You can start Social Security at 62, but your monthly payment will be smaller than if you wait

The earliest age to start Social Security is 62. However, the amount you receive each month depends on when you claim. If you start at 62, your monthly payment will be roughly 30 percent lower than if you wait until your full retirement age. If you wait even longer — until age 70 — your payment grows by about 8 percent for each year you delay past your full retirement age.

Your full retirement age is not 65 anymore for most people. It 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 (SSA) has a chart on their website showing your specific full retirement age based on your birth year.

The choice between claiming early, at full retirement age, or at 70 is personal and depends on your health, how long you expect to live, whether you still work, and how much money you need now. There is no single "right" age — only the age that makes sense for your situation.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be permanently reduced compared to waiting until your full retirement age.
  • Your full retirement age depends on your birth year and ranges from 66 to 67 for people born in 1943 or later.
  • Delaying your claim past full retirement age increases your monthly payment by roughly 8 percent per year until age 70.
  • If you work before full retirement age and claim Social Security, your benefits may be reduced if your earnings exceed a certain amount.
  • You can view your personal earnings record and estimate your future benefits using your Social Security account at ssa.gov.

Full Retirement Age and How It Affects Your Payment

Full retirement age is the age at which you can receive your full Social Security benefit amount without any reduction. For people born between 1943 and 1954, full retirement age is 66. For people born between 1955 and 1960, it gradually increases from 66 and 2 months to 67. For people born in 1960 or later, full retirement age is 67.

If you claim before your full retirement age, your monthly payment is reduced permanently. The reduction is larger the earlier you claim. If you claim at 62 and your full retirement age is 67, your payment will be about 30 percent lower than it would be at 67. This reduction stays in place for the rest of your life, even after you reach full retirement age.

If you claim after your full retirement age, your payment increases. For each year you delay between full retirement age and 70, your monthly benefit grows by about 8 percent. At age 70, your benefit reaches its maximum. After 70, there is no financial benefit to delaying further.

Claiming Before Full Retirement Age: What Happens If You Work

If you claim Social Security before your full retirement age and you continue to work, your benefits may be reduced based on your earnings. In 2024, if you earn more than $23,400 per year, Social Security reduces your benefit by $1 for every $2 you earn above that amount. The limit changes each year.

This earnings limit applies only until you reach your full retirement age. Once you reach full retirement age, you can earn as much as you want without any reduction to your benefits. The SSA recalculates your benefit at full retirement age to account for the months when benefits were withheld, so you are not permanently penalized.

If you are self-employed or have irregular income, you should contact the SSA directly to discuss how your specific work situation affects your benefits. The rules can be complex depending on your type of income.

Waiting Until 70: The Long-Term Advantage

If you delay claiming until age 70, your monthly payment will be significantly higher than if you claimed at 62 or at full retirement age. The exact increase depends on your full retirement age, but the difference can be substantial — sometimes 50 to 75 percent more per month than if you had claimed at 62.

This strategy makes the most sense if you are in good health, expect to live into your mid-80s or beyond, and do not need the money when ready. The longer you live, the more total money you will receive over your lifetime by waiting. However, if you claim early and pass away before reaching your mid-70s, you will have received more total benefits by claiming at 62.

Waiting until 70 also protects your spouse and surviving children. If you are married, your spouse may be able to receive a benefit based on your record. If you have minor children or adult children who are disabled, they may also receive benefits based on your work record. These family benefits are higher when your primary benefit is higher.

How to Find Your Full Retirement Age and Estimate Your Benefits

The fastest way to find your full retirement age is to use the SSA's online tool at ssa.gov. You can also call the SSA at 1-800-772-1213 (TTY 1-800-325-0778) to speak with a representative who can tell you your full retirement age based on your birth date.

To see an estimate of your future benefits at different ages, you can create a my Social Security account at ssa.gov. This account shows your earnings history, which is used to calculate your benefit amount. You can view estimates for claiming at 62, at full retirement age, and at 70. These estimates are based on your actual work record, so they are more accurate than general examples.

If you do not have internet access or prefer to work with someone in person, you can visit your local Social Security office. You can find the nearest office by entering your zip code at ssa.gov/locator. Staff can review your record and discuss your options with you.

Special Situations: Divorced, Widowed, or Self-Employed

If you are divorced, you may be able to claim benefits based on your ex-spouse's work record if you were married for at least 10 years and are at least 62 years old. Your ex-spouse does not have to be claiming yet for you to claim on their record. The benefit you receive this way does not reduce what your ex-spouse receives.

If you are a widow or widower, you can claim survivor benefits as early as age 60 (or age 50 if you are disabled). Survivor benefits are calculated differently than retirement benefits and have their own full retirement age. The SSA can explain your specific options based on your age and your late spouse's work record.

If you are self-employed, your Social Security benefits are based on your net self-employment income, not your gross income. You will need to report your earnings on your tax return, and the SSA uses that information to calculate your benefit. Keep good records of your income and expenses so you can provide accurate information when you claim.

Medicare and Social Security: Timing Considerations

Medicare may be able to access begins at age 65, which is different from Social Security may be able to access. You can claim Social Security at 62 and wait until 65 to enroll in Medicare, or you can claim Social Security at 70 and enroll in Medicare at 65. These two programs operate independently, so your decision about when to claim Social Security does not have to match your Medicare enrollment.

However, if you delay claiming Social Security past age 62, you should still enroll in Medicare at 65 to avoid late enrollment penalties. If you do not enroll in Medicare Part B or Part D when you first become may be able to access, you may pay higher premiums for the rest of your life.

If you are still working at 65 and have health insurance through your employer, you may be able to delay Medicare enrollment without penalty. The SSA and Medicare have different rules about this, so review your specific situation with both programs before making a decision.

Frequently Asked Questions

Can I change my mind after I start Social Security?

You can withdraw your claim within 12 months of starting benefits, but you must repay all the benefits you received. After 12 months, you cannot withdraw your claim. However, you can suspend your benefits at full retirement age and let them grow until age 70, though this is rarely done anymore.

What if I was born on January 1st — which year do I use?

If you were born on January 1st, Social Security considers you born on December 31st of the previous year. Use the previous year to find your full retirement age on the SSA's chart.

Do I have to claim Social Security at 70?

No. You can claim anytime between 62 and 70. After 70, there is no additional benefit to waiting, so most people claim by then. You are never required to claim at any specific age.

How much will my benefit be reduced if I claim at 62?

The reduction depends on your full retirement age. If your full retirement age is 67 and you claim at 62, your benefit is reduced by about 30 percent. If your full retirement age is 66 and you claim at 62, the reduction is about 25 percent. The SSA can calculate your exact reduction based on your birth date.

What happens to my benefits if I move to another country?

You can receive Social Security benefits while living in most countries. However, there are restrictions for a few countries. Contact the SSA before you move to confirm that your benefits will continue in your new location.