You can start collecting Social Security retirement benefits as early as age 62, but if you claim benefits before your full retirement age (FRA), your monthly benefit will be permanently reduced. The full retirement age depends on your birth year and ranges from 66 years to 67 years for people born in 1960 or later. If you delay claiming benefits beyond your full retirement age, up to age 70, your monthly benefit will increase. For example, for those born in 1960 or later, the full retirement age is 67, and starting benefits at 62 results in about a 30% reduction, while delaying until 70 can increase benefits by about 24% compared to claiming at 67.
Here is a summary table of full retirement ages based on birth year:
Birth Year| Full Retirement Age
---|---
1943-1954| 66 years
1955| 66 years and 2 months
1956| 66 years and 4 months
1957| 66 years and 6 months
1958| 66 years and 8 months
1959| 66 years and 10 months
1960 or later| 67 years
You can claim Social Security as early as age 62 but doing so reduces your benefit permanently. Waiting until full retirement age or delaying further can increase your monthly payments.
