The earliest you can collect Social Security is age 62, but your monthly payment will be smaller than if you wait

You can start collecting Social Security retirement benefits as early as age 62. However, the Social Security Administration (SSA) reduces your monthly payment if you claim before your full retirement age — the age at which you receive your full benefit amount. The longer you wait past full retirement age, up to age 70, the larger your monthly payment becomes.

Your full retirement age depends on the year you were born. For people born in 1943 or later, full retirement age ranges from 66 to 67. If you were born in 1960 or later, your full retirement age is 67. The SSA has a chart on its website showing the exact age for your birth year.

The decision of when to claim is not about reaching an age — it is about understanding how much less you will receive per month if you claim early, and whether waiting makes sense for your situation.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced — typically by 25 to 30 percent if you claim at 62 instead of your full retirement age.
  • Your full retirement age is 66 or 67 depending on your birth year, and this is when you receive your standard benefit amount.
  • Waiting until age 70 increases your monthly payment by about 8 percent for each year you delay past your full retirement age.
  • You must have earned enough work credits to be covered by Social Security — typically 40 credits, which is roughly 10 years of work history.
  • You can view your estimated benefits and full retirement age by creating a my Social Security account on ssa.gov.

How the reduction works if you claim at 62

The SSA calculates your benefit reduction based on how many months before your full retirement age you claim. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early. The reduction is not a small percentage — it is roughly one-half of one percent per month, which adds up to about 30 percent less per month for the rest of your life.

For example, if your full retirement age benefit would be $1,500 per month, claiming at 62 might reduce that to around $1,050 per month. That $450 monthly difference continues every month you receive benefits. The reduction is permanent; you cannot change your mind later and receive the higher amount.

This is why the decision matters. If you claim early and live into your 80s, you will have received more total money by waiting, even though you started collecting later. The SSA calls the age at which the total amount evens out your "break-even age," and it typically falls in the early 80s.

Your full retirement age and when to expect your full benefit

Full retirement age is the age the SSA uses to calculate your standard benefit — the amount you would receive if you claim at that exact age. It is not the age you must claim; it is straightforward the reference point for your benefit calculation.

If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, it increases by two months for each year of birth. If you were born in 1960 or later, your full retirement age is 67. The SSA website has a table showing the exact age for your birth month and year.

You can claim at your full retirement age with no reduction to your benefit. You can also claim before that age (as early as 62) and accept a smaller monthly payment, or wait past that age and receive a larger monthly payment.

Delaying past full retirement age increases your payment

For each year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent per year. This increase, called delayed retirement credits, stops at age 70. There is no financial advantage to waiting past 70 to claim.

If your full retirement age is 67 and your full benefit is $1,500 per month, waiting until 70 would increase your monthly payment to roughly $1,860. That higher amount continues for the rest of your life and also affects any survivor benefits your family may receive.

Delaying makes the most sense if you are in good health, expect to live into your mid-80s or beyond, or do not need the money right away. If you continue working past full retirement age, you may also face an earnings limit that temporarily reduces your benefits — another reason some people wait.

Work credits and whether you may have access to at all

Before you can claim Social Security at any age, you must have earned enough work credits. You earn one credit for each $1,770 of wages you earn in a year (this amount changes yearly). You can earn a maximum of four credits per year. Most people need 40 credits total to be covered by Social Security retirement benefits, which is roughly 10 years of work history.

If you have not worked long enough to earn 40 credits, you cannot claim retirement benefits on your own record. However, you may be able to claim benefits based on a spouse's or ex-spouse's work history, depending on your age and marital status. The SSA can tell you whether you have enough credits by checking your account.

You can see your work history and credit count by creating a my Social Security account on ssa.gov. This account also shows your estimated benefit at different claiming ages — 62, full retirement age, and 70.

What happens if you claim while still working

If you claim Social Security before your full retirement age and continue to work, the SSA will reduce your benefits if your earnings exceed a certain limit. For 2024, if you are under full retirement age for the entire year, your benefits are reduced by $1 for every $2 you earn above $23,400. The limit is higher in the year you reach full retirement age.

Once you reach your full retirement age, there is no earnings limit. You can work and receive your full Social Security benefit at the same time. This is one reason some people wait to claim — they can continue earning their full salary without any reduction to their benefits.

The earnings limit applies only to wages from work. It does not explore to investment income, pensions, or other sources of income. Only wages you earn from employment count toward the limit.

How to check your estimated benefits and full retirement age

The fastest way to see your estimated benefit amounts at different ages is to create a my Social Security account on ssa.gov. You will need your Social Security number, email address, and a way to verify your identity. Once you log in, you can view your full retirement age, your estimated monthly benefit at 62, at full retirement age, and at 70.

The SSA also mails a Social Security Statement to people age 60 and older who do not yet have a my Social Security account. This statement shows your work history, your estimated benefits, and your full retirement age. If you have not received one and want to see this information, you can request one through your my Social Security account or call the SSA at 1-800-772-1213.

Your estimated benefit is based on your current earnings record and assumes you will continue working until you claim. If you plan to retire before claiming, your actual benefit may be different. The SSA updates your estimate each year as your earnings record changes.

Frequently Asked Questions

Can I claim Social Security at 62 if I am still working?

Yes, you can claim at 62 while working, 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 that limit, your benefits are reduced by $1. Once you reach your full retirement age, the earnings limit no longer applies.

What is the difference between full retirement age and Medicare age?

Full retirement age is when you receive your standard Social Security benefit. Medicare may be able to access begins at age 65, which is different from your full retirement age. You can claim Social Security at 62 but not be may be able to access for Medicare until 65. You can also delay Social Security past 65 and still claim Medicare at 65.

If I claim at 62, can I change my mind later and get the higher amount?

Once you claim, your benefit amount is locked in. You cannot change your mind and receive the higher amount you would have gotten by waiting. The only exception is if you withdraw your claim within 12 months of claiming and repay all benefits you received — a process called a withdrawal request.

What if I was born outside the United States?

You can claim Social Security retirement benefits at the same ages as U.S. citizens if you have earned 40 work credits. You must be a U.S. citizen, national, or permanent resident to claim. If you are not a permanent resident, contact the SSA to learn about your specific situation.

Does my spouse get benefits when I claim?

Your spouse may be able to claim a benefit based on your work record once they reach age 62, even if they did not work. A spouse can receive up to 50 percent of your full retirement age benefit. The amount your spouse receives does not reduce your benefit, but it does affect the total your household receives.