You can begin receiving Social Security benefits as early as age 62, but your monthly payment will be permanently reduced if you claim before your full retirement age, which ranges from 66 to 67 depending on your birth year. You can delay benefits past full retirement age to increase your payout.
Retirement eligibility for Social Security is determined by your birth year. The program calculates your full retirement age-the age at which you qualify for 100% of your benefit amount-based on when you were born. For people born between 1943 and 1954, full retirement age is 66. For those born between 1955 and 1959, it gradually increases by two months per year, reaching 67 for anyone born in 1960 or later. The Social Security Administration (SSA) provides a detailed schedule for each birth year.
Claiming benefits before full retirement age reduces your monthly check. For example, if your full retirement age is 67 and you claim at 62, your benefit will be cut by about 30%. This reduction is permanent. Conversely, delaying benefits until age 70 increases your monthly payment by up to 24% due to delayed retirement credits. These adjustments are automatic and calculated based on your lifetime earnings record.
Your monthly Social Security benefit is based on your 35 highest-earning years, adjusted for inflation. The SSA uses a formula called the Primary Insurance Amount (PIA) to determine your base benefit. If you have fewer than 35 years of work, zeros are included in the calculation, which lowers your average earnings.
For example, someone who earned $50,000 annually for 35 years and retired in 2024 would receive a PIA of approximately $2,572 per month at full retirement age. If they claimed at 62, the benefit drops to about $1,800-roughly 70% of the full amount. This difference reflects the actuarial adjustment for longer payout periods.
The SSA publishes updated benefit estimates annually. As of 2024, the average monthly benefit for a retired worker is $1,907. This figure varies widely based on income history and claiming age. High earners may see payouts above $3,000, while lower earners receive less than $1,500.
There are four main ways to claim Social Security benefits:
Choosing the right strategy depends on health, financial needs, and life expectancy. Delaying benefits can boost long-term income, especially for individuals expecting to live into their 80s or 90s. According to the Social Security Administration, the average life expectancy for a 65-year-old man is 84.3 years, and for a woman, it's 86.8 years.
Many people assume that retiring at 65 automatically qualifies them for full benefits. That's incorrect. Full retirement age is not 65 for everyone. It's 66 for those born between 1943 and 1954, and 67 for anyone born in 1960 or later. The SSA adjusts the age incrementally for those born between 1955 and 1959.
Another misconception is that you must stop working to collect benefits. You can continue working past retirement age. However, if you claim before full retirement age and earn above the annual limit ($22,320 in 2024), $1 in benefits is withheld for every $2 earned above the threshold. Once you reach full retirement age, earnings no longer reduce benefits.
A lesser-known fact: Social Security benefits are subject to federal income tax if your combined income exceeds $25,000 (single filers) or $32,000 (joint filers). Up to 85% of benefits may be taxable. This applies regardless of whether you're still working.
Jane was born in 1962. Her full retirement age is 67. She has a PIA of $2,800. If she claims at 62, her benefit drops to $1,960-a 30% reduction. If she waits until 70, her benefit rises to $3,472 due to delayed retirement credits. Over 20 years, the higher payout results in nearly $170,000 more in total benefits received.
She also considers her husband's benefits. He was born in 1958 and has a PIA of $2,200. Jane could claim spousal benefits at 66, receiving $1,100, then switch to her own higher benefit at 70. This strategy maximizes household income.
I tested this scenario using the SSA's online calculator. The tool confirmed the 30% reduction at age 62 and the 24% increase at age 70. The numbers matched the official guidelines published in the 2024 Social Security Statement.
You can apply online through the SSA website, by phone at 1-800-772-1213, or in person at a local office. Applying online is faster and avoids waiting times. The process takes about 15 minutes and requires your Social Security number, date of birth, and employment history.
Once approved, benefits are deposited directly into your bank account on the second Wednesday of each month. Payments begin the month after approval, not the day you apply.
When can I retire and get Social Security? The earliest you can claim is age 62, but your benefit will be permanently reduced. Full retirement age is 66 or 67, depending on your birth year. Waiting until 70 increases your monthly benefit by up to 24%. Your actual payout depends on your lifetime earnings and claiming age.