What Social Security Age Means

Social Security age refers to the age at which you become may be able to access to receive Social Security retirement benefits. The age you can claim is not the same for everyone — it depends on the year you were born. The government calls this your full retirement age (FRA), and it ranges from 65 to 67 for people born between 1943 and 1960. If you were born in 1960 or later, your full retirement age is 67.

You do not have to wait until your full retirement age to claim. You can start receiving benefits as early as age 62, though your monthly payment will be smaller. You can also delay claiming past your full retirement age until age 70, and your monthly payment will be larger for each year you wait.

Key Takeaways

  • Your full retirement age depends on your birth year and ranges from 65 to 67; it is the age at which you receive your full monthly benefit amount.
  • You can claim as early as age 62, but your monthly payment will be permanently reduced by roughly 25 to 30 percent depending on how early you claim.
  • Delaying your claim past full retirement age until age 70 increases your monthly payment by about 8 percent for each year you wait.
  • The Social Security Administration sends you a statement showing your full retirement age and estimated benefit amounts at different claiming ages.

How Your Birth Year Determines Your Full Retirement Age

The full retirement age increased gradually starting with people born in 1943. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, it is 66 plus a number of months — for example, if you were born in 1957, your full retirement age is 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.

You can find your exact full retirement age on your Social Security statement, which the Social Security Administration mails to you each year starting at age 60. The statement also shows your estimated monthly benefit if you claim at your full retirement age, and what you would receive if you claimed at 62 or delayed until 70.

Claiming Before Your Full Retirement Age

You can claim Social Security as early as age 62, even if your full retirement age is 66 or 67. However, claiming early means a permanent reduction in your monthly payment. The reduction is roughly 25 to 30 percent smaller than what you would receive at your full retirement age, depending on how many years early you claim.

If you claim at 62 and your full retirement age is 67, for example, your monthly benefit will be about 30 percent less than your full retirement age amount. That reduced amount stays the same for the rest of your life — it does not increase back to the full amount once you reach your full retirement age.

Claiming early can make sense if you need the money now, expect to live a shorter life than average, or have other income sources. It can also make sense if you are still working and your earnings are low enough that you would not lose benefits to the earnings test (a rule that temporarily reduces benefits if you earn above a certain amount before reaching full retirement age).

Delaying Your Claim Past Full Retirement Age

If you wait to claim after your full retirement age, your monthly benefit grows. For each year you delay between your full retirement age and age 70, your benefit increases by about 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly payment will be roughly 24 percent larger than it would be at 67.

Delaying makes sense if you are in good health, expect to live longer than average, do not need the money yet, or want to maximize the benefit your spouse or children might receive based on your record. It also makes sense if you are still working and earning a good income, since there is no earnings limit once you reach your full retirement age.

How Earnings Affect Your Benefits Before Full Retirement Age

If you claim before your full retirement age and continue to work, your benefits may be temporarily reduced. The Social Security Administration applies an earnings test that reduces your benefit by $1 for every $2 you earn above a certain amount. The earnings limit changes each year.

The earnings test applies only in the year you claim and in years before you reach your full retirement age. Once you reach your full retirement age, there is no limit on how much you can earn without losing benefits. This is one reason some people wait to claim until they stop working or reduce their hours.

Understanding Your Social Security Statement

The Social Security Administration sends you a statement each year starting at age 60. The statement shows your full retirement age, your estimated monthly benefit at your full retirement age, and what you would receive if you claimed at 62 or delayed until 70. It also shows your earnings history and an estimate of how much your family members might receive if you pass away.

You can also create a my Social Security account on the Social Security Administration website to view your statement anytime, update your contact information, and report a change in your circumstances. Having your statement handy makes it easier to understand your options and plan when to claim.

Frequently Asked Questions

Can I change my mind after I start claiming Social Security?

Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim and stop receiving benefits, which resets your full retirement age for future claiming. After 12 months, you cannot withdraw, but you can suspend your benefits at your full retirement age and let them grow until age 70.

What happens to my benefits if I am still working at my full retirement age?

Once you reach your full retirement age, there is no earnings limit. You can work and earn as much as you want without any reduction to your Social Security benefits. This is true whether you claimed early or waited until your full retirement age to claim.

Does my spouse get benefits based on my Social Security age?

Your spouse can claim benefits based on your record at their own full retirement age, which may be different from yours. They can also claim as early as age 62, though their benefit will be reduced. The amount they receive depends on their age when they claim and your full retirement age benefit amount.

What if I was born outside the United States?

You can still receive Social Security benefits if you worked in the United States long enough to earn credits. Your full retirement age is determined the same way as for U.S.-born workers. You may need to provide additional documents to prove your age and work history.