Your retirement age depends on the year you were born
Your full retirement age — the age at which Social Security pays you 100 percent of your benefit — is not 65 for most people today. It ranges from 66 to 67, depending on whether you were born before 1943 or after 1954. If you were born between those years, your full retirement age falls somewhere in between.
You can start collecting retirement benefits as early as age 62, but your monthly payment will be smaller. You can also wait until age 70, and your monthly payment will be larger. The choice between starting early, at full retirement age, or waiting later is yours to make — there is no single "right" answer, because it depends on your health, your finances, and how long you expect to live.
Social Security uses your birth year to calculate your full retirement age. The table below shows the exact age for each birth year.
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
Key Takeaways
- Your full retirement age is between 66 and 67, depending on your birth year, and that is when Social Security pays your full monthly benefit amount.
- You can start collecting at 62, but your monthly payment will be roughly 30 percent lower than your full retirement age benefit.
- If you wait until 70, your monthly payment will be roughly 24 to 32 percent higher than your full retirement age benefit, depending on your birth year.
- Waiting longer means a higher monthly payment for life, but starting earlier means you collect payments for more years overall.
What happens if you start collecting before your full retirement age
You can start collecting Social Security retirement benefits at 62, which is the earliest age allowed. However, your monthly payment will be permanently reduced. The reduction is roughly 30 percent if you start at 62, but the exact amount depends on your birth year and your full retirement age.
If you were born in 1943 or later and start at 62, you will receive about 70 percent of your full retirement age benefit each month for the rest of your life. That lower amount does not increase to your full amount when you reach your full retirement age — it stays the same. This is an important point: starting early locks in a smaller payment forever.
Starting early can make sense if you need the money now, if you have health reasons to believe you will not live a long time, or if you are no longer working and have no other income. But if you are still working, there is an earnings limit: if you earn more than a certain amount per year before you reach your full retirement age, Social Security will withhold some of your benefits. That earnings limit changes each year.
What happens if you wait past your full retirement age
For every year you delay collecting after your full retirement age, your monthly benefit grows. The increase is roughly 8 percent per year, which adds up significantly if you wait several years. If you wait until 70, your monthly payment will be roughly 24 to 32 percent higher than your full retirement age benefit, depending on your birth year.
Waiting until 70 makes sense if you are in good health, if you have other income to live on, or if you want the largest possible monthly payment. A higher monthly benefit also means a higher payment to your surviving spouse or children if you pass away, and it means more income for life if you live into your 80s or 90s.
There is no benefit to waiting past 70. Your payment stops growing at that age, so if you have not started collecting by then, you should start.
How to find your exact full retirement age
The Social Security Administration publishes a tool on its website at ssa.gov where you can enter your birth date and see your full retirement age when ready. You can also call Social Security at 1-800-772-1213 and speak with a representative who can tell you your full retirement age and answer questions about when to start collecting.
If you have a my Social Security account, you can log in and view your full retirement age, your current earnings record, and an estimate of your monthly benefit at different ages. Creating an account takes about 10 minutes and requires your Social Security number, email address, and a way to verify your identity.
How your benefit amount is calculated
Social Security calculates your benefit based on your lifetime earnings record. The system looks at your 35 highest-earning years and averages them. If you worked fewer than 35 years, it counts zeros for the missing years, which lowers your average and your benefit.
Your benefit also depends on when you start collecting. If you start at your full retirement age, you get your Primary Insurance Amount, which is the benefit Social Security calculated based on your earnings. If you start earlier, that amount is reduced. If you start later, it is increased.
You can see your earnings record and a benefit estimate on your my Social Security account. The estimate shows what your monthly payment would be if you started at 62, at your full retirement age, and at 70. These estimates are based on your actual earnings history, so they are more accurate than general examples.
Special rules for people born in 1943 or earlier
If you were born in 1943 or earlier, you have already reached or passed your full retirement age. You can collect your full benefit amount whenever you choose, with no reduction. If you delayed collecting past your full retirement age, your benefit has been growing by 8 percent per year, up until age 70.
If you have not yet started collecting and you are past 70, you should contact Social Security to start your benefits. There is no reason to wait any longer, and you may be owed back payments for the months you delayed.
Frequently Asked Questions
Can I change my mind after I start collecting?
If you started collecting within the last 12 months, you can withdraw your process and stop collecting. You must repay all the benefits you received, and then you can restart later at a higher amount. After 12 months, you cannot withdraw your process, but you can still suspend your benefits at your full retirement age and let them grow until 70.
What if I worked outside the United States?
Social Security counts earnings from work in the United States only. If you worked in another country, those years do not count toward your 35-year average. However, some countries have agreements with Social Security that allow credits from work there to count. Contact Social Security to ask whether your foreign work history affects your benefit.
Does my full retirement age change if I get divorced?
No. Your full retirement age is based only on your birth year. However, if you were married for at least 10 years, you may be able to collect benefits based on your ex-spouse's earnings record, and that benefit has its own rules about age and amount. Contact Social Security to learn whether you may have access to.
What happens to my benefits if I keep working after I start collecting?
If you have not yet reached your full retirement age and you earn more than the annual limit, Social Security will withhold $1 in benefits for every $2 you earn above that limit. Once you reach your full retirement age, there is no earnings limit and no withholding, no matter how much you earn. The earnings limit changes each year.