claiming. After 12 months, you cannot withdraw your claim. If you are thinking about claiming at 64, it is worth asking Social Security about this option before you decide.

Another option is to claim at 64 but then suspend your benefits when you reach your full retirement age. This is less common and has different rules, but it may make sense in some situations. Social Security can explain whether this option applies to you.

Frequently Asked Questions

Will my Social Security payment increase if I wait past 64?

Yes. Your payment increases by roughly 8 percent per year for each year you delay claiming between your full retirement age and age 70. This is called delayed retirement credits. If you wait from 64 to 70, your payment at 70 will be roughly 76 percent higher than it would have been at 64. The trade-off is that you receive fewer total years of payments.

Can I claim Social Security at 64 if I am still working full-time?

Yes, but your benefits will be reduced if you earn more than the annual limit (currently $23,400 for 2024). For every $2 you earn above the limit, Social Security deducts $1 from your benefit. Once you reach your full retirement age, the earnings limit no longer applies.

What if I claim at 64 and then live past 85?

If you live into your 80s or 90s, you will have received fewer total dollars by claiming at 64 than if you had waited until your full retirement age or later. The break-even point is typically around age 80 or 81. This is why some people choose to wait — they expect to live longer and want a larger monthly payment.

Do I have to claim Social Security at my full retirement age?

No. You can claim anytime between 62 and 70. Claiming earlier means a smaller monthly payment. Claiming later means a larger monthly payment. There is no requirement to claim at any particular age, but you cannot claim before 62.

If I claim at 64, will my spouse automatically receive spousal benefits?

No. Your spouse must contact Social Security separately and claim spousal benefits on their own. They can claim at 62 or later, depending on their age and your situation. Spousal benefits are also reduced if claimed before your spouse's full retirement age.