At What Age Should You Collect Social Security?

Deciding when to start collecting Social Security is one of the most consequential financial choices you make in your 60s. Claim too early, and you lock in a smaller monthly benefit for life. Wait too long, and you lose income you might need to cover everyday expenses.

There’s no single “right” age to claim benefits. It depends on your health, employment prospects, caregiving responsibilities, savings and overall financial security. Here's what you need to know to make an informed decision.

Understanding the Social Security Benefits Timeline

You can begin collecting Social Security retirement benefits as early as age 62 or wait until later (up to age 70) to start receiving payments.1 The age at which you begin claiming benefits directly affects the size of your monthly benefit, and once you begin claiming, that benefit amount is generally locked in for life, aside from the annual cost-of-living adjustments (COLA).2

Here’s how the timeline works:

• Age 62 (earliest eligibility). You can start claiming Social Security as early as 62, but your monthly payment will be lower because you’ll theoretically receive payments for a longer period.
  
  
• Full retirement age (FRA). FRA is when you’re entitled to 100% of your benefit based on lifetime earnings. Your FRA depends on your birth year and ranges from 66 to 67.1
  
  
• After FRA, up to age 70. Delaying benefits beyond FRA increases your monthly payment by 8% per year until age 70.3 There’s no benefit to waiting beyond 70.
  
  
• Any age in between. You’re not limited to these milestone ages. Benefits adjust based on your start date. They’ll be lower if you claim before FRA or higher if you claim afterward.

Claiming Social Security Early

Claiming Social Security before you reach your FRA can provide much-needed income, but it comes with a trade-off in the form of reduced benefits.

The Social Security Administration (SSA) applies a reduction to account for the longer period over which it expects to provide benefits.

Claiming at age 62 reduces your benefit by 25% to 30%, depending on your FRA.1 That reduction is permanent. Your benefit generally won't increase later on, unless your benefits had been reduced because you continued working when you first started collecting Social Security.4

When claiming early makes sense

Claiming early can make sense in certain circumstances, despite the reduction. Some common reasons include:

• Job loss or limited employment options. Older workers who are laid off or face age-related hiring barriers may rely on Social Security to replace income when they have difficulty finding new work.
  
  
• Health concerns or shorter life expectancy. If you have a serious medical condition or a family history suggesting a shorter lifespan, claiming earlier may allow you to receive benefits when you’re most able to use them.
  
  
• Caregiving responsibilities. Some people step away from paid work to care for a spouse, parent, or other family member. Early retirement benefits can help offset lost wages.

Claiming Social Security at Full Retirement Age

Claiming Social Security benefits at full retirement age is the middle ground between claiming early and waiting until age 70. At this point, you receive your full, unreduced benefits without the permanent cuts that come from claiming them early.

You’re also no longer subject to the earnings test, meaning you can work and earn unlimited income without reducing your Social Security benefit.5

Your FRA depends on your year of birth:1

• Born 1943-1954: 66
  
  
• Born 1955-1959: FRA increases gradually from 66 and 2 months to 66 and 10 months
  
  
• Born 1960 or later: 67

When claiming at FRA makes sense

Claiming at full retirement age may be the right choice if:

• You need income but want to avoid early claiming penalties. You can start benefits without permanently reducing your monthly payment.
  
  
• You plan to continue working. Once you reach FRA, your benefits aren’t reduced if you earn wages or self-employment income.
  
  
• You have average or uncertain life expectancy. You can receive benefits now without betting heavily on living long enough to justify delaying until 70.

Delaying Social Security Until Age 70

If you can afford to wait, delaying Social Security retirement benefits offers the highest guaranteed payment, and that higher amount lasts the rest of your life.6

Once you reach FRA, the SSA awards delayed retirement credits for each month you postpone claiming, up to age 70.7 These credits increase your benefit by approximately 8% per year. And because COLA increases are applied to your benefit once you begin collecting, starting with a higher base results in larger dollar increases over time.

When waiting until age 70 makes sense

Waiting until age 70 isn’t right for everyone, but it can make sense in some situations.

Delaying benefits can pay off for people who live a long life after retiring.

To illustrate, say your benefit at FRA is $2,500 per month. But if you wait until 70, your benefit would be $3,100 per month.

By age 70, if you claimed at FRA, you would have collected about $90,000 (36 months x $2,500). If you delay until 70, you've collected no benefits, but your monthly benefit is $600 higher.

To make up that $90,000 gap at an extra $600 per month takes about 150 months, or 12.5 years. So, if you live beyond age 82.5, delaying until 70 results in more total lifetime benefits.

You can estimate your break-even point by calculating your estimated benefits at FRA versus delaying until age 70 using a Social Security Benefits Estimator.8

Other reasons you might delay benefits include:

• You’re still working or have other income. If wages, pensions, or investment income cover your expenses, delaying Social Security is a strategic way to increase future guaranteed income.
  
  
• You want protection against longevity risk. Social Security is one of the few guaranteed income sources that is adjusted for inflation. A larger benefit serves as insurance against rising costs later in retirement.
  
  
• You're part of a married couple planning jointly. Higher-earning spouses may delay benefits to increase potential survivor benefits, which are based on the deceased spouse’s benefit amount.9

Choosing the right time to claim

The decision on when to claim Social Security retirement benefits is permanent, and it affects your income for decades. So, it’s worth running the numbers before you decide.