When Can I Start Collecting Social Security Benefits?

Understanding Eligibility at Age 62, Full Retirement Age, and Age 70

Social Security retirement benefits are a major part of most Americans’ financial plans. Yet one of the biggest questions people face is when to start collecting. You can start as early as age 62, wait until full retirement age (FRA), or delay benefits until age 70. Each choice affects how much you receive for the rest of your life.

This article breaks down what those ages mean, how they influence your monthly payout, and factors to consider when deciding the best time to file.

The Basics: How Social Security Timing Works

Your Social Security benefit amount is determined primarily by:

1. Your work history — specifically your highest 35 years of earnings.

2. Your full retirement age — the age at which you can claim 100% of your earned benefit.

3. When you choose to start benefits — earlier or later than FRA, which permanently reduces or increases the amount.

The Social Security Administration designed the system so that, on average, people receive roughly the same lifetime benefits regardless of when they start. But your lifetime outcome depends heavily on your earnings, health, and longevity.

Age 62: The Earliest You Can Start Collecting

Age 62 is the earliest point at which you can claim Social Security retirement benefits. This option appeals to many people, especially those retiring early or needing income sooner rather than later.

How much will your benefits be reduced?

Claiming at 62 permanently reduces your benefit amount. The reduction depends on your full retirement age:

• If your FRA is 67 (typical for people born in 1960 or later):

  • Claiming at 62 reduces benefits by about 30%.

• If your FRA is 66 (those born 1943–1954):

  • Claiming at 62 reduces benefits by about 25%.

This reduction lasts for life.

Pros of claiming at 62

• You get money sooner.

• Helpful if you retire early or lose your job before FRA.

• Allows you to use Social Security to preserve other retirement assets.

• Beneficial if you expect a shorter-than-average lifespan.

Cons of claiming at 62

• Permanent benefit reduction.

• Lower spousal or survivor benefits for your partner.

• You might pay income taxes on benefits if you continue working.

• If you’re still employed, the earnings test may reduce your monthly checks until FRA.

Who generally benefits from choosing age 62?

• Individuals in poor health or with lower life expectancy.

• People needing income immediately with no other resources.

• Workers who are unemployed or underemployed late in life.

Full Retirement Age (FRA): The Age for 100% Benefits

Your full retirement age is the age at which you receive your full, unreduced Social Security benefit. The FRA is determined by your birth year:

(These ages are fixed unless changes are made by future legislation.)

Why claiming at FRA matters

At FRA, you get:

• 100% of your earned benefit amount.

• No reduction for early claiming.

• No earnings test — you can work without having benefits withheld.

• A baseline for calculating spousal and survivor benefits.

Pros of claiming at FRA

• You receive your full benefit amount.

• Flexibility to work with no benefit reductions.

• Larger survivor benefits for your spouse.

• A good middle ground between early access and higher monthly payments.

Cons of claiming at FRA

• You forego the opportunity for higher delayed retirement credits by waiting to 70.

• You receive fewer total years of benefits compared to early filers (if you live a shorter life).

Who benefits from choosing FRA?

• People who want full benefits but don’t want to delay until 70.

• Those still working and earning income above Social Security’s annual earnings limit.

• Individuals unsure of their longevity but comfortable waiting until their mid-60s.

Age 70: The Maximum Benefit Age

While you can start at 62 and take full benefits at FRA, delaying after FRA boosts your monthly payment. You earn Delayed Retirement Credits, increasing your benefits by roughly 8% per year from FRA until age 70.

After age 70, there is no further increase—there’s no reason to wait past 70.

How much more do you get at 70?

If your FRA is 67:

• Starting at 70 gives you 24% more than at FRA

• Starting at 70 gives you about 77% more than starting at age 62

If your FRA is 66:

• Waiting until 70 gives you 32% more than at FRA

• Waiting until 70 gives you about 76% more than at age 62

These increases last your entire life and also boost spousal and survivor benefits.

