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

The earliest you can claim Social Security retirement benefits is age 62. However, 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 if your full retirement age is 67, or roughly 35 percent if your full retirement age is 70. The Social Security Administration calculates your payment based on your birth year, so the exact reduction depends on when you were born.

Your full retirement age — the age at which you receive your full benefit amount — depends on your birth year. For people born in 1943 through 1954, full retirement age is 66. For people born in 1955 through 1960, it increases gradually from 66 and 2 months to 67. For people born in 1960 or later, full retirement age is 67. You can claim before your full retirement age, but the payment will be reduced. You can also delay claiming past your full retirement age, which increases your monthly payment by roughly 8 percent per year until age 70.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be permanently smaller than if you wait until your full retirement age or later.
  • Your full retirement age depends on your birth year and ranges from 66 to 67; this is when you receive your full benefit amount without reduction.
  • Delaying your claim past your full retirement age increases your monthly payment by roughly 8 percent per year until you reach age 70.
  • If you claim before your full retirement age and continue working, your benefits may be temporarily reduced if your earnings exceed a certain amount.
  • You must have earned enough work credits — typically 40 credits, or about 10 years of work — to be may have access to to Social Security retirement benefits.

How your birth year determines your full retirement age

The Social Security Administration uses your birth year to set your full retirement age. This age is not the same for everyone, because Congress changed the law in 1983 to gradually raise the full retirement age from 65 to 67.

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 in two-month increments. For example, if you were born in 1955, your full retirement age is 66 and 2 months; if you were born in 1957, it is 66 and 6 months. If you were born in 1960 or later, your full retirement age is 67. You can find your exact full retirement age on the Social Security Administration's website or by calling 1-800-772-1213.

What happens if you claim at 62 versus waiting until full retirement age

Claiming at 62 gives you access to your benefits sooner, but each monthly payment will be smaller for the rest of your life. The reduction is permanent and does not change if you later decide you wish you had waited. For someone with a full retirement age of 67, claiming at 62 reduces the monthly benefit by roughly 30 percent. For someone with a full retirement age of 70, claiming at 62 reduces the monthly benefit by roughly 35 percent.

Waiting until your full retirement age means you receive your full benefit amount with no reduction. If your full retirement age is 67 and you claim at 67, you receive 100 percent of your calculated benefit. Waiting past your full retirement age increases the payment further. For each year you delay claiming past your full retirement age, your monthly benefit grows by roughly 8 percent per year, up until age 70. At age 70, the increase stops, so there is no financial advantage to waiting past 70 to claim.

How earnings affect your benefits if you claim before full retirement age

If you claim Social Security before your full retirement age and continue working, the Social Security Administration temporarily reduces your benefits if your earnings exceed a certain amount. In 2024, if you are under full retirement age for the entire year, your benefits are reduced by $1 for every $2 you earn above $23,400. The earnings limit and reduction rate change each year.

In the year you reach your full retirement age, a different rule applies. Your benefits are reduced by $1 for every $3 you earn above a higher limit, but only for earnings before the month you reach full retirement age. Once you reach your full retirement age, there is no earnings limit, and you can work and earn as much as you want without any reduction to your benefits.

The reduction is temporary. The Social Security Administration recalculates your benefit at your full retirement age to account for the months your benefits were reduced, which can result in a higher monthly payment going forward.

How to claim Social Security and what documents you will need

You can claim Social Security online, by phone, or in person at a local Social Security office. To claim online, visit ssa.gov and create a my Social Security account, then select "explore for Retirement Benefits." You can also call 1-800-772-1213 to speak with a representative, or visit your local Social Security office to explore in person.

When you claim, you will need to provide proof of your age, citizenship or legal residency status, and work history. Acceptable documents for age include your birth certificate, passport, or driver's license. For citizenship, you will need your birth certificate, passport, or naturalization papers. The Social Security Administration will verify your work history using the Social Security number you have been using throughout your career. If you have worked under more than one Social Security number, tell the representative so they can combine your records.

The process process typically takes about two weeks if you explore online or by phone, or longer if you explore in person and the office is busy. You will receive a notice in the mail confirming your claim and your benefit amount.

Strategies for deciding when to claim

The decision of when to claim depends on your personal situation, including your health, family history, financial needs, and life expectancy. There is no single "right" age to claim for everyone.

Claiming at 62 makes sense if you need the money now, expect a shorter life span due to health conditions, or have other sources of income that will support you. The tradeoff is a permanently smaller monthly payment. Waiting until your full retirement age or later makes sense if you are in good health, have a family history of longevity, do not need the money when ready, and want the largest possible monthly payment. Waiting also provides more protection against inflation, because your larger benefit amount will be adjusted for inflation each year.

Some people claim at 62 and continue working, accepting the temporary earnings reduction in exchange for when ready access to benefits. Others delay claiming until 70 to maximize their monthly payment, especially if they have other savings or retirement income to live on in the meantime. There is no penalty for waiting, and your benefit continues to grow until age 70.

How your work history affects your Social Security benefit amount

Your Social Security benefit is based on your highest 35 years of earnings. The Social Security Administration adjusts your historical earnings for inflation, then calculates your average monthly earnings over those 35 years. Your benefit amount is a percentage of that average, with the percentage depending on your age when you claim.

If you have worked fewer than 35 years, the Social Security Administration counts the missing years as zero, which lowers your average and your benefit. If you have worked more than 35 years, the 35 highest-earning years are used, and lower-earning years are dropped from the calculation. This means that working longer can increase your benefit if your recent earnings are higher than your oldest earnings on record.

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 $1,730 of earnings in 2024 (this amount changes each year), and you can earn up to four credits per year. This means you need roughly 10 years of work to earn 40 credits, though the earnings do not have to be consecutive.

Frequently Asked Questions

Can I change my mind after I claim Social Security?

Yes, but only within a limited window. If you claim Social Security and then change your mind within 12 months, you can withdraw your claim and repay the benefits you received. This resets your claim, and you can claim again later at a higher amount. After 12 months, you cannot withdraw your claim, but you can suspend your benefits at your full retirement age or later, which pauses your payments and allows your benefit to grow until age 70.

What if I was married or divorced — does that affect when I can claim?

Yes. If you are married, divorced, or widowed, you may be may have access to to benefits based on your spouse's or ex-spouse's work record in addition to your own. The rules for spousal and survivor benefits have different age requirements and reduction amounts. Contact the Social Security Administration directly to understand how your marital status affects your specific situation.

Will my Social Security payment change after I start receiving it?

Yes. Your benefit is adjusted each year for inflation, typically in January. The adjustment is called a cost-of-living adjustment, or COLA. The amount of the adjustment varies each year based on inflation. Your benefit may also change if you continue working and earn enough to increase your average lifetime earnings, though this is less common after you have already claimed.

What happens to my Social Security if I move to another country?

You can receive Social Security payments while living in most countries, but not all. The Social Security Administration maintains a list of countries where you can receive benefits. If you move to a country where benefits are not payable, your payments will stop, but they will resume if you move back to an approved country. Contact the Social Security Administration before moving internationally to confirm your situation.