When Should You Start Social Security?

Deciding when to start Social Security retirement benefits is one of the bigger financial decisions you may make as you approach retirement. You can begin receiving retirement benefits as early as age 62, wait until your Full Retirement Age, or delay your benefits until age 70.

The age you choose affects how much you receive each month. Your decision can also affect how much income you have available during retirement, how long your savings need to last, and the benefits available to a spouse or family member.

There is no single claiming age that works for everyone. Understanding what happens at each age gives you a better starting point for deciding what fits your situation.

You Can Start Social Security at 62

Age 62 is the earliest age you can begin receiving Social Security retirement benefits.

Starting at 62 means your monthly benefit will be permanently reduced compared with the amount you would receive at your Full Retirement Age. The reduction depends on your birth year and how many months you claim before reaching Full Retirement Age.

For example, someone whose Full Retirement Age is 67 and who claims at 62 receives 70% of their full retirement benefit. Someone with a Full Retirement Age of 66 would receive 75% by claiming at 62.

The tradeoff is straightforward: you begin receiving monthly payments earlier, but those payments are smaller.

This can make claiming at 62 appealing for someone who needs the income, has stopped working, wants to use Social Security while preserving other savings, or has other personal reasons for starting benefits earlier.

Keep in mind that claiming Social Security and retiring from work are separate decisions. You can continue working after claiming Social Security, although working before Full Retirement Age can affect your benefits if your earnings exceed the annual limit.

We'll look at working and collecting Social Security in more detail later in this series.

What Is Full Retirement Age?

Your Full Retirement Age, often called FRA, is the age at which you qualify for 100% of your calculated retirement benefit.

Your Full Retirement Age depends on your year of birth.

Year of Birth	Full Retirement Age
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

For someone born in 1960 or later, for example, waiting until age 67 provides 100% of their calculated retirement benefit.

Your Full Retirement Age matters because it gives you a useful reference point when comparing different claiming ages.

If you claim before it, your benefit is reduced.

If you claim at it, you receive your full retirement benefit.

If you wait beyond it, your benefit increases until you reach age 70.

What Happens If You Wait Past Full Retirement Age?

Once you reach Full Retirement Age, you can continue delaying your Social Security retirement benefits.

For people born in 1943 or later, delayed retirement credits increase the benefit by about 8% for each full year you delay after Full Retirement Age, up to age 70. There is no additional increase for waiting beyond age 70.

For someone born in 1960 or later, whose Full Retirement Age is 67, the difference looks like this:

Claiming Age	Percentage of Full Retirement Benefit
62	70%
67	100%
68	108%
69	116%
70	124%

These percentages are based on the Social Security rules for someone born in 1960 or later. Your percentages can be different if you were born earlier.

For example, if your Full Retirement Age benefit were $2,000 per month, claiming at 62 could reduce that to approximately $1,400 per month. Waiting until 70 could increase it to approximately $2,480 per month.

That larger monthly benefit can become especially important if Social Security will make up a significant portion of your retirement income.

What Should You Consider Before Claiming?

The age you choose should fit the financial realities of your retirement.

Start by looking at how much income you actually need each month. Add your expected Social Security benefit to other income sources such as a paycheck, pension, retirement account withdrawals, or other income.

Then look at how your expenses will change once you retire.

For example, someone who has a mortgage, car payment, medical expenses, and other monthly bills may need more retirement income than someone who has already paid off their major debts.

Your health and expected longevity can also be part of the conversation. Someone who expects to rely on Social Security for many years may place more importance on the larger monthly benefit available from delaying. Someone who needs income sooner may have different priorities.

Your spouse can also be part of the decision. Social Security has separate rules for spousal and survivor benefits, so the age at which one spouse claims can affect the household's overall Social Security income.

Taxes can matter as well. Depending on your total income, some of your Social Security benefits may be subject to federal income tax.

The goal is to look at the entire retirement picture rather than focusing only on the age at which you can first claim.

Don't Forget About Medicare

Social Security and Medicare are closely connected, but they have different enrollment rules.

You can delay Social Security past age 65 while still needing to enroll in Medicare at the appropriate time. The Social Security Administration specifically warns people who delay retirement benefits to pay attention to Medicare enrollment because delaying Medicare Part B or Part D without qualifying coverage can result in higher costs.

This is an easy detail to overlook if you're focused primarily on when to start Social Security.

If you plan to keep working after 65 and have health coverage through an employer, Medicare enrollment rules can depend on the size of the employer and the type of coverage you have. Your Medicare decision deserves its own review before you reach 65.

How to Start Comparing Your Options

Before you apply, look at your estimated Social Security benefits at different claiming ages.

Your personal estimate is much more useful than using a general example because your benefit is based on your own earnings history and claiming age.

You can create or access your personal account through the Social Security Administration to review your earnings record and estimated retirement benefits.

You can then compare what your estimated monthly benefit would look like at 62, your Full Retirement Age, and 70.

For example:

Claiming Age	Estimated Monthly Benefit
62	$1,400
67	$2,000
70	$2,480

Your actual numbers will depend on your earnings history and birth year.

Looking at the numbers side by side can make the decision much easier to understand. You can see exactly what you would receive by claiming earlier and how much additional monthly income could be available by waiting.

Final Thoughts

Starting Social Security at 62 gives you access to income sooner. Waiting until Full Retirement Age provides your full retirement benefit. Waiting beyond Full Retirement Age can increase your monthly benefit until age 70.

The important part is understanding what each option means for your particular retirement income before you file.

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Up Next: Age 62 is the earliest age you can start Social Security retirement benefits, which makes it an important option to understand. The decision can give you access to income sooner, while also permanently reducing your monthly benefit compared with waiting until Full Retirement Age.

In the next article, we'll take a closer look at what claiming at 62 actually means for your benefit, your income, and other parts of your retirement planning.

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