The best time to file depends on your age, health, and how much you need the money now

You can file for Social Security retirement benefits as early as age 62, but your monthly payment will be permanently smaller than if you wait. If you wait until your full retirement age — which ranges from 65 to 67 depending on your birth year — you receive your full benefit amount. If you delay past that age, your monthly payment grows by roughly 8 percent per year until age 70, when the increases stop.

There is no single "right" age to file. Someone who needs income now, or who has health reasons to expect a shorter lifespan, may come out ahead by filing at 62. Someone in good health with other income sources may receive more total money over their lifetime by waiting until 70. The Social Security Administration publishes break-even calculators and life expectancy tables to help you think through the numbers for your situation.

Key Takeaways

  • Filing at 62 gives you the smallest monthly payment but lets you start collecting when ready; filing at your full retirement age gives you your standard benefit amount.
  • Waiting past your full retirement age increases your monthly payment by about 8 percent per year, up until age 70.
  • You must be at least 62 and have earned enough work credits — typically 40 credits over your lifetime — to file for retirement benefits.
  • You can file online, by phone, or in person at a Social Security office, and the process usually takes two to four weeks.
  • If you are still working, your benefits may be reduced if you earn above a certain amount before reaching your full retirement age.

Understanding full retirement age and how it affects your payment

Your full retirement age is the age at which Social Security considers you may be able to access for your complete, unreduced benefit. This age is not 65 for everyone. If you were born in 1943 or later, your full retirement age is between 66 and 67, depending on your birth year. The Social Security Administration website has a table showing the exact age for your birth year.

If you file before your full retirement age, your monthly benefit is reduced by a percentage that depends on how many months early you file. Filing at 62 when your full retirement age is 67, for example, reduces your benefit by about 30 percent. That reduction is permanent — even after you reach your full retirement age, your payment stays at the reduced amount.

If you file after your full retirement age, your benefit increases. For each year you delay past your full retirement age, your monthly payment grows by about 8 percent per year. This increase stops at age 70, so there is no financial advantage to waiting past 70 to file.

How to file for Social Security benefits

You can file for Social Security retirement benefits in three ways: online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Filing online is usually the fastest route if you have a Social Security account set up. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and your bank account information for direct deposit.

The online process takes about 15 minutes to complete. After you submit it, Social Security typically contacts you within two to four weeks to verify information and finalize your claim. If you file by phone, a representative will walk you through the same questions. In-person filing at a local office takes longer because of wait times, but some people prefer it if they have questions during the process.

You do not need to wait until your birthday or any specific date to file. You can file in any month, and your benefits will begin the month after Social Security approves your claim. If you file in January, for example, your first payment typically arrives in February or March.

Work credits and the earnings test before your full retirement age

To receive Social Security retirement benefits, you must have earned at least 40 work credits during your lifetime. You earn one credit for each $1,730 of wages you earn in a year (this amount changes yearly). Most people earn four credits per year, so you need about 10 years of work history to may have access to. Self-employed people and people who worked for wages both earn credits the same way.

If you are still working when you file, Social Security reduces your benefits if you earn above a certain amount before you reach your full retirement age. 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. Once you reach your full retirement age, this earnings limit no longer applies, and you can earn any amount without a reduction.

This earnings test applies only to you, not to your spouse or other family members who may also be receiving benefits on your record. If your spouse is collecting a spousal benefit and is still working, the same earnings test applies to them separately.

Filing early versus waiting: what the numbers look like

Whether to file early or wait depends on how much total money you expect to receive over your lifetime. Someone who files at 62 receives smaller monthly payments but receives them for more years. Someone who waits until 70 receives larger monthly payments but for fewer years. The break-even point — the age at which the total amount received is equal — is usually around age 80 to 82.

If you expect to live past 82 in good health, waiting until 70 typically results in more total money. If you have health reasons to expect a shorter lifespan, or if you need the money now, filing at 62 may make more sense. The Social Security Administration publishes life expectancy tables by age and gender that can help you estimate your situation.

Other factors matter too. If you have a spouse, your filing decision affects their options for spousal benefits. If you have other sources of income, filing early might push you into a higher tax bracket. A financial advisor or tax professional can help you model these scenarios for your specific situation.

What happens if you file and then change your mind

If you file for benefits and then change your mind within 12 months, you can withdraw your process and file again later. To do this, you must repay all the benefits you received, including any benefits paid to your family members on your record. You can withdraw by contacting Social Security online, by phone, or in person.

This option is useful if you filed early and then realized you would benefit from waiting longer. However, repaying the full amount can be a large sum, so this option works best if you filed very recently and have not received many payments yet.

After 12 months, you cannot withdraw your process. At that point, if you want to increase your benefit, your only option is to wait until age 70 and claim the delayed retirement credits that continue to accrue.

Spousal and survivor benefits tied to your filing age

If you are married, your spouse may be able to receive a benefit based on your work record. The amount your spouse receives depends partly on when you file. If you file early, your spouse's spousal benefit is also reduced. If you wait until your full retirement age or later, your spouse can receive up to 50 percent of your full benefit amount.

Your children and ex-spouse (if you were married at least 10 years) may also receive benefits on your record. These family benefits are also affected by your filing age. Waiting longer to file increases the benefit amount available to your family members, though the total paid to all family members on your record has a cap.

If you pass away, your surviving spouse and children receive survivor benefits based on your earnings record. The amount they receive depends on your age when you filed and how much you earned during your working years.

Frequently Asked Questions

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

Yes, you can file at any age 62 or older regardless of whether you are working. However, if you are under your full retirement age and earn more than the annual limit (currently $23,400 in 2024), your benefits will be reduced by $1 for every $2 you earn above that amount. Once you reach your full retirement age, you can earn any amount without a reduction.

What if I was self-employed — do I still get work credits?

Yes. Self-employed people earn work credits the same way as wage earners — one credit for each $1,730 of net self-employment income (this amount changes yearly). You report your self-employment income on your tax return, and Social Security uses that to calculate your credits and your benefit amount.

How long does it take to receive my first payment after I file?

After Social Security approves your claim, your first payment typically arrives within one to two months. The exact timing depends on when you file and when your benefits are supposed to start. Direct deposit is faster than receiving a paper check.

Can I change my mind after I start receiving benefits?

You can withdraw your process and repay all benefits received within 12 months of filing. After 12 months, you cannot withdraw, but you can continue to earn delayed retirement credits if you are under age 70, which increases your future benefit amount.

What if I did not work for 10 years — can I still file?

No. You must have earned at least 40 work credits to receive retirement benefits, which typically requires about 10 years of work history. If you do not have enough credits, you may be able to receive Supplemental Security Income (SSI) or other benefits depending on your age and income, but those are different programs with different rules.