The age you start Social Security changes how much you receive for life
You can start Social Security as early as age 62, but the longer you wait, the larger your monthly payment will be. If you claim at 62, your payment is roughly 30% lower than if you wait until your full retirement age (which ranges from 66 to 67 depending on your birth year). If you wait until 70, your payment is about 24% higher than at full retirement age. This difference stays with you for life — it is not a temporary bonus.
There is no single "right" age to claim. The choice depends on your health, how long you expect to live, whether you still work, and whether you need the money now. Someone in excellent health with family history of longevity might come out ahead by waiting. Someone with serious health conditions or when ready financial need might come out ahead by claiming early. Both are reasonable choices.
Key Takeaways
- You can claim Social Security at 62, but your monthly payment will be permanently reduced compared to waiting until full retirement age or 70.
- If you claim before full retirement age and still work, Social Security will reduce your payment by $1 for every $2 you earn above an annual limit (the limit changes yearly).
- Waiting until 70 gives you the highest monthly payment, but you only come out ahead financially if you live into your mid-80s or beyond.
- Your full retirement age depends on your birth year and ranges from 66 to 67; you can find yours on your Social Security statement or at ssa.gov.
- If you are married, divorced, or widowed, you may have additional options for claiming based on your spouse's or ex-spouse's record.
How the earnings limit affects early claims
If you claim Social Security before reaching full retirement age and you are still working, Social Security will reduce your payment based on how much you earn. For 2024, if you earn more than $23,400 per year, Social Security subtracts $1 from your benefit for every $2 you earn above that amount. The limit changes each year.
This earnings limit applies only to wages and self-employment income — it does not include pensions, investments, rental income, or other sources. Once you reach full retirement age, the earnings limit disappears entirely, and you can earn as much as you want without any reduction to your benefit.
This rule matters most if you are claiming at 62 or 63 and still working full-time. If your earnings would trigger a large reduction, you might decide to wait a few years until you stop working or reach full retirement age. You can also contact Social Security to discuss your specific situation.
Claiming at 62: Lower payment, but money now
Claiming at 62 makes sense if you need the money when ready, have health reasons to believe you will not live into your 80s, or have already stopped working. You will receive a smaller monthly payment for the rest of your life, but you will start receiving it right away.
If you are still working at 62, remember the earnings limit. If you earn significantly more than the annual threshold, your benefit reduction might be steep enough that waiting a few more years becomes more attractive. Social Security can show you an estimate of what your payment would be at different ages so you can compare.
One thing to know: if you claim at 62 and later change your mind, you have a limited window to withdraw your claim and restart later at a higher rate. The rules around this are strict, so ask Social Security about your options if you are unsure.
Claiming at full retirement age: No reduction, no bonus
Your full retirement age is when Social Security considers you old enough to receive your full benefit amount with no reduction. For people born between 1943 and 1954, full retirement age is 66. For people born between 1955 and 1960, it ranges from 66 and 2 months to 66 and 10 months. For people born in 1960 or later, it is 67.
Claiming at full retirement age means you receive 100% of your calculated benefit. There is no earnings limit — you can work and earn as much as you want without any reduction. This age is often a middle ground: you are not taking the early-claim penalty, but you are also not waiting for the delayed-claim bonus.
If you are healthy and still working, full retirement age is often a reasonable choice because you can continue earning without triggering the earnings limit, and you receive your full benefit amount.
Claiming at 70: Highest payment, but a long wait
If you delay claiming until 70, your monthly payment will be about 24% higher than at full retirement age. This delayed retirement credit continues to grow each year you wait past full retirement age, up until age 70. After 70, there is no additional increase, so there is no financial reason to wait past 70.
Waiting until 70 makes the most sense if you are in good health, have family history of longevity, do not need the money when ready, and can support yourself through other income or savings. You will receive a much larger payment for however many years you live after 70, which can be valuable if you live into your 80s or 90s.
The trade-off is that you receive no Social Security income between full retirement age and 70. If you have other sources of income — a pension, part-time work, savings, or a spouse's income — this delay becomes more feasible.
Special situations: Marriage, divorce, and widowhood
If you are married, you may be able to claim a spousal benefit based on your spouse's Social Security record. The rules depend on your age and your spouse's age, and they changed significantly in 2015. Generally, if you were born after January 2, 1954, your spousal benefit is limited to half of what your spouse receives at their full retirement age, and you can only receive it once you reach full retirement age yourself.
If you are divorced, you may be able to claim on your ex-spouse's record if the marriage lasted at least 10 years, you are at least 62, and you are not currently married. You do not need your ex-spouse's permission, and claiming on their record does not reduce their benefit.
If you are widowed, you can claim survivor benefits as early as age 60 (or age 50 if you are disabled). A widow or widower at full retirement age receives 100% of what the deceased spouse was receiving or would have received. These rules are complex, and Social Security can walk you through your options.
How to find your full retirement age and get a benefit estimate
Your Social Security statement shows your full retirement age and an estimate of your benefit at different claiming ages. You can view your statement online at ssa.gov by creating a my Social Security account. The account is free and takes about 10 minutes to set up.
If you do not have online access or prefer to speak with someone, you can call Social Security at 1-800-772-1213. They can tell you your full retirement age, explain the earnings limit if you plan to work, and give you a rough estimate of your benefit at 62, full retirement age, and 70. Having this information before you decide makes the choice much clearer.
You can also use the Retirement Estimator tool on ssa.gov, which gives you a personalized estimate based on your actual earnings record. This tool is more accurate than a general estimate because it uses your real work history.
Frequently Asked Questions
What happens if I claim Social Security early and then go back to work?
If you claim before full retirement age and earn more than the annual limit, Social Security will reduce your payment that year. Once you reach full retirement age, the earnings limit disappears and your payment goes back to the full amount. The reduction is temporary, not permanent.
Can I change my mind after I start collecting?
You have a limited window — usually 12 months from when you first claimed — to withdraw your claim and restart later at a higher rate. After that window closes, you cannot undo the claim. If you are thinking about this, contact Social Security soon to ask about your options.
Does my spouse's age affect when I should claim?
Your spouse's age matters if you are considering spousal benefits, but it does not change your own full retirement age or the reduction for claiming early. However, if your spouse is much younger or much older, that can affect household decisions about when each of you should claim.
What if I was born outside the United States?
You can still receive Social Security if you worked in the U.S. long enough to earn credits. The claiming age and payment rules are the same. If you live outside the U.S., there are some additional rules about payment, so contact Social Security to discuss your situation.
How do I know if I will live long enough to make waiting worthwhile?
There is no way to know for certain, but you can look at family history and your current health. Social Security has a break-even calculator on ssa.gov that shows at what age you would receive the same total amount whether you claimed early or waited. This can help you think through the trade-off.