Deciding when to start Social Security is one of the biggest money choices most people make in retirement. You can claim retirement benefits at any age from 62 to 70, and the age you choose sets the size of your monthly check for the rest of your life. Annual cost-of-living increases are then added on top of that amount.
There is no single right answer. The best age for you depends on your health, your savings, whether you are still working and whether you are married. This guide explains how the numbers work so you can weigh them.
Your full retirement age
Your full retirement age is the age at which you receive 100% of your benefit, called your primary insurance amount. It depends on the year you were born:
| Year of birth | Full retirement age |
|---|---|
| 1943 to 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 |
If you were born on January 1, Social Security uses the previous year to set your full retirement age.
Claiming early, at 62
Starting at 62 gives you more checks, but each check is smaller. With a full retirement age of 67, claiming at 62 cuts your monthly benefit by 30%. The reduction is permanent; it does not go away when you reach full retirement age.
Claiming early can make sense if you need the income now, if you have health conditions that may shorten your life expectancy, or if you have little other savings to live on. If you keep working before full retirement age, the earnings test may hold back some benefits. Read our guide to working while collecting Social Security for details.
Claiming at full retirement age
At full retirement age you receive your full benefit, and the earnings test no longer applies. You can work as much as you like without benefits being withheld.
Waiting until 70
For each year you wait past full retirement age, Social Security adds delayed retirement credits of 8% a year, calculated monthly. If your full retirement age is 67 and you wait until 70, your monthly benefit is 24% higher than at full retirement age. Credits stop at 70, so there is no benefit to waiting longer.
Waiting can make sense if you are healthy, can live on work income or savings for a few years, and want a larger check that also raises any survivor benefit a spouse could receive.
An example with real numbers
Imagine a person born in 1961 whose full benefit at 67 is $2,000 a month:
- Claiming at 62: about $1,400 a month (70% of the full amount).
- Claiming at 67: $2,000 a month.
- Claiming at 70: about $2,480 a month (124% of the full amount).
Over a long retirement the larger check can add up to more in total, but it takes years to catch up with the payments you would have received by starting earlier. People often call the age where the totals even out the "break-even" age. For many people it falls somewhere around their late 70s or early 80s, depending on the ages being compared.
Questions to ask yourself
- How is my health, and how long did my parents live? Longer life expectancy favors waiting.
- Can I cover my expenses without benefits? Waiting only works if you are not drawing down savings too quickly or taking on debt.
- Am I still working? Earnings above the limit before full retirement age can temporarily reduce benefits.
- Am I married? If you are the higher earner, waiting can increase the survivor benefit your spouse may receive after your death.
- When will I have health coverage? Medicare starts at 65 regardless of when you claim Social Security. Read when to sign up for Medicare.
See your own estimates
Your Social Security statement shows your estimated monthly benefit at 62, at full retirement age and at 70, based on your actual earnings record. You can view it in your my Social Security account. Check that your earnings history is correct, because missing years can lower your benefit.
A free session with a trusted, fee-only financial planner, or the retirement calculators on Social Security's website, can help you compare options. Be wary of anyone who pushes you to claim at a certain age in order to sell you a product.
