You can start collecting Social Security benefits as early as age 62, but your monthly amount will be reduced compared to waiting for your full retirement age, and delaying benefits up to age 70 can increase them significantly. Below is a concise guide to help you decide when to start.
Quick answer
- Earliest start: 62 (benefits reduced)
- Full retirement age (FRA): typically 66–67 depending on birth year
- Best practice for many: delay until age 70 if you can afford to wait, to maximize lifetime benefits
Key details
Eligibility and timing
- You can apply for retirement benefits up to four months before you want payments to begin.
- Your payment amount depends on:
- Your earnings history
- The age you start benefits
Age benchmarks
- 62: First eligibility for retirement benefits, but reduced monthly payments.
- FRA (varies by birth year): You receive full benefits. For most people born 1960 or later, FRA is 67.
- 70: Delaying beyond FRA increases monthly benefits until age 70.
How the amount changes
- Starting before FRA reduces benefits permanently. The reduction depends on how early you start relative to FRA.
- Delaying beyond FRA increases benefits by a certain percentage each year until age 70, after which there is no additional increase.
Considerations for choosing when to claim
- Life expectancy: If you expect a longer retirement, delaying can yield higher lifetime benefits.
- Other income: If needed to cover essential expenses, starting at 62 may be necessary.
- Spousal considerations: If married, the timing of survivor benefits can affect household planning.
- Health and family longevity history: Personal health trends can influence the optimal choice.
- Tax considerations: Social Security benefits can be taxable depending on overall income.
If you’d like, provide:
- Your birth year
- Whether you expect to rely on Social Security as your primary income or as a supplement
- Any other sources of retirement income (pensions, investments)
I can tailor a rough estimate of your monthly benefit at ages 62, FRA, and 70, and help weigh the options.
