You can collect Social Security retirement benefits as early as age 62, but your monthly payment will be smaller than if you wait

The earliest age to claim Social Security retirement benefits is 62. However, the amount you receive each month depends entirely on when you claim. If you claim at 62, your monthly payment will be roughly 30 percent lower than if you wait until your full retirement age — the age at which Social Security considers you may be able to access for your full benefit amount. If you wait even longer, until age 70, your monthly payment increases by about 8 percent for each year you delay past your full retirement age.

Your full retirement age is not 65 for everyone. It depends on the year you were born. For people born in 1960 or later, full retirement age is 67. For people born between 1943 and 1954, it is 66. The Social Security Administration has a table on its website showing the exact age for your birth year.

The choice between claiming early, at full retirement age, or at 70 is a financial trade-off. Claiming early means smaller checks but you start receiving money sooner. Waiting means larger checks but you receive fewer of them over your lifetime — unless you live well into your 80s or 90s. There is no single "right" answer; it depends on your health, your savings, and how long you expect to live.

Key Takeaways

  • You can claim Social Security retirement benefits at 62, but your monthly payment will be permanently reduced compared to waiting until your full retirement age.
  • Your full retirement age depends on your birth year and ranges from 66 to 67 for most people alive today.
  • Waiting until age 70 increases your monthly payment by roughly 8 percent per year compared to your full retirement age amount.
  • The total amount you receive over your lifetime depends on how long you live, so claiming early is not always the worse financial choice.

How your birth year determines your full retirement age

Social Security uses a sliding scale based on when you were born. The agency gradually raised the full retirement age starting with people born in 1943, because people are living longer than they did when the program was created.

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. The Social Security Administration website has a table that shows the exact age for your specific birth year.

Knowing your full retirement age matters because it is the baseline for calculating both the reduction if you claim early and the increase if you claim late. It is also the age at which you can claim your full benefit amount without any reduction.

What happens to your payment if you claim at 62

If you claim at 62 and your full retirement age is 67, your monthly benefit will be reduced by about 30 percent for the rest of your life. This reduction is permanent — even after you reach your full retirement age, your payment does not increase to the full amount. You are locked into the lower rate.

The exact reduction depends on how many months early you claim. Claiming one month before your full retirement age costs less than claiming five years early. The Social Security Administration can tell you the exact reduction for your situation if you contact them or use their online benefit calculator.

The advantage of claiming at 62 is that you start receiving money when ready. If you need the income to pay bills, or if you have reason to believe you will not live into your 80s, claiming early may make financial sense. But if you are in good health and have other sources of income, the smaller monthly payment may not be worth the trade-off.

What happens to your payment if you wait until 70

For each year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent. If your full retirement age is 67 and you wait until 70, your monthly payment will be roughly 24 percent higher than your full retirement age amount. This increase continues until age 70; after that, there is no financial advantage to waiting longer.

Waiting until 70 makes sense if you are in good health, have other income to live on, and expect to live well into your 80s or 90s. The higher monthly payment means you receive more money each month for the rest of your life, and if you live long enough, you will receive more total money than you would have by claiming earlier.

However, waiting until 70 is not the right choice for everyone. If you claim at 62 and live to 80, you will have received more total money by that point than if you waited until 70 and received higher monthly payments for a shorter time. A financial advisor or the Social Security Administration can help you run the numbers for your specific situation.

How to find out your full retirement age and estimated benefit amount

The Social Security Administration offers a free online tool called the Retirement Estimator on its website (ssa.gov). You can enter your birth date and see estimates of what you would receive if you claimed at 62, at your full retirement age, or at 70. The tool uses your actual earnings record, so the estimates are based on your real work history.

You can also create a my Social Security account on the Social Security website. This account shows your earnings record, your full retirement age, and an estimate of your monthly benefit at different claiming ages. You do not need to visit an office in person to set up this account.

If you prefer to speak with someone, you can call the Social Security Administration at 1-800-772-1213. Representatives can answer questions about your full retirement age, explain the reduction or increase for different claiming ages, and help you understand your options. Wait times vary, but calling early in the week or early in the day usually means shorter holds.

What happens if you claim before your full retirement age and still work

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

Once you reach your full retirement age, you can earn as much as you want without any reduction to your benefit. This is an important distinction: the earnings limit only applies if you claim before your full retirement age.

If you are still working and thinking about claiming at 62, ask the Social Security Administration to estimate how much your benefit would be reduced based on your expected earnings. This will help you decide whether claiming early makes sense for your situation.

Frequently Asked Questions

Can I change my mind after I claim Social Security?

Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your claim and reapply later at a higher age. You must repay all the benefits you received. After 12 months, you cannot withdraw your claim, but you can request a one-time increase at age 70 if you have not already claimed it.

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

If you were born on January 1st, Social Security treats you as if you were born on December 31st of the previous year. This affects which birth year rules explore to you. The Social Security Administration can confirm your full retirement age if you are unsure.

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

No. You can claim anytime between 62 and 70. There is no requirement to claim at your full retirement age. You can also choose not to claim at all, though benefits do not increase after age 70.

What if I am married — does my spouse's age matter?

Your spouse may be may have access to to a benefit based on your work record, but their claiming age and amount are separate from yours. Both of you can choose when to claim independently. The Social Security Administration can explain spousal benefits and how they work with your own benefit.

Will Social Security still be around when I retire?

Social Security is funded by payroll taxes, and the program is expected to continue paying benefits indefinitely. However, the Social Security trustees project that the trust fund reserves will be depleted around 2034 unless Congress makes changes. Even then, incoming tax revenue would cover roughly 80 percent of scheduled benefits. This is a policy question, not a certainty about your personal benefits.