When Should You Start Claiming Social Security?

Short answer: You can claim Social Security as early as 62, at your full retirement age, or as late as 70. Claiming at 62 reduces your monthly benefit by up to 30% for life, while waiting past full retirement age increases it by 8% a year until 70. The right age depends on your health, savings, work plans and family situation.

What Are Your Options for Claiming Social Security?

Social Security lets you choose when your retirement benefits start, and that choice changes your monthly check for the rest of your life. The Social Security Administration (SSA) is clear that these adjustments are permanent.

There are three key ages to understand:

Claiming age	What happens to your monthly benefit
62 (earliest)	Reduced, by 30% if your full retirement age is 67
Full retirement age	Your full benefit
70	Your largest benefit, 24% above the full amount if your full retirement age is 67

The 24% figure is the 8% yearly increase applied to the three years between 67 and 70.

What Is Your Full Retirement Age?

Your full retirement age depends on the year you were born. According to the SSA:

• Born 1943 to 1954: 66
• Born 1955 to 1959: 66 plus 2 to 10 months, increasing by 2 months for each later birth year
• Born 1960 or later: 67

Most people approaching retirement today were born in 1960 or later, so their full retirement age is 67.

How Much Do You Lose by Claiming Early?

If your full retirement age is 67, claiming at 62 cuts your benefit by 30%. In the SSA's example, a $1,000 monthly benefit at full retirement age becomes $700 at 62. The reduction gets smaller for each month closer to full retirement age you wait.

Spousal benefits are reduced too. For someone with a full retirement age of 67, a spouse's benefit claimed at 62 is reduced by 35%.

How Much Do You Gain by Waiting?

If you were born in 1943 or later, you earn delayed retirement credits for each month you wait past full retirement age. They add up to 8% per year. The increase stops at 70, so there's no financial reason to delay claiming past that age.

One important caution from the SSA: even if you delay your retirement benefits, sign up for Medicare at 65. If you don't, your coverage may be delayed and cost more.

What Should You Consider Before Deciding?

The math of early versus late is only part of the decision. Questions worth thinking through:

1. How is your health? Your life expectancy affects whether a bigger check later is likely to make up for skipped years.
2. Do you need the income now? If other savings can cover your early retirement years, delaying may be an option.
3. Will you keep working? Earnings before full retirement age can affect benefits you've already started. Check the SSA's rules on working while receiving benefits.
4. Are you married? Your claiming age can affect what a spouse or survivor receives, so couples often plan these decisions together.
5. What are your other income sources? Pensions, retirement accounts and part-time work all shape how much you rely on Social Security.

How Can You See Your Own Numbers?

Your personal estimates are available through a my Social Security account on SSA.gov. Your statement shows estimated benefits at different claiming ages based on your actual earnings record. Use those numbers, not averages, when you plan. You can enter your estimate in our Social Security claiming age calculator to compare every age from 62 to 70.

The Bottom Line

Claiming Social Security is one of the few retirement decisions you usually can't undo. Claiming at 62 means smaller checks for life; waiting until 70 means larger ones, but fewer of them. Look at your own SSA estimates, think through your health and other income, and consider talking with a fee-only financial planner before you file. See more in our retirement guides.

Frequently asked questions

What is the full retirement age for Social Security?

Full retirement age is 67 for anyone born in 1960 or later. For people born from 1955 through 1959, it falls between 66 and 2 months and 66 and 10 months, depending on birth year.

How much less do you get if you take Social Security at 62?

If your full retirement age is 67, claiming at 62 reduces your retirement benefit by 30%. A $1,000 benefit at full retirement age would become $700.

How much more do you get if you wait until 70?

If you were born in 1943 or later, your benefit increases 8% for each year you delay past full retirement age, up to age 70. There's no extra increase for waiting past 70.

Is the Social Security reduction for claiming early permanent?

Yes. The Social Security Administration says the adjustments for claiming early or late are permanent and affect your monthly benefit for the rest of your life.

Do I need to sign up for Medicare if I delay Social Security?

Yes. The SSA advises signing up for Medicare at 65 even if you delay retirement benefits. If you don't, your coverage may be delayed and cost more.

Sources

1. SSA: Benefits Planner - Retirement Age and Benefit Reduction
2. SSA: Benefits Planner - Delayed Retirement Credits
3. SSA: At what age should I start receiving my Social Security retirement benefits?

This guide is general information, not personal advice. Your situation may differ, so consider talking with a qualified professional, such as a fiduciary financial adviser, CPA or licensed agent, before making a decision.