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

The earliest age you can receive Social Security retirement benefits is 62. However, if you claim at 62, your monthly payment will be permanently reduced — typically by about 30 percent compared to what you would receive at your full retirement age. The longer you wait to claim, the larger your monthly payment becomes, up until age 70, when the payment stops increasing.

Your "full retirement age" — the age at which you receive your full benefit amount — depends on the year you were born. For people born in 1943 or later, full retirement age ranges from 66 to 67. The Social Security Administration publishes a chart showing your specific full retirement age based on your birth year.

This is a permanent choice. Once you claim Social Security, you cannot undo it, so the decision about when to start involves weighing how much you need the money now against how much you might need it later in life.

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 if you do.
  • Your full retirement age — when you receive your full benefit amount — is between 66 and 67 depending on your birth year.
  • Waiting until age 70 gives you the highest possible monthly payment, increasing by roughly 8 percent for each year you delay past your full retirement age.
  • Once you claim Social Security, you cannot change your mind and undo the claim, so this decision is permanent.
  • You must have earned enough work credits (typically 40 credits, or about 10 years of work) to be may have access to to benefits at any age.

How your birth year determines your full retirement age

The Social Security Administration sets a different full retirement age for each birth cohort. 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 gradually from 66 and 2 months to 67. 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 their customer service line at 1-800-772-1213. Knowing this number matters because it is the baseline for calculating what your payment would be at any other claiming age.

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 benefit will be roughly 30 percent lower than your full retirement age amount. The reduction is permanent — it does not increase later when you reach your full retirement age or turn 70. You will receive that smaller amount for the rest of your life.

The exact reduction depends on how many months early you claim. Claiming one month early reduces your benefit by a smaller amount than claiming five years early. The Social Security Administration can tell you the specific reduction for your situation if you contact them.

There is one exception: if you were born before January 2, 1954, you may be able to claim a spousal benefit or survivor benefit at full retirement age while letting your own retirement benefit grow until age 70. This strategy is no longer available to people born after January 1, 1954, but if you fall into the earlier group, it is worth discussing with Social Security directly.

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 benefit increases by roughly 8 percent per year, up 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 your full retirement age amount.

This increase stops at age 70. There is no financial benefit to waiting past 70 to claim Social Security, so 70 is the latest age that makes sense for most people to delay.

Waiting is most valuable if you expect to live well into your 80s and 90s, or if you have other income sources that allow you to delay. If you have health reasons to believe you will not live as long, claiming earlier may make more financial sense over your lifetime.

How to claim Social Security

You can begin the process of claiming Social Security three months before the month you want your benefits to start. For example, if you want benefits to begin in January, you can start the process in October of the previous year.

You have three ways to claim: online through the Social Security Administration website (ssa.gov), by phone at 1-800-772-1213, or in person at your local Social Security office. The online process is usually the fastest. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and bank account information so Social Security can deposit your payment directly.

The Social Security Administration will review your work history to confirm you have earned enough credits to receive benefits. This typically takes a few weeks. Once approved, your first payment usually arrives within one to two months.

What you need to know about work credits

To receive Social Security retirement benefits at any age, you must have earned enough work credits. You earn one credit for each quarter of the year that you earn a certain amount of income (the income threshold changes yearly, but in 2024 it is $1,730 per quarter). Most people need 40 credits total, which is roughly equivalent to 10 years of work.

You can check how many credits you have earned by creating an account on ssa.gov and viewing your Social Security statement. This statement also shows an estimate of what your benefit would be at different claiming ages. If you do not have enough credits yet, you can see how many more years of work you need.

Claiming Social Security while still working

You can claim Social Security before your full retirement age while still working, but there is a catch: Social Security will reduce your benefit if your earnings exceed a certain limit. In 2024, if you have not yet reached your full retirement age, Social Security reduces your benefit by $1 for every $2 you earn above $23,400 per year.

Once you reach your full retirement age, this earnings limit no longer applies, and you can earn as much as you want without any reduction to your benefit. This is another reason some people choose to wait until full retirement age to claim.

Frequently Asked Questions

Can I change my mind after I claim Social Security?

You have a limited window to undo your claim. If you are still within 12 months of when you first claimed, you can withdraw your claim and repay all the benefits you received. After 12 months, you cannot undo the claim. This is why it is important to think carefully before you claim.

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

Yes. If you were married for at least 10 years, you may be may have access to to a spousal benefit based on your ex-spouse's work record, even if you never worked. The rules for when you can claim a spousal benefit are different from the rules for your own retirement benefit. Contact Social Security directly to understand your options.

Does claiming Social Security affect Medicare?

No. You are may have access to to Medicare at age 65 regardless of whether you have claimed Social Security. However, if you claim Social Security before age 65, you still need to sign up for Medicare separately at age 65 or face a permanent penalty on your premiums.

What happens to my Social Security if I move out of the country?

You can receive Social Security benefits while living outside the United States, with some exceptions. Citizens of certain countries may have restrictions. Contact the Social Security Administration before you move to confirm your benefits will continue.

How much will my Social Security payment be?

Your payment depends on your lifetime earnings record and the age at which you claim. The Social Security Administration provides a benefit estimate on ssa.gov when you create an account. This estimate shows what you would receive at different claiming ages based on your actual work history.