You can draw Social Security at 62, but your monthly payment will be smaller than if you wait

The earliest age you can draw Social Security retirement benefits is 62. However, claiming at 62 means your monthly payment is permanently reduced compared to what you would receive at your full retirement age. The reduction is roughly 30 percent if your full retirement age is 67, and roughly 35 percent if your full retirement age is 70.

Your full retirement age depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it falls between 66 and 67. If you were born in 1960 or later, your full retirement age is 67. You can claim at any point between 62 and 70, and your payment adjusts based on when you claim relative to your full retirement age.

If you delay claiming past your full retirement age, your monthly payment increases by about 8 percent per year until age 70. At 70, the increase stops, so there is no financial advantage to waiting past that age.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced by roughly 30 to 35 percent depending on your birth year.
  • Your full retirement age—when you receive your standard payment amount—is between 66 and 67 depending on whether you were born before or after 1955.
  • Delaying your claim past full retirement age increases your monthly payment by about 8 percent per year until you reach age 70.
  • The Social Security Administration uses your earnings record from your working years to calculate your benefit amount, regardless of when you claim.

How your birth year determines your full retirement age

The Social Security Administration sets full retirement age based on your birth year. This is the age at which you receive your standard benefit amount—the amount calculated from your lifetime earnings record without any reduction or increase.

If you were born in 1943 or later, your full retirement age is not 65. The law gradually raised it starting in 2000. Anyone born between 1943 and 1954 has a full retirement age of 66. For those born between 1955 and 1960, full retirement age rises in two-month increments—someone born in 1955 has a full retirement age of 66 and 2 months, while someone born in 1960 has a full retirement age of 67. Anyone born in 1960 or later has a full retirement age of 67.

You can find your exact full retirement age on the Social Security Administration website, or by contacting your local Social Security office. Knowing this age is essential because it is the baseline against which all early and delayed claiming reductions and increases are calculated.

What happens if you claim at 62

Claiming at 62 is the earliest option, but it comes with a permanent reduction to your monthly payment. The reduction is not temporary—it applies to every payment you receive for the rest of your life, and it also affects any survivor benefits your family may receive if you pass away.

The exact reduction depends on your full retirement age. If your full retirement age is 67, claiming at 62 reduces your payment by about 30 percent. If your full retirement age is 70, the reduction is about 35 percent. The reduction is smaller for those with a full retirement age of 66 because they are claiming only four years early instead of five or eight.

Some people claim at 62 because they need the money when ready, have health concerns, or do not expect to live into their 80s. Others claim at 62 while continuing to work. However, if you claim before your full retirement age and earn income above a certain threshold, Social Security will withhold part of your benefit. In 2024, that threshold is $23,400 per year. For every $2 you earn above that amount, Social Security withholds $1 of your benefit. This withholding stops once you reach your full retirement age.

Waiting until your full retirement age

Claiming at your full retirement age means you receive your standard benefit amount with no reduction. This is the amount the Social Security Administration calculated based on your 35 highest-earning years of work.

Once you reach your full retirement age, you can work without any earnings limit affecting your benefits. You can also claim retroactively in some cases—if you are past your full retirement age but have not yet claimed, you may be able to receive a lump sum of back payments, though the rules around this have changed in recent years and depend on your birth year.

Waiting until full retirement age makes sense if you are in good health, expect to live into your mid-80s or beyond, or do not need the money when ready. It also means your survivor benefits will be larger if you pass away, which can matter if your spouse or children depend on your Social Security income.

Delaying your claim past full retirement age

If you delay claiming past your full retirement age, your monthly payment increases by about 8 percent per year. This increase continues until you reach age 70, at which point it stops. Someone with a full retirement age of 67 who waits until 70 receives about 24 percent more per month than they would at 67.

Delaying makes the most financial sense if you are in good health, have family history of longevity, or have other income to live on. The break-even point—where the total amount you receive by claiming early versus delaying roughly equals out—is typically in your early 80s. If you live past that point, delaying will have resulted in a higher lifetime total of benefits.

You cannot delay past age 70. After 70, your payment does not increase further, so there is no reason to wait. You must claim by age 70 to receive all the delayed credits you are may have access to to.

How your earnings record affects your payment amount

Your Social Security benefit is based on your average earnings over your 35 highest-earning years of work. The Social Security Administration uses your W-2 records and self-employment tax returns to build this record. If you worked fewer than 35 years, zeros are included in the calculation, which lowers your average.

You need 40 work credits to be may have access to to Social Security retirement benefits. You earn one credit for each quarter of the year in which you earn at least a certain amount of income—in 2024, that amount is $1,730 per quarter. Most people earn four credits per year, so you need at least 10 years of work history to may have access to.

Your benefit amount does not change based on when you claim. The Social Security Administration calculates the same base amount regardless of whether you claim at 62 or 70. What changes is the percentage of that base amount you receive each month. Claiming early reduces it; claiming late increases it.

Special situations and exceptions

If you are divorced, you may be able to claim on your ex-spouse's earnings record if you were married for at least 10 years, are at least 62 years old, and are not currently married. Your ex does not need to have claimed yet. The benefit you receive on their record does not reduce their benefit or their current spouse's benefit.

If you are a widow or widower, you can claim survivor benefits as early as age 60, or at age 50 if you are disabled. These rules are different from retirement benefits and have their own reduction schedules. A surviving spouse caring for a child under 16 can also claim at any age.

If you are still working and have not reached your full retirement age, earnings above the annual threshold will reduce your benefit. Once you reach full retirement age, this limit no longer applies, even if you continue working.

Frequently Asked Questions

Can I change my mind after I start drawing Social Security?

You can withdraw your claim within 12 months of starting to receive benefits, but you must repay all the money you received. After 12 months, you cannot withdraw your claim. If you claimed early and later regret it, you cannot undo the reduction to your monthly payment.

What if I keep working after I start drawing Social Security?

If you have not reached your full retirement age, earnings above $23,400 per year (in 2024) will reduce your benefit by $1 for every $2 you earn above that amount. Once you reach full retirement age, you can earn any amount without losing benefits. The earnings limit applies only to wages and self-employment income, not to investment income, pensions, or other retirement funds.

Does my spouse get benefits based on my Social Security record?

Yes. Your spouse can claim a spousal benefit equal to up to 50 percent of your full retirement age benefit amount, but only if they are at least 62 years old or caring for a child under 16. If your spouse claims before their full retirement age, their benefit is reduced. Your spouse's benefit does not reduce your own benefit.

What happens to my benefits if I move out of the country?

You can receive Social Security benefits while living outside the United States, with some exceptions. Citizens of certain countries cannot receive benefits while living there. You should contact the Social Security Administration before moving to confirm your specific situation. Your benefits continue to be paid to a U.S. bank account or through direct deposit.

How do I know if my earnings record is correct?

You can create an account on ssa.gov to view your earnings record and see an estimate of your future benefits. Review it for accuracy, especially if you worked under a different name or had gaps in employment. If you find an error, you can contact the Social Security Administration to request a correction, though you generally must do so within three years, three months, and 15 days of the year the earnings were reported.