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

Social Security is a federal program that pays monthly benefits based on your work history. The age you start determines how much you receive each month for the rest of your life. You can claim as early as age 62, but the longer you wait, the larger your monthly payment becomes.

The program uses three key ages: 62 (earliest), your full retirement age (between 66 and 67 for most people alive today), and 70 (latest). Each age comes with a different monthly amount. Claiming at 62 means a permanent reduction — typically 25 to 30 percent less per month than you would receive at full retirement age. Waiting until 70 means a permanent increase — typically 24 to 32 percent more per month than at full retirement age.

Key Takeaways

  • You can claim Social Security as early as age 62, but your monthly payment will be reduced for life if you do.
  • Your full retirement age — when you receive your standard benefit amount — is between 66 and 67, depending on your birth year.
  • Waiting until age 70 increases your monthly payment by about 8 percent for each year you delay past your full retirement age.
  • Your work history and earnings record determine your benefit amount, not your age alone.
  • You can view your estimated benefits by creating an account at ssa.gov before you claim.

Full Retirement Age and How It Affects Your Payment

Your full retirement age is the age at which Social Security pays you your standard benefit amount — the amount you earned based on your work history. This age is not 65 for everyone. It depends on the year you were born.

If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it falls between 66 and 67. If you were born in 1960 or later, your full retirement age is 67. The Social Security Administration publishes a full chart on ssa.gov showing the exact age for each birth year.

Reaching your full retirement age does not mean you must claim benefits at that moment. You can claim earlier and accept a smaller payment, or wait longer and receive a larger one. The choice is yours to make.

What Happens If You Claim at 62

Claiming at 62 is the earliest you can start Social Security. Your monthly payment will be permanently reduced compared to what you would receive at your full retirement age. The reduction is roughly 25 to 30 percent, depending on your exact birth date and full retirement age.

This reduction stays in place for your entire life. If you claim at 62 and live to 90, you will receive the reduced amount every month for those 28 years. This is why some people claim early — they need the money now, or they do not expect to live much longer. Others claim early to recover what they paid into the system sooner.

You can claim at 62 even if you are still working. However, Social Security will withhold some of your benefits if your earnings exceed a certain amount. In 2024, Social Security withholds one dollar for every two dollars you earn above $23,400 per year. This limit changes each year. Once you reach your full retirement age, the earnings limit no longer applies.

Waiting Until 70 and the Delayed Retirement Credits

If you wait past your full retirement age to claim Social Security, your monthly payment increases. Social Security calls this increase delayed retirement credits. You earn one credit for each month you delay, which adds up to roughly 8 percent more per year.

If your full retirement age is 67 and you wait until 70, you will receive about 24 percent more per month than you would at 67. If your full retirement age is 66, waiting until 70 gives you about 32 percent more per month. These increases are permanent and continue for the rest of your life.

The oldest age to claim Social Security is 70. After 70, your payment does not increase further, so there is no financial reason to delay beyond that age. Some people wait until 70 because they are still working and do not need the money, or because they expect to live a long time and want the highest possible monthly payment.

How Your Work History Affects Your Benefit Amount

Social Security calculates your benefit based on your highest 35 years of earnings. The program looks at your entire work record, adjusts older earnings for inflation, and averages them to find your primary insurance amount — the benefit you would receive at your full retirement age.

If you worked fewer than 35 years, Social Security counts the missing years as zero, which lowers your average. If you worked more than 35 years, the program uses only your highest 35, so extra years of work may not increase your benefit if those years had lower earnings than the 35 already counted.

You do not have to wait until you claim to see your estimated benefit. You can create a free account at ssa.gov and view your earnings record and benefit estimates at any age. This lets you see how much you might receive at 62, at your full retirement age, and at 70 — before you make a decision.

Spousal and Survivor Benefits Have Different Ages

If you are married, divorced, or widowed, you may be may have access to to benefits based on your spouse's work record. These benefits have their own age rules and reduction amounts.

A spouse can claim a benefit based on the other spouse's record as early as age 62, but the reduction is steeper than for your own benefit — typically 32 to 35 percent less at age 62 compared to the full retirement age for spouses. A widow or widower can claim survivor benefits as early as age 60, or at any age if caring for a child under 16.

These rules are complex and vary by situation. The Social Security Administration has separate guides for spousal benefits and survivor benefits on ssa.gov, and a Social Security representative can explain how your specific situation works.

Frequently Asked Questions

Can I change my mind after I start Social Security?

Yes, but only within limits. If you claimed within the last 12 months, you can withdraw your claim and repay what you received, which resets your account as if you never claimed. After 12 months, you cannot withdraw. However, you can suspend your benefits at your full retirement age and let them grow until 70, though this is rarely done today.

What if I keep working after I claim Social Security?

If you claim before your full retirement age and earn more than the annual limit, Social Security withholds part of your benefit. Once you reach your full retirement age, you can earn as much as you want with no reduction. Your benefit amount may increase later based on the new earnings year.

Does Social Security run out of money at a certain age?

No. Social Security is a lifelong benefit. You receive payments every month for as long as you live, regardless of how long you live. The program itself faces long-term funding questions, but individual beneficiaries do not lose their benefits at any age.

How do I know what my full retirement age is?

Your full retirement age depends on your birth year. If you were born in 1960 or later, it is 67. If you were born between 1955 and 1959, it is between 66 and 67. The Social Security Administration website has a chart showing the exact age for your birth date.

Should I claim at 62 or wait?

This depends on your health, life expectancy, financial needs, and family history. If you need money now or do not expect to live past 80, claiming early may make sense. If you are healthy, expect to live into your 90s, or do not need the money, waiting until 70 gives you a much larger monthly payment. A Social Security representative can show you the numbers for your situation.