As you plan for retirement, it’s common to have questions about when to start Social Security. Claiming benefits early means smaller monthly payments for the rest of your life because you’ll receive them over a longer period.
Rather than focusing only on when you’re allowed to claim, it helps to choose a timing that fits your personal situation.
Know Your Full Retirement Age
A good place to start is your full retirement age. This is the age when you can receive your full Social Security benefit.
You can choose to delay claiming beyond that age. The longer you wait, the higher your monthly payment will be, up to age 70. After age 70, payments no longer increase.
Here's the breakdown for each year of birth, according to the Social Security Administration:1
| Year of Birth | Full Retirement Age |
|---|---|
| 1943–54 | 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 and later | 67 |
A general rule of thumb is that, for each year you claim your Social Security benefits before full retirement age, your monthly payments are reduced by about 8%. And for each year you delay until age 70, your monthly payments increase by about 8%.
According to Social Security, each month before full retirement age that you begin claiming Social Security benefits, the amount is reduced by 5/9 of 1% up to 36 months.1 Beyond 36 months early, you would further reduce your monthly payments by an additional 5/12 of 1% per month.
The Cost of Claiming Social Security Benefits Early
Claiming early leads to a permanent reduction in your monthly benefit.
For example, if your full benefit is $1,000 at age 66 and 8 months:
- Claiming at age 62 would reduce your monthly payment to about $716.
- This lower amount does not increase once you reach full retirement age.
If you wait until age 70 instead, your monthly benefit would increase to about $1,266.
To estimate your own benefit amounts at different ages, you can create a my Social Security account and review your earnings-based projections.2
How Your Full Retirement Age Affects Your Additional Wages
If you plan to work while receiving Social Security, your full retirement age plays an important role.
Before reaching full retirement age:
- There is a limit on how much you can earn without reducing your benefits.
- In 2026, that limit is $24,480.3
If you earn more than that and are collecting Social Security before your full retirement age, the government deducts $1 from your benefit payments for every $2 you earn above the annual limit
In the year you reach full retirement age:
- A higher earnings limit applies, which is $65,160 in 2026.
- $1 is deducted for every $3 earned above that higher limit.
Once you reach full retirement age:
- There is no earnings limit.
- Your benefits are no longer reduced based on income.
- Your benefit may be recalculated to account for earlier reductions.
How to Decide When You Should Start Claiming Social Security Benefits
The right time to claim depends on your personal situation. Key factors to think about include:
- Health: If your health is poor, claiming earlier may make sense
- Longevity expectations: Living longer means more total payments over time
- Savings: Having enough savings may allow you to delay benefits
- Work plans: Continuing to work can affect both timing and benefit amounts
The Bottom Line
Choosing when to claim Social Security can affect your income for the rest of your life. Reviewing your options with a financial professional can help you weigh your choices and make a decision that fits your needs.
Sources
- Starting Your Retirement Benefits Early. https://www.ssa.gov/benefits/retirement/planner/agereduction.html.
- My Social Security. https://www.ssa.gov/myaccount/.
- Receiving Benefits While Working. https://www.ssa.gov/benefits/retirement/planner/whileworking.html.
