The age you claim Social Security determines how much you receive each month for the rest of your life

You can claim Social Security as early as age 62, but the earlier you claim, the smaller your monthly payment will be. If you wait until your full retirement age — which ranges from 66 to 67 depending on your birth year — you receive your standard benefit amount. If you delay claiming past your full retirement age, your monthly payment grows by roughly 8 percent per year until age 70, when the increase stops. This means the same person could receive $1,500 per month at 62, $2,000 per month at 67, or $2,640 per month at 70, depending on their earnings history.

The choice between claiming early, at full retirement age, or later is not about what is "right" in general — it is about your specific situation: your health, how long you expect to live, whether you are still working, and whether you need the money now. There is no penalty for claiming at any age, and there is no single age that works best for everyone.

Key Takeaways

  • Claiming at 62 gives you the lowest monthly payment but the most total payments over time if you live an average lifespan.
  • Claiming at your full retirement age (66 to 67) gives you your standard benefit amount and is the break-even point between early and delayed claiming.
  • Claiming at 70 gives you the highest monthly payment, but you receive fewer total payments unless you live into your mid-80s or beyond.
  • If you are still working before full retirement age, Social Security reduces your benefit by $1 for every $2 you earn above an annual limit that changes each year.
  • You can change your claim decision within 12 months of claiming, but the rules for doing so depend on your age and when you claimed.

Claiming at 62: The earliest option and the lowest monthly payment

Age 62 is the earliest you can claim Social Security retirement benefits. Your monthly payment will be roughly 30 percent lower than it would be at your full retirement age, and roughly 50 to 60 percent lower than it would be at age 70. The exact reduction depends on your birth year.

Claiming at 62 makes sense if you need the money now, if you have health reasons to believe you will not live into your late 70s, or if you are no longer working and have no other income. It also makes sense if you have already paid into Social Security for decades and want to receive benefits while you can enjoy them.

The major catch is the earnings limit. If you claim before your full retirement age and you are still working, Social Security will reduce your benefit by $1 for every $2 you earn above a certain amount. In 2024, that limit is $23,400 per year, but it changes annually. This reduction applies only until you reach your full retirement age; after that, you can earn as much as you want without any reduction to your benefit.

Claiming at your full retirement age: The standard benefit with no reductions

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it ranges from 66 and 2 months to 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67. Social Security's website has a table that shows your exact full retirement age based on your birth date.

Claiming at your full retirement age means you receive your standard benefit amount with no reduction, and there is no earnings limit — you can work and earn as much as you want without any impact on your benefit. This is the break-even point between claiming early and claiming late. If you live an average lifespan for your age, you will receive roughly the same total amount of money whether you claimed at 62 or waited until your full retirement age, because the higher monthly payment at full retirement age makes up for the years you did not receive anything.

Claiming at full retirement age makes sense if you need the income but do not need it urgently, if you are still working and want to avoid the earnings limit, or if you want a middle ground between the low payment at 62 and the high payment at 70.

Claiming at 70: The highest monthly payment and the longest wait

If you delay claiming past your full retirement age, your benefit grows by roughly 8 percent per year. At age 70, the growth stops, so there is no financial reason to wait past 70. Your monthly payment at 70 will be roughly 24 to 32 percent higher than it would be at your full retirement age, depending on your birth year.

Claiming at 70 makes sense if you are still working and do not need Social Security income, if you are in good health and expect to live into your mid-80s or beyond, or if you want to maximize the monthly income you receive later in retirement. It also makes sense if you have a spouse or ex-spouse, because your higher benefit can increase their survivor benefits if you pass away.

The trade-off is that you receive no benefits between your full retirement age and age 70. If you live an average lifespan, you will receive less total money by waiting until 70 than you would by claiming at 62 or your full retirement age. You break even on this trade-off only if you live into your early to mid-80s.

How working affects your Social Security benefit

If you claim Social Security before your full retirement age and you are still working, your benefit is reduced based on your earnings. Social Security counts only wages from employment and net income from self-employment; it does not count investment income, pensions, or other retirement income.

For 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. In the year you reach your full retirement age, the limit is higher ($62,160 for 2024), and the reduction applies only to earnings before the month you reach full retirement age. Once you reach your full retirement age, there is no earnings limit and no reduction, no matter how much you earn.

This earnings limit changes every year, so check the Social Security website or call 1-800-772-1213 to confirm the current limit before you claim if you are still working.

Changing your claim decision: The 12-month window and other options

If you claim Social Security and then change your mind, you have limited options. Within 12 months of claiming, you can withdraw your claim and repay all the benefits you received. This resets your claim as if you never filed, and you can claim again later at a higher amount. You must repay the full amount you received, including any benefits paid to family members on your record.

If more than 12 months have passed since you claimed, you cannot withdraw your claim. However, if you have reached your full retirement age, you can suspend your benefits and let them grow until age 70. While your benefits are suspended, you receive no payments, but your benefit amount increases by roughly 8 percent per year. This option is available only if you have reached your full retirement age.

These options exist because the decision to claim is permanent in most cases, and Social Security wants to give people a brief window to reconsider if they claimed too early by mistake.

Married couples and divorced individuals: How your spouse's record affects your decision

If you are married, you may be able to claim a benefit based on your spouse's earnings record in addition to your own. If you are divorced and were married for at least 10 years, you may be able to claim on your ex-spouse's record. The rules for spousal benefits are complex and depend on your age, your spouse's age, and when your spouse claimed.

Generally, a spouse can claim up to 50 percent of the worker's full retirement age benefit if the spouse has reached full retirement age. If the spouse claims before full retirement age, the benefit is reduced. A divorced ex-spouse can claim on the ex's record even if the ex has not yet claimed, as long as the ex is at least 62 and the marriage lasted at least 10 years.

The timing of when you and your spouse claim affects how much each of you receives. If you are married or divorced, it is worth understanding how your spouse's or ex-spouse's claim affects your own benefit before you decide when to claim.

Frequently Asked Questions

What happens if I claim Social Security and then go back to work?

If you claimed before your full retirement age, your benefit will be reduced based on your earnings. If you earn above the annual limit, Social Security withholds $1 in benefits for every $2 you earn above that limit. Once you reach your full retirement age, you can work and earn as much as you want with no reduction to your benefit.

Can I claim Social Security if I have not worked for 10 years?

You need at least 40 work credits to claim Social Security retirement benefits, which usually means working and paying Social Security taxes for about 10 years total. The credits do not have to be recent — they can be spread across your entire working life. If you do not have 40 credits, you cannot claim retirement benefits on your own record, but you may be able to claim on a spouse's or ex-spouse's record.

What if I claim at 62 and then live much longer than I expected?

You will receive a lower monthly payment for the rest of your life. There is no way to undo this decision after 12 months have passed. This is why claiming at 62 is riskier if you are in good health — you lock in a lower payment for potentially 30 or more years of retirement.

Does claiming Social Security affect my Medicare coverage?

No. You become may be able to access for Medicare at 65 regardless of when you claim Social Security. However, you should sign up for Medicare even if you do not claim Social Security yet, because waiting past 65 can result in higher premiums for Part B and Part D coverage.

Can I claim Social Security if I am still married but separated?

Yes, you can claim on your own record at any time. If you want to claim on your spouse's record, the rules depend on whether you are divorced or still legally married. If you are still married, your spouse must be at least 62 for you to claim a spousal benefit. If you are divorced, you can claim on your ex-spouse's record at 62 even if your ex has not yet claimed, as long as you were married for at least 10 years.