The age you start collecting Social Security changes how much you receive for life

You can begin collecting Social Security retirement benefits as early as age 62, but the amount you receive depends on when you claim. If you claim at 62, your monthly payment will be roughly 30 percent lower than if you wait until your full retirement age — which ranges from 66 to 67 depending on your birth year. If you delay claiming until age 70, your monthly payment increases by about 8 percent for each year you wait past your full retirement age.

The choice between claiming early, at full retirement age, or delaying is not about which is "right" — it depends on your health, how long you expect to live, whether you still work, and how much money you need now. There is no single best answer that works for everyone.

Key Takeaways

  • Claiming at 62 gives you a smaller monthly payment but you receive benefits for more years; claiming at 70 gives you a larger monthly payment but you start later.
  • If you claim before your full retirement age and still work, Social Security will reduce your benefits by $1 for every $2 you earn above a yearly limit (the limit changes each year).
  • Once you reach your full retirement age, you can work as much as you want without any reduction to your benefits.
  • Your life expectancy, current health, and when ready financial needs are the main factors that should guide your decision about when to claim.
  • You can change your mind within a limited window: if you claimed before age 70, you can suspend benefits and let them grow, though rules about this have tightened in recent years.

How your monthly payment changes based on when you claim

Social Security calculates your "Primary Insurance Amount" (PIA) based on your earnings history. This is the amount you would receive if you claimed at your full retirement age. From there, the math is straightforward: claim earlier and the monthly amount drops; claim later and it rises.

The reduction for claiming at 62 is roughly 30 percent below your full retirement age amount. The increase for waiting until 70 is roughly 24 to 32 percent above your full retirement age amount, depending on your birth year. The exact percentages are set by law and do not change year to year.

Over a lifetime, the total amount you receive can be similar whether you claim early or late — but the timing and size of each check is very different. Someone who claims at 62 and lives to 80 will have received more total dollars than someone who claimed at 70 and also lived to 80. But someone who claims at 70 and lives to 90 will have received more total dollars than someone who claimed at 62.

The earnings limit if you claim before your full retirement age

If you claim Social Security before your full retirement age and you continue to work, Social Security will reduce your monthly benefit. For 2024, if you earn more than $23,400 per year, your benefits are reduced by $1 for every $2 you earn above that limit. The limit changes each year.

This reduction applies only in the years before you reach your full retirement age. Once you turn your full retirement age, you can earn as much as you want with no reduction to your benefits. The reduction also does not permanently lower your benefit — it only affects the checks you receive while you are still working and under full retirement age. When you reach full retirement age, your benefit amount is recalculated to account for the months you did not receive a check.

If you are self-employed, the same earnings limit applies, but it is based on net income from your business, not gross revenue.

Deciding between claiming early, at full retirement age, or delaying

The decision should rest on three main factors: your health and life expectancy, whether you are still working, and whether you need the money now.

If you are in poor health or have a family history of shorter lifespans, claiming at 62 may make sense — you receive benefits sooner, even if the monthly amount is smaller. If you are in good health, expect to live into your 80s or beyond, and do not need the money when ready, delaying until 70 can result in a much larger monthly check for the rest of your life.

If you are still working and earning a substantial income, claiming before your full retirement age will trigger the earnings limit, which may mean you receive little or no benefit for a year or more. In that case, waiting until your full retirement age — or until you stop working — often makes more sense.

If you have a spouse, your spouse's benefits may also depend on when you claim, so it is worth thinking through both of your situations together.

How to find your full retirement age and estimated benefit amount

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it ranges from 66 and 2 months to 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.

To find your exact full retirement age and to see an estimate of your monthly benefit at different claiming ages, you can create a "my Social Security" account on the Social Security Administration website. You will need your Social Security number, email address, and a way to verify your identity. Once you log in, you can view your earnings record and see personalized estimates for claiming at 62, your full retirement age, and 70.

These estimates are based on your actual earnings history and assume you continue to work until the age you claim. If you plan to stop working earlier, your estimate may be higher or lower depending on your final years of earnings.

What happens if you change your mind after you start collecting

If you claimed Social Security before age 70, you have limited options to change your decision. Under current rules, you can suspend your benefits after you reach your full retirement age, which allows your benefit to grow by about 8 percent per year until age 70. However, you must do this within a specific window, and the rules have become stricter in recent years.

If you claimed before your full retirement age and want to undo that decision, you can withdraw your claim within 12 months of claiming and repay all the benefits you received. After 12 months, you cannot undo the claim, though you can still suspend benefits at full retirement age if you have not already done so.

These options are complex and have time limits, so if you are thinking about changing your decision after you have already claimed, contact Social Security directly to understand what is available to you.

Frequently Asked Questions

What if I claim at 62 but then decide I should have waited?

You can withdraw your claim and repay all benefits within 12 months of your first check. After 12 months, you cannot fully undo the claim, but you can suspend benefits at your full retirement age and let them grow until 70. Contact Social Security to discuss your specific situation.

Can my spouse collect benefits based on my Social Security record?

Yes. A spouse age 62 or older can receive a benefit based on your earnings record, even if they did not work. The amount depends on your full retirement age benefit and when your spouse claims. If your spouse waits until their full retirement age, they typically receive about half of your full retirement age benefit.

Does my benefit change if I move out of the country?

You can receive Social Security benefits while living outside the United States, with some exceptions. Citizens of certain countries may have restrictions. Contact Social Security or visit their website to confirm your country's status before you move.

What if I worked for a government employer and did not pay Social Security taxes?

You may be subject to the Government Pension Offset or Windfall Elimination Provision, which can reduce your Social Security benefit. These rules are complex and depend on your specific work history. Contact Social Security to learn how they explore to you.

Should I claim Social Security or keep working longer?

This depends on your health, financial situation, and job satisfaction. Working longer increases your earnings record, which can raise your benefit amount. It also delays the point at which you start receiving checks. A Social Security representative can show you estimates under different scenarios to help you decide.