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

The earliest you can begin receiving Social Security retirement benefits is age 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 significant — typically 25 to 30 percent less than your full retirement age amount, though the exact percentage depends on your birth year.

Your full retirement age — the age at which you receive your complete benefit amount — ranges from 66 to 67 depending on when you were born. If you wait until that age to claim, you receive 100 percent of your calculated benefit. If you delay claiming past your full retirement age, your monthly payment increases by about 8 percent for each year you wait, up until age 70.

The choice between claiming early, at full retirement age, or delaying is a personal decision based on your health, financial needs, and life expectancy. There is no single "right" answer — the math works differently for each person.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be reduced for the rest of your life.
  • Your full retirement age (when you get your complete benefit amount) is between 66 and 67, depending on your birth year.
  • Waiting past your full retirement age increases your monthly payment by about 8 percent per year until age 70.
  • The total amount you receive over your lifetime can be similar whether you claim early or late, but the monthly amount and timing differ significantly.

How Your Birth Year Determines Your Full Retirement Age

Social Security uses a sliding scale based on your birth year to determine when you reach full retirement age. If you were born in 1943 or earlier, your full retirement age is 65. For those born between 1943 and 1954, the age gradually increases. If you were born in 1955, your full retirement age is 66 and 2 months; if born in 1960 or later, it 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 both early-claim reductions and delayed-claim increases.

What Happens If You Claim at 62

Claiming at 62 gives you access to money sooner, which can be valuable if you need it now or if you have health concerns. The tradeoff is a permanent monthly reduction. For someone with a full retirement age of 67, claiming at 62 typically means a 30 percent reduction in the monthly benefit.

This reduction applies to every payment you receive for the rest of your life. Even if you live to 95, your monthly amount will never increase to match what you would have received had you waited. The only exception is if you claim early and then change your mind within a limited window — you can withdraw your claim within 12 months of filing and repay what you received, then file again later at a higher rate. This option has strict rules and is rarely available.

Waiting Until Your Full Retirement Age

Claiming at your full retirement age means you receive your complete calculated benefit amount with no reduction. This is sometimes called your "primary insurance amount" or PIA. For many people, this is the middle ground — you are not taking the early penalty, but you are also not waiting for the delayed increase.

If you are still working when you reach full retirement age, there is no earnings limit on how much you can earn without affecting your benefits. This is different from claiming before full retirement age, when your benefits are reduced if you earn above a certain threshold (which changes yearly). Once you hit full retirement age, you can work as much as you want without any reduction to your Social Security payment.

Delaying Your Claim Past Full Retirement Age

For each year you delay claiming past your full retirement age, your monthly benefit increases by approximately 8 percent. This increase continues until age 70. If your full retirement age is 67 and you wait until 70, your monthly payment will be about 24 percent higher than it would have been at 67.

Delaying makes sense if you are in good health, expect to live a long time, or do not need the money right away. The higher monthly payment can be especially valuable if you live into your 80s or 90s, because you will receive more total money over your lifetime. However, if you claim at 62 instead and live to 78 or 79, you may have received more total money by that point, even with the reduced monthly amount.

Earnings Limits If You Claim Before Full Retirement Age

If you claim Social Security before reaching your full retirement age and you are still working, your benefits are reduced if your earnings exceed a certain amount. For 2024, that limit is $23,400 per year, though this amount changes annually. For every $2 you earn above the limit, $1 is withheld from your benefits.

This earnings limit applies only in the years before you reach full retirement age. Once you turn your full retirement age (even if it is mid-year), the limit no longer applies, and you can earn any amount without affecting your benefits. The withheld benefits are not lost — Social Security recalculates your payment at full retirement age to account for the months benefits were reduced, which typically results in a higher monthly amount going forward.

How to File for Social Security

You can file for Social Security online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Online filing is usually the fastest option. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and bank account information for direct deposit.

Social Security recommends filing about three months before the month you want benefits to start. Processing typically takes two to three weeks if you file online, though it can take longer if you file by phone or in person. Once approved, your first payment arrives the month after your claim is processed.

Frequently Asked Questions

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

You can withdraw your claim within 12 months of filing, repay all benefits received, and file again later at a higher rate. After 12 months, you cannot withdraw. However, you can suspend your benefits at full retirement age and let them grow until 70, though this is rarely done because you lose all the payments during the suspension period.

What if I am still working at 62 — should I claim Social Security?

If you are working and earning above the annual limit, your benefits will be reduced. You might receive little or nothing until you reach full retirement age. Many people in this situation wait to claim until they stop working or reach full retirement age, when the earnings limit no longer applies.

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

Yes. A spouse can receive up to 50 percent of your full retirement age benefit amount, and divorced spouses may also be may have access to to benefits on your record if the marriage lasted at least 10 years. These amounts are reduced if claimed before full retirement age, just like your own benefit.

What happens to my Social Security if I die?

Your family members may be may have access to to survivor benefits, including your spouse, children under 19 (or 23 if in school), and dependent parents. The total amount paid to your family is limited to about 150 to 180 percent of what you would have received. Contact Social Security to report a death and explore what family members may receive.

Can I collect Social Security and a pension at the same time?

Yes, but if you receive a pension from work where you did not pay Social Security taxes (such as some government jobs), a provision called the Windfall Elimination Provision may reduce your Social Security benefit. Ask Social Security whether this applies to your situation.