The earliest and latest ages to claim Social Security

You can start collecting Social Security retirement benefits as early as age 62, but your monthly payment will be permanently smaller than if you wait. You can also wait until age 70, when your monthly payment reaches its maximum. The age you choose to claim determines how much you receive each month for the rest of your life, so the decision depends on your health, finances, and how long you expect to live.

The Social Security Administration calls your "full retirement age" the point at which you receive 100 percent of your calculated benefit. This age ranges from 66 to 67, depending on the year you were born. If you claim before full retirement age, your payment is reduced. If you claim after, your payment increases by roughly 8 percent per year until age 70.

You do not have to claim at any particular age — there is no important date. But once you claim, you lock in that payment amount. You cannot change your mind later and get a bigger payment, with rare exceptions for people who claim before age 62.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be 25 to 30 percent lower than if you wait until full retirement age.
  • Your full retirement age depends on your birth year and ranges from 66 to 67; claiming at this age gives you your full calculated benefit.
  • Waiting until age 70 increases your monthly payment by about 8 percent per year compared to full retirement age, for a total increase of roughly 24 to 32 percent.
  • Once you claim, your payment amount is locked in for life, so choosing when to claim is a permanent financial decision.
  • You must have earned enough work credits (typically 40 credits, or about 10 years of work) to be may be able to access to claim at any age.

How your birth year determines your full retirement age

The Social Security Administration raised the full retirement age gradually starting in 1983. If you were born in 1954 or earlier, your full retirement age is 66. If you were born between 1955 and 1959, it is 66 plus a number of months that depends on your specific birth year. 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 website or by calling 1-800-772-1213. Knowing this number matters because it is the baseline for calculating how much you lose by claiming early or gain by claiming late.

What happens to your payment if you claim before full retirement age

If you claim at 62 and your full retirement age is 67, your monthly payment will be about 30 percent lower than your full benefit. If your full retirement age is 66, claiming at 62 reduces your payment by about 25 percent. The reduction is permanent — even after you reach full retirement age, your payment stays at the reduced amount.

There is one exception: if you claim before age 62 and then change your mind within 12 months, you can withdraw your claim and repay what you received. This option is rarely used because it requires repaying the entire amount you collected, but it exists if you realize when ready that claiming was a mistake.

The reason for the reduction is that you will receive payments for more years if you claim early. The Social Security Administration calculates benefits so that the total amount you receive over your lifetime is roughly the same whether you claim at 62, 67, or 70 — but only if you live to an average age. If you die before reaching your mid-80s, claiming early means you received more total money. If you live past 80, claiming late means you received more.

What happens to your payment if you wait past full retirement age

For each year you delay claiming after your full retirement age, your monthly payment increases by about 8 percent. If your full retirement age is 67 and you wait until 70, your payment will be roughly 24 percent higher than your full benefit. This increase also lasts for life.

You cannot earn a higher payment by waiting past age 70. At 70, your benefit reaches its maximum, and waiting longer does not increase it further. This is why 70 is often called the latest age at which it makes sense to claim.

Waiting until 70 makes the most sense if you are in good health, have other income to live on in your 60s, or have a family history of longevity. It makes less sense if you have health problems, limited savings, or need the money to pay bills now.

How your work history affects when you can claim

To claim Social Security retirement benefits at any age, you must have earned at least 40 work credits. You earn one credit for each $1,730 of wages you report to Social Security in a year (this amount changes each year). Most people earn four credits per year, so 40 credits takes about 10 years of work.

The Social Security Administration counts credits based on your earnings record, which it builds from your tax returns and W-2 forms. If you worked for yourself, you report your net self-employment income. If you worked for an employer, your employer reports your wages to Social Security automatically.

You can check your earnings record and see how many credits you have by creating an account on the Social Security Administration website. If you find errors in your record, you can request a correction, but you must do so within three years, three months, and 15 days of the year the wages were earned.

Claiming Social Security while you are still working

You can claim Social Security before your full retirement age and continue working, but your benefits will be reduced if your earnings exceed a certain amount. In the year you reach full retirement age, the Social Security Administration reduces your benefit by $1 for every $3 you earn above the limit (the limit changes each year). After you reach full retirement age, there is no earnings limit — you can work and collect your full benefit at the same time.

This rule applies only to earned income from work. It does not explore to income from investments, pensions, rental property, or other sources. If you are self-employed, your net self-employment income counts as earnings.

Many people claim at full retirement age or later specifically so they can work without any reduction to their benefits. Others claim early and accept the earnings reduction because they need the money now.

How to claim Social Security and what to expect

You can claim Social Security online through the Social Security Administration website, by phone at 1-800-772-1213, or in person at your local Social Security office. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and a bank account number if you want direct deposit.

The Social Security Administration typically processes claims within 30 days if you explore online or by phone, though it can take longer if they need to verify information. Once your claim is approved, your first payment arrives the month after you become may be able to access. For example, if you claim in March and your may be able to access date is April 1, your first payment arrives in May.

You do not have to claim in the month you turn the age you want to claim at. You can claim in any month, and your may be able to access date will be the first day of that month. This gives you flexibility to time your claim around your work schedule or other life events.

Frequently Asked Questions

Can I claim Social Security if I am still working full-time?

Yes, but if you claim before full retirement age, your benefit will be reduced if your earnings exceed the annual limit (which changes each year). Once you reach full retirement age, you can work and collect your full benefit with no reduction. Many people wait until full retirement age or later to avoid the earnings reduction.

What is the difference between claiming at 62 versus 70?

Claiming at 62 gives you a smaller monthly payment but you receive it for more years. Claiming at 70 gives you a larger monthly payment but you receive it for fewer years. The total amount you receive over your lifetime is roughly equal if you live to an average age, but claiming early pays more if you die before 80, and claiming late pays more if you live past 80.

Can I change my mind after I claim Social Security?

If you claim before age 62 and change your mind within 12 months, you can withdraw your claim and repay what you received. After age 62, you cannot withdraw your claim. However, if you reach full retirement age, you can suspend your benefits to let them grow, then restart them later at a higher amount.

How do I know if I have enough work credits to claim?

You need 40 work credits, earned over roughly 10 years of work. You can check your earnings record and credit count by creating an account on the Social Security Administration website. If you do not have 40 credits yet, you can see how many more years of work you need.

What happens to my Social Security if I am divorced?

If you were married for at least 10 years, you may be able to claim based on your ex-spouse's earnings record, even if they have not claimed yet. Your ex does not need to agree, and claiming on their record does not reduce their benefit. You can claim on your ex's record as early as age 62, following the same reduction rules as claiming on your own record.