Your full retirement age if you were born in 1962

If you were born in 1962, your full retirement age — the age at which Social Security calculates your benefit at 100 percent of what you earned — is 66 and 10 months. This is the age Social Security uses to determine your Primary Insurance Amount, the base figure for your monthly payment.

The reason your full retirement age differs from someone born in 1954 or 1970 comes from a law passed in 1983. Congress gradually raised the full retirement age starting with people born in 1938, adding two months for each birth year until reaching 67 for anyone born in 1960 or later. People born in 1962 fall in the middle of that phase-in, which is why the age sits between 66 and 67.

You can claim Social Security before or after your full retirement age, but the month you claim changes your monthly payment permanently. Claiming at 62 reduces your benefit; claiming after 66 and 10 months increases it. Understanding your full retirement age is the first step to deciding when to claim.

Key Takeaways

  • Your full retirement age is 66 and 10 months if you were born in 1962, and this is the age Social Security uses to calculate your standard benefit amount.
  • You can claim as early as 62, but your monthly payment will be permanently reduced by roughly 30 percent compared to waiting until your full retirement age.
  • If you delay claiming past 66 and 10 months, your benefit increases by about 8 percent per year until age 70, when increases stop.
  • Your full retirement age is different from your life expectancy or the age you plan to retire; it is only the age Social Security uses for its calculation.

How the full retirement age was set for your birth year

The Social Security Amendments of 1983 created a schedule that gradually moved the full retirement age from 65 to 67. For people born between 1938 and 1959, the age increased in two-month increments. For people born in 1960 or later, the full retirement age is 67. People born in 1962 land in the middle of this transition, which is why the calculation includes months.

This change was made because people were living longer after claiming benefits, which meant Social Security was paying out more money over longer lifespans. By raising the full retirement age, Congress intended to keep the program's finances stable. The change was phased in gradually so people had time to adjust their retirement planning.

Your birth year determines your full retirement age; no other factor changes it. It does not matter where you live, how much you earned, or when you actually retire from work.

Claiming before your full retirement age

You can claim Social Security as early as age 62, even though your full retirement age is 66 and 10 months. If you claim at 62, your monthly benefit 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.

The reduction is permanent. If you claim at 62 and receive $1,200 per month, you will receive that same $1,200 (adjusted for cost-of-living increases) for the rest of your life. You cannot change your mind later and get the higher amount you would have received at 66 and 10 months.

Claiming early makes sense for some people — those with serious health conditions, those who need the money when ready, or those who have other sources of income. It is a trade-off: you get money sooner but in smaller amounts over time.

Claiming at or after your full retirement age

If you claim at your full retirement age of 66 and 10 months, you receive 100 percent of your Primary Insurance Amount. This is the baseline benefit Social Security calculated based on your earnings record.

If you delay claiming past 66 and 10 months, your benefit increases by roughly 8 percent per year. At age 67, your benefit would be about 8 percent higher than at 66 and 10 months. At age 68, it would be about 16 percent higher. These increases continue until age 70, when they stop. After 70, there is no financial advantage to delaying further.

Delaying works best if you expect to live a long time, have other income to live on, or want to maximize the benefit you leave to a surviving spouse. The longer you live past your mid-80s, the more total money you will have received by waiting.

How your full retirement age affects your spouse and children

Your full retirement age also determines the benefits available to your family members on your record. A spouse can receive up to 50 percent of your Primary Insurance Amount at their own full retirement age, or a reduced amount if they claim earlier. Children can receive benefits until age 19 (or 23 if in school full-time), and the total family benefit is capped at roughly 150 to 180 percent of your Primary Insurance Amount.

If you claim before your full retirement age, your family members' benefits are also reduced. If you delay past your full retirement age, their benefits increase along with yours. Your full retirement age is the reference point for all of these calculations.

A surviving spouse or child can also claim on your record if you pass away, and your full retirement age affects how much they receive. The younger you were when you claimed, the lower the survivor benefit will be.

The difference between full retirement age and other ages

Full retirement age is not the same as the age you plan to stop working, the age you become may be able to access for Medicare, or your life expectancy. These are separate milestones that often get confused.

You can work past your full retirement age and still receive benefits, though there are earnings limits if you claim before your full retirement age. Medicare may be able to access begins at 65 for most people, regardless of your full retirement age. Your life expectancy is a statistical average and does not determine when you should claim — some people live much longer or shorter than average.

Your full retirement age is purely a Social Security calculation. It is the age the program uses to figure out your standard benefit amount and how much your benefit changes if you claim early or late.

Earnings limits if you claim before your full retirement age

If you claim Social Security before your full retirement age and continue working, Social Security reduces your benefit if your earnings exceed a certain amount. For 2024, the limit is $23,400 per year if you have not yet reached your full retirement age. If you earn more than that, Social Security withholds $1 in benefits for every $2 you earn above the limit.

In the year you reach your full retirement age, a higher limit applies to earnings before the month you reach that age. Once you reach 66 and 10 months, the earnings limit no longer applies, and you can earn any amount without affecting your benefit.

These limits change each year, so check the Social Security Administration website for the current year's amounts if you plan to work while claiming.

Frequently Asked Questions

Can I change my mind after I claim at 62?

You can withdraw your claim within 12 months of claiming and repay all the benefits you received, which resets your claim as if you never filed. After 12 months, you cannot undo your claim. If you claimed at 62 and later regret it, you cannot get the higher benefit you would have received at 66 and 10 months.

Does my full retirement age change if I keep working?

No. Your full retirement age is determined by your birth year alone and does not change based on when you actually retire or how long you work. You can work until 70 or beyond, and your full retirement age will still be 66 and 10 months.

What happens if I claim before 62?

You cannot claim Social Security before age 62, regardless of your full retirement age. Age 62 is the earliest anyone can claim, and it applies to all birth years.

Does my full retirement age affect my spouse's benefits?

Yes. Your spouse's benefit is calculated as a percentage of your Primary Insurance Amount, which is based on your full retirement age. If you claim early, your Primary Insurance Amount is lower, which also reduces what your spouse can receive.

What if I was born on January 1, 1963 instead of 1962?

If you were born on January 1, 1963, Social Security counts you as born in 1963, and your full retirement age would be 67. The Social Security Administration uses your birth date as it appears on your birth certificate to determine your full retirement age.