The earliest you can claim Social Security is age 62, but your monthly payment will be permanently smaller than if you wait
You can file for Social Security retirement benefits as early as age 62, but the Social Security Administration reduces your monthly payment by about 30 percent if you claim at 62 instead of waiting until your full retirement age. Full retirement age ranges from 66 to 67 depending on your birth year. If you wait until age 70, your monthly payment increases by about 24 percent more than the full retirement age amount. The payment you receive each month for the rest of your life depends entirely on which age you choose to start.
This choice is permanent. Once you claim, you cannot undo it after 12 months, and the reduced or increased amount stays with you for life. Understanding the trade-off between claiming early and receiving less money, or waiting longer and receiving more, is one of the most important financial decisions you will make in retirement.
Key Takeaways
- You can claim Social Security as early as age 62, but your monthly payment will be about 30 percent lower than at full retirement age.
- Your full retirement age is between 66 and 67, depending on your birth year, and is when you receive your standard monthly payment amount.
- Waiting until age 70 increases your monthly payment by about 24 percent above the full retirement age amount, and this higher payment continues for life.
- You must have worked and paid Social Security taxes for at least 10 years to claim benefits on your own record.
- The Social Security Administration mails a statement showing your estimated benefits at different claiming ages, usually starting at age 60.
How your birth year determines your full retirement age
The Social Security Administration sets a different full retirement age for each birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, your full retirement age increases gradually — for example, it is 66 and 2 months if you were born in 1955, and 66 and 10 months if you were born in 1959. If you were born in 1960 or later, your full retirement age is 67.
This full retirement age is the point where Social Security considers you may be able to access for your standard benefit amount. Claiming before this age reduces your payment; claiming after increases it. You can find your exact full retirement age on your Social Security statement or by using the calculator on the Social Security Administration website.
What happens to your payment if you claim at 62
Claiming at 62 means you receive a reduced monthly payment for the rest of your life. The reduction is roughly 30 percent below your full retirement age amount, though the exact percentage depends on how many months early you claim. For example, if your full retirement age payment would be $1,500 per month, claiming at 62 might give you around $1,050 per month instead.
This reduction is permanent. Even after you reach full retirement age, your payment does not increase to the full amount — it stays at the reduced rate. The only exception is if you claim before full retirement age and then ask Social Security to suspend your benefits, which is rare and has strict rules. Most people who claim at 62 receive the reduced amount for decades.
Why waiting until full retirement age or beyond changes your payment
If you wait to claim until your full retirement age, you receive the standard monthly amount that Social Security calculated based on your earnings history. This is your primary insurance amount, or PIA. It is the baseline from which all other payment amounts are calculated.
If you wait past full retirement age and claim at 70, your payment increases by roughly 8 percent for each year you delay, up to age 70. This means claiming at 70 gives you about 24 percent more per month than claiming at full retirement age. For someone with a full retirement age payment of $1,500, waiting until 70 might result in roughly $1,860 per month. This higher payment also continues for life, and it is the maximum Social Security will pay based on your work record.
The work requirement: 10 years of Social Security taxes
To claim Social Security retirement benefits on your own work record, you must have worked and paid Social Security taxes for at least 10 years. Social Security counts this as 40 credits, with a maximum of 4 credits earned per year. In 2024, you earn one credit for each $1,730 of wages (the amount changes yearly). Most people who work full-time earn 4 credits per year and reach 40 credits in 10 years.
If you have not worked 10 years, you may still be able to claim benefits based on a spouse's or ex-spouse's work record, but those rules are different and have their own age requirements. You can check how many credits you have earned by creating an account on the Social Security Administration website and viewing your statement.
How to find your estimated benefit amounts at different ages
The Social Security Administration sends a statement to everyone age 60 and older who is not yet receiving benefits. This statement shows your estimated monthly payment if you claim at 62, at full retirement age, and at 70. You can also create a free account on the Social Security Administration website and view your statement anytime, which updates your estimates based on your most recent earnings.
These estimates assume you continue working at your current pace until you claim. If you plan to retire early or work longer, your actual payment may be different. The statement also shows your complete earnings history, so you can check for any errors that Social Security may have recorded — errors can reduce your payment, and correcting them is free.
What happens to your benefits if you work after claiming
If you claim before full retirement age and continue working, Social Security reduces your monthly payment by $1 for every $2 you earn above an annual limit. In 2024, that limit is $23,400, but it changes yearly. The reduction stops once you reach full retirement age, and Social Security recalculates your payment upward to account for the months you did not receive a check.
If you have already reached full retirement age, you can work as much as you want without any reduction to your Social Security payment. This is one reason some people delay claiming until full retirement age — they can work without losing benefits.
Frequently Asked Questions
Can I change my mind after I start collecting Social Security?
If you claimed within the last 12 months, you can withdraw your claim and repay what you received, which resets your claim date. After 12 months, you cannot withdraw. You can suspend your benefits at full retirement age and let them grow until 70, but this is uncommon and has strict conditions. Contact Social Security directly to discuss your specific situation.
What if I was born on January 1st — which year's rules explore to me?
Social Security treats people born on January 1st as if they were born on December 31st of the previous year. This affects your full retirement age and when you can claim. Verify your exact full retirement age with Social Security, since being off by a month changes your payment calculation.
Does my spouse's age affect when I can claim?
No. Your spouse's age does not change when you can start your own retirement benefits. You can claim at 62 regardless of your spouse's age. However, if you want to claim benefits based on your spouse's work record, different age rules explore — you must be at least 62, and your spouse must be at least 62 or already receiving benefits.
What if I am still working at 62 — can I claim Social Security?
Yes, you can claim at 62 while still working. However, if your earnings exceed the annual limit (about $23,400 in 2024), Social Security will reduce your monthly payment. Once you reach full retirement age, the earnings limit no longer applies and you keep your full payment regardless of work income.
How do I actually file for Social Security?
You can file online through the Social Security Administration website, by phone at 1-800-772-1213, or in person at your local Social Security office. Filing online is usually fastest. You will need your birth certificate, proof of citizenship or legal residency, and your bank account information for direct deposit. Social Security processes applications in about 2 to 3 weeks.