The short answer: age 62 is earliest, 67 to 70 is the standard window, and waiting past 70 has no additional benefit
You can claim Social Security as early as age 62, but your monthly payment will be permanently smaller — roughly 30 percent less than if you wait until your full retirement age. Your full retirement age is 66, 67, or 68 depending on your birth year. If you delay claiming past your full retirement age, your payment grows by about 8 percent per year until age 70, when growth stops. The choice between these ages is about your personal situation: health, savings, family history, and how long you expect to live.
There is no "best" age for everyone. A person in excellent health with savings to live on might come out ahead by waiting until 70. Someone with serious health problems or when ready financial need might do better claiming at 62. The Social Security Administration publishes break-even calculators on ssa.gov that show roughly when each choice pays off.
Key Takeaways
- You can claim Social Security at 62, but your monthly payment will be about 30 percent lower than at your full retirement age.
- Your full retirement age depends on your birth year: it ranges from 66 to 68, and your payment at that age is your baseline.
- Waiting until 70 increases your monthly payment by roughly 8 percent per year, but no additional increase happens after 70.
- The right age to claim depends on your health, savings, and life expectancy — not on calendar year or when you stop working.
- You do not have to claim Social Security when you reach full retirement age; you can work longer and claim later if you choose.
How your birth year determines your full retirement age
The Social Security Administration raised the full retirement age gradually starting in 1983. If you were born in 1943 or earlier, your full retirement age is 65. If you were born between 1943 and 1954, it increases by two months for each year of birth, landing at 66 for those born in 1943–1954. If you were born between 1955 and 1960, it continues rising by two months per year, reaching 67 for those born in 1960. Anyone born in 1961 or later has a full retirement age of 67.
You can look up your exact full retirement age on the Social Security Administration website by entering your birth date, or call 1-800-772-1213 to confirm. This age matters because it is the point where your payment stops being reduced for early claiming and starts being increased for delayed claiming.
What happens to your payment if you claim at 62
Claiming at 62 means you receive your first check as soon as possible, but the reduction is permanent. The exact reduction depends on how many months early you are claiming compared to your full retirement age. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early, which reduces your payment by roughly 30 percent. If your full retirement age is 66 and you claim at 62, you are claiming 48 months early, which reduces your payment by roughly 25 percent.
This reduction applies to every check you receive for the rest of your life. If you live to 90, you will have received more total money by claiming early, but your monthly income will always be lower. If you live past 80, you may have received less total money than if you had waited. The Social Security Administration's break-even calculator shows the age at which waiting would have paid off more.
What happens to your payment if you wait past full retirement age
For every year you delay claiming past your full retirement age, your monthly payment increases by roughly 8 percent per year. This increase continues until age 70. After 70, there is no additional increase, so claiming at 71 or 72 gives you the same monthly payment as claiming at 70.
This delayed retirement credit is one of the few may provide returns available to someone with savings. If you are in good health, have other income to live on, and expect to live into your 80s, waiting until 70 often results in more total lifetime income. The trade-off is that you receive fewer checks overall, but each check is substantially larger.
How working affects when you should claim
If you are still working and claim Social Security before your full retirement age, the Social Security Administration reduces your payment by $1 for every $2 you earn above an annual limit. For 2024, that limit is $23,400 per year. In the year you reach your full retirement age, the reduction is $1 for every $3 you earn above a different limit ($62,160 for 2024), and only earnings before the month you reach full retirement age count.
Once you reach your full retirement age, you can earn any amount without a reduction to your Social Security payment. This means if you are working full-time and earning well above these limits, claiming before full retirement age will result in very little or no payment until you stop working or reach full retirement age. Many people in this situation choose to delay claiming until they retire or reach full retirement age.
Health, family history, and life expectancy
Your personal health and family medical history are the strongest predictors of whether early or delayed claiming makes sense. If you have been diagnosed with a serious illness with a limited life expectancy, claiming at 62 means you receive more total money. If you are in excellent health and your parents or grandparents lived into their 90s, waiting until 70 often results in more total lifetime income.
The Social Security Administration's life expectancy calculator and break-even tools on ssa.gov can help you think through this. You can also discuss your situation with a financial advisor or your doctor, though neither can predict your individual lifespan. Some people choose a middle ground: claiming at their full retirement age or a few years after, balancing the certainty of receiving checks sooner with the benefit of a higher payment.
Spousal and survivor benefits: when they change your decision
If you are married, divorced, or widowed, your spouse's or ex-spouse's Social Security record may affect your own benefit amount. A current spouse may be may have access to to a spousal benefit based on your record, and that benefit is reduced if you claim early. A widow or widower may receive survivor benefits, and those benefits are also affected by when you claimed.
If you are divorced and were married for at least 10 years, you may be may have access to to a benefit based on your ex-spouse's record without affecting their benefit. These rules are complex and vary by situation. Before you claim, contact the Social Security Administration at 1-800-772-1213 or visit ssa.gov to understand how your claiming age affects anyone who may receive benefits based on your record.
Frequently Asked Questions
Can I change my mind after I claim Social Security?
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 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 anymore.
Do I have to claim Social Security when I turn 62?
No. You can claim at any age from 62 to 70 (or later, though there is no benefit to waiting past 70). You can also keep working and delay claiming indefinitely. There is no penalty for waiting, and your payment will be higher for each year you delay.
What if I am not sure what my full retirement age is?
Call the Social Security Administration at 1-800-772-1213 or create an account on ssa.gov and view your Social Security Statement. Your statement shows your full retirement age, your estimated benefit at different ages, and your earnings record. You can also use the online calculator to see how different claiming ages affect your payment.
Does claiming Social Security affect my Medicare?
No. You can claim Social Security at any age without affecting your Medicare coverage. However, you must sign up for Medicare at 65 even if you have not claimed Social Security yet. If you do not sign up when you are first may be able to access, you may pay a permanent penalty on your Medicare premiums.
What happens if I claim early and then go back to work?
If you claimed before your full retirement age and earn more than the annual limit, your Social Security payment will be reduced. Once you reach your full retirement age, the reduction stops and you receive your full payment regardless of earnings. Your payment amount does not increase retroactively, so the reduction is permanent for those years.