You can start collecting Social Security retirement benefits as early as age 62, but your monthly payment will be smaller than if you wait
The earliest age you can claim Social Security retirement benefits is 62. However, the amount you receive each month depends on when you claim. If you claim at 62, your monthly payment will be permanently reduced compared to what you would receive if you waited. The reduction is roughly 30 percent less than your full retirement age benefit amount — the amount you would receive if you waited until the age set by Social Security based on your birth year.
Your full retirement age ranges from 66 to 67, depending on whether you were born before 1943 or after 1954. If you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent for each year you wait, up until age 70. At 70, your benefit stops increasing, so there is no financial reason to delay beyond that age.
The choice between claiming early, at full retirement age, or later is a personal decision that depends on your health, finances, and life circumstances. There is no single "right" answer for everyone.
Key Takeaways
- You can claim Social Security retirement benefits starting at age 62, but your monthly payment will be about 30 percent lower than your full retirement age amount.
- Your full retirement age is between 66 and 67, depending on your birth year, and that is when you receive your standard benefit amount.
- If you delay claiming until age 70, your monthly benefit increases by roughly 8 percent per year, giving you a significantly higher payment for life.
- Claiming early, at full retirement age, or later each has trade-offs related to total lifetime benefits, current income needs, and life expectancy.
- You must have earned enough work credits — generally 40 credits over your lifetime — to be may have access to to retirement benefits at any age.
How Your Birth Year Determines Your Full Retirement Age
Social Security sets a different full retirement age for each birth cohort. If you were born in 1943 or earlier, your full retirement age is 65. For people born between 1943 and 1954, the full retirement age gradually increases by two months for each birth year. If you were born in 1955, your full retirement age is 66 and two months; if born in 1960 or later, it is 67.
You can find your exact full retirement age on your Social Security statement, which you can view online at ssa.gov by creating a my Social Security account. Your statement also shows an estimate of your benefit amount at different claiming ages.
What Happens to Your Benefit If You Claim Before Full Retirement Age
Claiming at 62 instead of your full retirement age reduces your monthly benefit by roughly 30 percent. The exact reduction depends on how many months early you claim. For example, if your full retirement age is 67 and you claim at 62, you are claiming 60 months early, which results in a larger reduction than if you claimed at 65.
This reduction is permanent. Even after you reach your full retirement age, your benefit amount does not increase to what it would have been if you had waited. You will receive the reduced amount for the rest of your life. This is why claiming early is most advantageous if you expect to live a shorter life or need the money urgently.
If you are still working when you claim before your full retirement age, Social Security will reduce your benefit further if your earnings exceed a certain limit. In 2024, if you earn more than $23,400 per year, your benefit is reduced by $1 for every $2 you earn above that limit. This earnings test stops once you reach your full retirement age.
How Delaying Your Claim Increases Your Monthly Benefit
For each year you delay claiming past your full retirement age, your monthly benefit increases by about 8 percent. This increase continues until you reach age 70. If your full retirement age is 67 and you wait until 70 to claim, your benefit will be roughly 24 percent higher than your full retirement age amount.
This increase is also permanent. Once you start receiving the higher amount at 70, that becomes your benefit for life. Delaying is most advantageous if you expect to live a long life, have other sources of income to live on, or want to maximize the benefit for a surviving spouse.
There is no financial advantage to delaying past age 70, since your benefit stops increasing at that point. If you have not claimed by 70, you should claim then to start receiving your maximum benefit.
Comparing Total Lifetime Benefits Across Claiming Ages
Deciding when to claim involves comparing how much you will receive in total over your lifetime, not just your monthly payment. Someone who claims at 62 receives payments for eight more years than someone who waits until 70, but each payment is smaller. Someone who claims at 70 receives higher monthly payments but starts later.
The "break-even" age — the point at which total lifetime benefits are equal — is typically around age 80 or 81. If you live past that age, you will have received more total money by waiting until 70. If you die before that age, you will have received more total money by claiming at 62. This calculation is different for each person and depends on your individual benefit amounts.
Social Security provides a benefit calculator at ssa.gov that shows your estimated benefit at different claiming ages. You can use this tool to compare scenarios based on your own earnings record.
Work Credits and may be able to access Requirements
To receive Social Security retirement benefits at any age, you must have earned enough work credits during your lifetime. You earn one credit for each $1,730 of wages or self-employment income in 2024 (this amount changes each year). You can earn up to four credits per year. Most people need 40 credits total to be may have access to to retirement benefits, which typically means working for at least 10 years.
Your Social Security statement shows how many credits you have earned so far. If you have not yet earned 40 credits, you can continue working to build up your may be able to access. Once you have 40 credits, you remain may have access to to benefits for life, even if you stop working.
Special Situations: Divorced, Widowed, or Self-Employed
If you are divorced, you may be able to claim benefits on your ex-spouse's earnings record if your marriage lasted at least 10 years and you are at least 62. Your benefit on their record does not reduce their benefit or their current spouse's benefit. You can claim on an ex-spouse's record even if they have not yet claimed themselves, as long as you have been divorced for at least two years.
If you are widowed, you can claim survivor benefits as early as age 60, or at any age if you are caring for a child under 16. Survivor benefits are calculated differently than retirement benefits and may be higher or lower depending on your age and your spouse's earnings record.
If you are self-employed, you report your net business income on your tax return, and Social Security counts that income toward your work credits and benefit calculation. You pay both the employer and employee portion of Social Security tax, which is built into your self-employment tax.
Frequently Asked Questions
Can I change my mind after I start collecting Social Security?
Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim and repay all benefits you received. This resets your claiming age and allows you to claim again later at a higher amount. After 12 months, you cannot withdraw your claim, but you can request a one-time increase if you have reached full retirement age.
What happens to my benefits if I keep working after I claim?
If you claim before your full retirement age and continue working, Social Security reduces your benefit if your earnings exceed the annual limit. Once you reach your full retirement age, there is no earnings limit and your benefit is not reduced, no matter how much you earn.
How do I claim Social Security retirement benefits?
You can claim online at ssa.gov, by phone at 1-800-772-1213, or by visiting your local Social Security office. You will need your birth certificate, proof of citizenship or legal residency, and your W-2 forms or tax return. The process typically takes two to four weeks.
Will my benefit amount change after I start collecting?
Your benefit amount is adjusted each year for cost-of-living increases, which Social Security announces in October. Your base benefit amount — the amount before the cost-of-living adjustment — does not change once you start collecting, unless you made a one-time withdrawal within 12 months of claiming.
What if I was born outside the United States?
You can receive Social Security retirement benefits if you have a valid Social Security number and meet the work credit requirement, regardless of where you were born. If you live outside the United States, you can still receive benefits, though some countries have restrictions. Contact Social Security directly to discuss your specific situation.