You can start collecting Social Security retirement benefits as early as age 62. However, if you begin receiving benefits before your full retirement age, your monthly benefit amount will be permanently reduced. The full retirement age varies depending on your year of birth:
- For people born between 1943 and 1954, the full retirement age is 66.
- For those born in 1955, it is 66 and 2 months.
- For 1956, 66 and 4 months.
- For 1957, 66 and 6 months.
- For 1958, 66 and 8 months.
- For 1959, 66 and 10 months.
- For anyone born in 1960 or later, the full retirement age is 67
If you delay taking benefits beyond your full retirement age up to age 70, your monthly benefit will increase due to delayed retirement credits. Conversely, starting benefits early at age 62 can reduce your monthly payments by up to 30% if your full retirement age is 67, for example
. In summary:
- Earliest age to collect: 62 (with reduced benefits)
- Full retirement age: 66 to 67, depending on birth year
- Maximum benefit age: 70 (with increased benefits if delayed)
