The retirement age is not the same for everyone
Your full retirement age — the age at which Social Security pays you 100 percent of your benefit — depends on the year you were born. If you were born in 1943 or later, your full retirement age is somewhere between 66 and 67. If you were born in 1960 or later, it is 67. The Social Security Administration has a table showing the exact age for your birth year.
You do not have to wait until full retirement age to start collecting. You can claim as early as 62, but your monthly payment will be smaller. You can also wait past full retirement age — until 70 — and your monthly payment will be larger. The choice between claiming early, at full retirement age, or late is one of the most important decisions you will make about Social Security, because it affects how much money you receive for the rest of your life.
Key Takeaways
- Full retirement age ranges from 66 to 67 depending on your birth year, and the Social Security Administration publishes a table showing your specific age.
- You can claim retirement benefits as early as 62, but your monthly payment will be permanently reduced by roughly 25 to 30 percent.
- If you wait until 70 to claim, your monthly payment will be roughly 24 to 32 percent higher than your full retirement age amount.
- Claiming before full retirement age while still working can reduce your benefits if your earnings exceed a certain limit set by Social Security each year.
- Your choice of when to claim affects not only your own benefits but also any benefits your spouse or children may receive based on your work record.
How your birth year determines full retirement age
Congress changed the retirement age in 1983, phasing in a gradual increase over many years. People born between 1943 and 1954 have a full retirement age of 66. For those born between 1955 and 1959, the age increases by two months for each year of birth. For anyone born in 1960 or later, full retirement age is 67.
You can find your exact full retirement age on the Social Security Administration website, or by calling 1-800-772-1213. Having this number matters because it is the baseline for calculating what you receive if you claim early or late. It also matters for other rules — for example, if you claim before full retirement age and continue working, Social Security may reduce your benefits based on your earnings.
What happens if you claim at 62
Claiming at 62 is the earliest you can start receiving retirement benefits. Your monthly payment will be roughly 25 to 30 percent lower than what you would receive at full retirement age, depending on your exact birth year. This reduction is permanent — it does not increase later, even after you reach full retirement age.
Many people claim at 62 because they need the money now, have health concerns, or want to enjoy retirement while they are younger. This is a valid choice, but it means you receive fewer total dollars over your lifetime if you live into your 80s or beyond. There is also a work-related rule: if you claim before full retirement age and earn more than a certain amount (the limit changes each year), Social Security will withhold $1 from your benefits for every $2 you earn above that threshold. Once you reach full retirement age, this earnings limit no longer applies.
What happens if you wait until 70
For every year you delay claiming past your full retirement age, up to age 70, your monthly benefit increases by roughly 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly payment will be roughly 24 percent higher than your full retirement age amount. If your full retirement age is 66 and you wait until 70, the increase is roughly 32 percent.
Waiting until 70 makes sense if you are in good health, have family members who live into their 90s, or do not need the money right away. It also makes sense if you are still working and earning a good income, because you avoid the earnings limit that applies before full retirement age. You cannot delay past 70 — benefits do not increase further after that point, so there is no financial reason to wait longer.
How your choice affects your spouse and children
If you are married, your spouse may be able to receive benefits based on your work record. If you have children under 19 (or 19 if still in high school), they may also receive benefits based on your record. The age at which you claim affects how much they receive.
If you claim early, your spouse and children receive reduced benefits. If you wait until full retirement age or later, they receive higher benefits. This is one reason some people delay claiming even if they need the money — they want to maximize what their family receives. A financial advisor or the Social Security Administration can help you understand how your claiming age affects your family's total benefits.
Working while you receive benefits
If you claim before full retirement age and continue working, Social Security limits how much you can earn. In 2024, if you have not yet reached full retirement age, Social Security withholds $1 from your benefits for every $2 you earn above $23,400 per year. The limit is higher in the year you reach full retirement age — $62,160 — and applies only to earnings before the month you turn full retirement age. Once you reach full retirement age, you can earn any amount without losing benefits.
This rule catches many people by surprise. If you are thinking about claiming at 62 and continuing to work, ask Social Security how much you will actually receive after the earnings limit is applied. Sometimes the combination of a reduced benefit and an earnings withhold means you receive very little in your early 60s, making it worth waiting a few years.
How to find your full retirement age and plan your claiming decision
The Social Security Administration publishes a table on its website showing full retirement age by birth year. You can also create a my Social Security account at ssa.gov to see your own earnings record and an estimate of your benefits at different claiming ages. This estimate is based on your actual work history and is more accurate than a general example.
Before you claim, gather information about your health, your family's longevity, your current income needs, and whether you plan to keep working. Consider talking with a financial advisor, especially if you are married or have dependents. Some people benefit from claiming early; others benefit from waiting. There is no single right answer, but understanding your full retirement age and the tradeoffs is the first step to making a choice that works for your situation.
Frequently Asked Questions
Can I change my mind after I start collecting?
Yes, but only within limits. If you claimed within the past 12 months, you can withdraw your claim and repay what you received, which resets your record. After 12 months, you cannot withdraw. However, you can suspend your benefits at full retirement age and let them grow until 70, though this is rarely done because you have to repay what you already received.
What if I was born on January 1st?
Social Security treats people born on January 1st as if they were born on December 31st of the previous year. This affects which birth year cohort you belong to for purposes of determining your full retirement age. Check the Social Security Administration's table to confirm your exact age.
Does my full retirement age change if I delay claiming?
No. Your full retirement age is fixed based on your birth year and does not change. Delaying past full retirement age increases your monthly benefit, but your full retirement age itself stays the same. This matters for rules like the earnings limit, which applies only before you reach full retirement age.
What if I have not worked enough to receive benefits?
Social Security requires 40 credits of work history to receive retirement benefits. Most people earn four credits per year, so 40 credits typically means 10 years of work. If you have not worked enough, you may not receive your own retirement benefit, though you might receive a benefit based on a spouse's or ex-spouse's work record.
Does the retirement age keep going up?
The full retirement age stopped increasing at 67 for people born in 1960 and later. Congress would have to pass new legislation to raise it further. For now, if you were born in 1960 or later, your full retirement age is 67 and will not change.