You can claim Social Security as early as age 62, but your monthly payment will be smaller than if you wait
The age you start drawing Social Security determines how much you receive each month for the rest of your life. The Social Security Administration (SSA) calculates your benefit based on your earnings history, but it also applies a reduction if you claim before your full retirement age — the age at which you become may have access to to your full benefit amount. If you claim at 62, you receive roughly 30 percent less per month than you would at full retirement age. If you delay past full retirement age, your monthly payment increases by about 8 percent for each year you wait, up to age 70.
Your full retirement age depends on the year you were born. For people born in 1943 through 1954, full retirement age is 66. For those born between 1955 and 1960, it rises gradually from 66 and 2 months to 67. Anyone born in 1960 or later has a full retirement age of 67. The SSA uses this age to calculate your benefit amount, but you are not required to wait until then to start receiving payments.
Key Takeaways
- You can claim Social Security at 62, but your monthly payment will be permanently reduced compared to waiting until full retirement age.
- Your full retirement age is determined by your birth year and ranges from 66 to 67 for people born after 1943.
- Delaying your claim past full retirement age increases your monthly benefit by roughly 8 percent per year until age 70, after which there is no additional increase.
- The SSA sends you a statement showing your estimated benefit at different claiming ages so you can compare the total amount you would receive over your lifetime.
Full Retirement Age by Birth Year
The year you were born determines your full retirement age. Congress changed the full retirement age starting with people born in 1938, gradually raising it from 65 to 67 over a 22-year period.
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
You can find your exact birth date and full retirement age on your Social Security statement, which the SSA mails to you each year about three months before your birthday. If you do not receive a statement in the mail, you can create an account on ssa.gov and view your statement online.
How Claiming at 62 Reduces Your Monthly Payment
If you claim Social Security at 62 — the earliest possible age — the SSA permanently reduces your monthly benefit. The reduction is roughly 30 percent if your full retirement age is 67, and roughly 25 percent if your full retirement age is 66. The exact percentage depends on how many months early you claim.
This reduction stays in place for your entire life. If you claim at 62 and receive $1,000 per month, you will continue to receive that same reduced amount (adjusted for cost-of-living increases) even after you reach full retirement age. You cannot change your mind and receive the higher amount later. The only exception is if you withdraw your claim within 12 months of filing and repay all benefits you received; this option is rarely used because it requires repaying a large sum.
Many people claim at 62 because they need the income when ready, have health concerns, or do not expect to live into their 80s. Others claim early because they are no longer working and want to start receiving benefits right away. The trade-off is that your total lifetime benefit may be lower if you live into your 80s or 90s.
How Delaying Past Full Retirement Age Increases Your Payment
If you wait to claim Social Security after reaching your full retirement age, your monthly benefit increases by roughly 8 percent for each year you delay. This increase, called delayed retirement credits, continues until you reach age 70. After 70, there is no additional increase, so there is no financial advantage to waiting past that age.
For example, if your full retirement age is 67 and your full benefit amount is $2,000 per month, waiting until age 70 would increase your monthly payment to roughly $2,480. That higher amount continues for the rest of your life and is also adjusted for cost-of-living increases each year.
Delaying your claim makes sense if you are still working and earning income, if you are in good health and expect to live into your 80s or 90s, or if you do not need the income right away. The longer you wait, the higher your monthly payment, but you receive fewer total payments over your lifetime — the break-even point is typically in your early 80s.
How Your Earnings History Affects Your Benefit Amount
The SSA calculates your Social Security benefit based on your highest 35 years of earnings. If you worked fewer than 35 years, the SSA counts zero-earning years in your calculation, which lowers your average. Your benefit is based on your average monthly earnings, adjusted for inflation, during those 35 years.
You must have earned at least 40 work credits to be may have access to to Social Security retirement benefits. You earn one credit for each $1,640 of wages or self-employment income in 2023; this amount changes each year. Most people earn four credits per year, which means you need about 10 years of work to reach 40 credits.
Your Social Security statement shows your estimated benefit amount at three different claiming ages: 62, full retirement age, and 70. This estimate is based on your earnings record as of the date the statement was created. If you continue working, your benefit may increase because the SSA will recalculate your average earnings.
Government Pension Offsets That May Reduce Your Benefit
If you receive a pension from work where you did not pay Social Security taxes — such as some government jobs, teaching positions, or work outside the United States — the SSA may reduce your Social Security benefit. Two rules can affect your payment: the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).
The Government Pension Offset reduces spousal or survivor benefits if you receive a government pension. The Windfall Elimination Provision reduces your own retirement or disability benefit if you receive a government pension. These rules do not explore to everyone, and the reduction depends on when you were born and when you became may be able to access for the government pension.
If you worked for a government agency or in a position where you did not pay Social Security taxes, you should review your Social Security statement carefully or contact the SSA to understand how these rules may affect your benefit.
How to View Your Estimated Benefits
The SSA mails a Social Security statement to everyone age 60 and older who is not yet receiving benefits. The statement shows your earnings record, your estimated benefit at age 62, your estimated benefit at full retirement age, and your estimated benefit at age 70. It also shows how much you have paid into Social Security over your lifetime.
You can also create a free account on ssa.gov and view your statement online anytime. The online version is updated more frequently than the mailed statement and allows you to see your earnings record in detail. If you find an error in your earnings record, you can report it to the SSA through your online account or by calling 1-800-772-1213.
Your estimated benefit assumes you will continue working until the age you claim and that your earnings will remain similar to your recent years. If you plan to retire early or expect your earnings to change significantly, your actual benefit may differ from the estimate.
Frequently Asked Questions
Can I claim Social Security before age 62?
No. Age 62 is the earliest age at which you can claim Social Security retirement benefits. If you are disabled, you may be able to claim Social Security Disability Insurance (SSDI) before 62, but that is a different program with different rules.
What happens if I claim at 62 but then decide to wait?
Once you claim Social Security, you cannot undo the claim and receive the higher benefit amount later — unless you withdraw your claim within 12 months and repay all benefits you received. After 12 months, you are locked into the reduced benefit for life.
Does working after I claim Social Security reduce my benefit?
If you claim before full retirement age and continue working, the SSA reduces your benefit by $1 for every $2 you earn above an annual limit (the limit changes each year). Once you reach full retirement age, there is no reduction regardless of how much you earn.
What if I was born on January 1st?
If you were born on January 1st, the SSA considers you to have been born on December 31st of the previous year for Social Security purposes. This means your full retirement age may be one year earlier than you expect, so check your Social Security statement to confirm.
Can my spouse claim benefits based on my earnings record?
Yes. Your spouse may be able to claim a spousal benefit based on your earnings record, even if they did not work or have a lower earnings history. The spousal benefit is typically up to 50 percent of your full retirement age benefit, but it is reduced if your spouse claims before their own full retirement age.