The earliest you can claim Social Security is age 62, but your monthly payment will be permanently reduced

You can start collecting Social Security retirement benefits as early as age 62. However, if you claim before your full retirement age — which ranges from 66 to 67 depending on your birth year — your monthly payment will be reduced by a percentage that stays in effect for the rest of your life. The reduction is roughly 30 percent if you claim at 62 and your full retirement age is 67.

The Social Security Administration calculates your benefit based on your 35 highest-earning years of work. The age you choose to claim determines what percentage of that calculated amount you actually receive each month. Claiming earlier means a smaller check every month, but you start receiving payments sooner. Waiting past your full retirement age increases your monthly payment by about 8 percent per year until age 70.

Key Takeaways

  • You can claim Social Security as early as 62, but your monthly benefit will be permanently reduced compared to waiting until your full retirement age.
  • Your full retirement age depends on your birth year: people born in 1943–1954 have a full retirement age of 66, while those born in 1960 or later have a full retirement age of 67.
  • If you delay claiming past your full retirement age, your monthly benefit increases by roughly 8 percent per year until you reach age 70.
  • You must have worked and paid Social Security taxes for at least 10 years (40 quarters) to be may be able to access for retirement benefits under your own work record.
  • Your birth year, current health, life expectancy, and financial needs all factor into whether claiming early, at full retirement age, or later makes sense for your situation.

Full retirement age depends on when you were born

Your full retirement age is the age at which Social Security calculates your benefit without any reduction. This age is not 65 for everyone — it depends on your birth year. The Social Security Administration gradually raised the full retirement age starting in 1983.

If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, your full retirement age is between 66 and 67 (it increases by two months for each year of birth). If you were born in 1960 or later, your full retirement age is 67. You can find your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213.

How much your benefit shrinks if you claim at 62

Claiming at 62 instead of waiting until your full retirement age results in a permanent reduction to your monthly benefit. The exact reduction depends on how many years early you claim. If your full retirement age is 67 and you claim at 62, your benefit is reduced by about 30 percent. If your full retirement age is 66 and you claim at 62, your benefit is reduced by about 25 percent.

This reduction applies to every payment you receive for the rest of your life. You cannot change your mind later and get the full amount. If you claim at 62 and live to age 80, you will have received more total payments than someone who waited until 67 to claim, but that person's monthly check will be larger from that point forward. The break-even point — where the person who waited receives more total money — typically occurs in the early 80s, though this varies based on individual circumstances.

How much your benefit grows if you delay past full retirement age

For every year you delay claiming Social Security past your full retirement age, your monthly benefit increases by roughly 8 percent per year. This increase continues until age 70. After age 70, your benefit no longer increases, so there is no financial advantage to waiting longer than 70 to claim.

If your full retirement age is 67 and you wait until 70, your monthly benefit will be about 24 percent higher than it would be at 67. This higher payment amount also lasts for the rest of your life. Delaying is most advantageous if you expect to live into your mid-80s or beyond, or if you have other income sources that allow you to wait.

Work requirements and earnings limits before full retirement age

To receive Social Security retirement benefits under your own work record, you must have worked and paid Social Security taxes for at least 10 years, which equals 40 quarters of coverage. A quarter is roughly three months of work in a calendar year. If you have not worked 10 years, you may still be able to receive benefits as a spouse or ex-spouse, depending on your age and your spouse's work record.

If you claim before your full retirement age and continue working, your benefit will be temporarily reduced based on your earnings. In 2024, Social Security reduces your benefit by $1 for every $2 you earn above $23,400 per year (this dollar amount changes each year). Once you reach your full retirement age, there is no earnings limit — you can work and earn as much as you want without any reduction to your benefit.

Spousal and survivor benefits have different age rules

If you are married, divorced, or widowed, you may be able to receive benefits based on your spouse's or ex-spouse's work record, and these have different age requirements. A spouse can claim a reduced benefit as early as 62, or a full benefit at the spouse's full retirement age (which is typically 50 percent of the primary worker's full retirement age benefit). A widow or widower can claim as early as 60, or at any age if caring for a child under 16.

These spousal and survivor benefits are calculated separately from your own retirement benefit. If you are may be able to access for both your own benefit and a spousal benefit, Social Security will pay your own benefit first, and the rules about when you can claim and how much you receive become more complex. You can contact Social Security or speak with a financial advisor to understand how these rules explore to your specific situation.

Factors to consider when deciding when to claim

Deciding when to claim Social Security involves weighing several personal factors. Your current health and family history of longevity matter — if you have health conditions that may shorten your lifespan, claiming earlier may result in more total lifetime benefits. Your financial situation also matters — if you need income now, claiming at 62 may be necessary even though your monthly payment will be smaller.

Your other sources of income and assets are relevant too. If you have a pension, substantial savings, or other retirement income, you may be able to afford to wait until 70 for a larger Social Security check. Your marital status and whether you have dependents can also affect the decision. Some people claim early to fund travel or activities they want to do while younger, accepting the permanent reduction as a trade-off.

Frequently Asked Questions

Can I change my mind after I claim Social Security at 62?

You can withdraw your process within 12 months of claiming and repay all benefits received, which restores your full retirement age benefit amount. After 12 months, you cannot withdraw your process. You can request a one-time benefit suspension at your full retirement age to allow your benefit to grow, but this is rarely used.

What happens if I claim Social Security and then go back to work?

If you claim before your full retirement age and earn more than the annual limit (roughly $23,400 in 2024), Social Security reduces your benefit by $1 for every $2 over that amount. Once you reach your full retirement age, you can earn any amount without penalty. Any months where your benefit was reduced can be recalculated later at a higher rate.

Do I need to be retired to claim Social Security at 62?

No, you do not need to be retired. You can still be working full-time and claim Social Security at 62. However, if you earn above the annual earnings limit before reaching full retirement age, your benefit will be reduced. Once you reach full retirement age, you can work and earn any amount without affecting your benefit.

What if I was born on January 1st — which year's rules explore to me?

If you were born on January 1st, Social Security considers you born in the previous year for purposes of determining your full retirement age. For example, if you were born on January 1, 1954, you are treated as born in 1953 for Social Security purposes, which means your full retirement age is 66.

Can I collect Social Security if I never worked?

You cannot collect retirement benefits on your own work record if you have not worked 10 years. However, you may be able to collect spousal or survivor benefits if you are married to, divorced from, or widowed by someone who has worked 10 years and is at least 62 years old (or any age if you are caring for their child under 16).