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The age at which you can receive your full Social Security retirement benefit depends on your birth year. While most workers can start claiming retirement benefits at age 62, applying before reaching full retirement age means receiving a permanently reduced monthly benefit.
The Social Security Administration (SSA) gradually increased the full retirement age from 65 to 67. As a result, the age at which you qualify for your full retirement benefit varies depending on when you were born.
What is the full retirement age for Social Security?
Full retirement age is the age at which you become eligible to receive your full Social Security retirement benefit without an early-claiming reduction. According to the SSA, it ranges from 66 to 67 for people currently approaching retirement.
The full retirement age is determined by your year of birth:
- 1943 through 1954: Full retirement age is 66.
- 1955: Full retirement age is 66 and 2 months.
- 1956: Full retirement age is 66 and 4 months.
- 1957: Full retirement age is 66 and 6 months.
- 1958: Full retirement age is 66 and 8 months.
- 1959: Full retirement age is 66 and 10 months.
- 1960 or later: Full retirement age is 67.
The increase was introduced gradually under legislation passed in 1983 rather than changing the retirement age for everyone at the same time.
How much can Social Security benefits be reduced if you claim at 62?
Workers can generally begin receiving Social Security retirement benefits at age 62. However, claiming benefits before reaching full retirement age reduces the monthly payment.
The reduction depends on your full retirement age and how early you begin collecting benefits. The SSA provides the following examples:
- Full retirement age of 66: Claiming at 62 results in a reduction of up to 25%.
- Full retirement age of 67: Claiming at 62 results in a reduction of up to 30%.
For example, if your benefit at full retirement age would be $1,000 per month, claiming at 62 could reduce that amount to $750 if you were born between 1943 and 1954. For someone born in 1960 or later, the same $1,000 benefit would be reduced to $700.
The reduction for claiming early is generally permanent, meaning the monthly benefit does not return to the full amount when you reach full retirement age.
What happens if you wait to claim Social Security?
Waiting beyond full retirement age can increase your monthly Social Security benefit. The SSA allows eligible workers to earn delayed retirement credits until age 70.
There is no single claiming age that works for everyone. Your decision can depend on factors such as your financial situation, how long you expect to work, and when you need the income.
The SSA also points out that Social Security and Medicare have separate enrollment rules. If you delay Social Security benefits beyond age 65, you may still need to take action regarding Medicare to avoid potential penalties or higher costs.