Pros of claiming at 70

• Highest possible monthly payment.

• Valuable if you expect to live a long life.

• Increases survivor benefits for a spouse.

• Provides a strong income hedge against inflation (benefits also receive annual cost-of-living adjustments).

Cons of claiming at 70

• You must wait longest to start receiving income.

• May require drawing more heavily on savings in your 60s.

• May not be beneficial if you have serious health issues or lower life expectancy.

Who benefits from choosing age 70?

• Individuals in good health expecting to live into their late 80s or 90s.

• High earners who want to maximize guaranteed lifetime income.

• Widows/widowers and couples who want to maximize survivor benefits.

• People who can comfortably delay drawing benefits.

Side-by-Side Comparison: 62 vs FRA vs 70

Monthly Benefit Comparison (Example)

If your full benefit at FRA is $2,000/month:

This example shows how waiting can significantly increase lifetime guaranteed income.

Key Considerations When Choosing Your Claiming Age

Choosing the best time to start Social Security is deeply personal. Here are the most important factors to evaluate.

1. Life Expectancy and Health

A major factor is how long you expect to live:

• If you expect a shorter life expectancy → early filing may make sense.

• If you expect a long life → delaying maximizes lifetime payout.

The break-even age—the point at which delayed benefits catch up to early benefits—is typically between 78 and 82.

2. Employment Status

If you're working:

• Before FRA: Benefits may be reduced by the earnings test.

• At or after FRA: You can work without benefit reductions.

If you enjoy your work or need the income, waiting could pay off.

3. Financial Needs

Do you need money at 62 to:

• Cover living expenses?

• Pay for healthcare before Medicare eligibility at 65?

• Reduce withdrawals from retirement savings?

Your cash-flow needs may determine your filing strategy.

4. Spousal and Survivor Benefits

Social Security isn’t just an individual benefit—it can also support your spouse.

• Your claiming age affects the survivor benefit your spouse might receive.

• Higher earners in a couple often delay to 70 to maximize household benefits.

• Couples may stagger claiming ages (e.g., one at 62, the other at 70).

5. Other Income Sources

Consider how Social Security fits into your overall retirement plan:

• Pensions

• IRAs or 401(k)s

• Rental income

• Investment withdrawals

Sometimes delaying Social Security lets your investments grow or reduces required withdrawals later.

6. Taxes

Social Security benefits may be taxable, depending on your total income.

Starting benefits while still earning a paycheck could increase your tax burden.

Strategies to Help You Decide

Here are common approaches people take:

Strategy 1: Take at 62 if you need the income

Best for those retiring early, in poor health, or who lack other financial resources.

Strategy 2: Claim at FRA for a balanced approach

Provides full benefits with no delay and no earnings test for workers.

Strategy 3: Delay to 70 to maximize guaranteed income

Best for healthy individuals, high earners, and survivor benefit planning.

Strategy 4: Mixed household strategy

One spouse files early to bring in income while the higher earner delays to 70.

Strategy 5: Bridge strategy

Use other savings in your 60s while delaying Social Security for higher lifetime benefits.

Mistakes to Avoid

1. Claiming early without considering long-term effect
   Many people underestimate the permanent reduction.

2. Ignoring spousal benefits
   Your decision affects household income.

3. Assuming delaying is always better
   It's only better if your health and finances support it.

4. Claiming at 62 while still earning high income
   The earnings test could reduce your benefits.

5. Not reevaluating as circumstances change
   Retirement plans aren’t static—review your plan yearly.

Conclusion: What’s the Best Age to Claim Social Security?

There is no one-size-fits-all answer. The best age to start collecting Social Security depends on your:

• Health and life expectancy

• Employment plans

• Financial needs

• Marital status

• Retirement savings

• Desire to maximize lifetime or monthly income

Age 62 gives you early access but reduces benefits.
Full Retirement Age gives you your full benefit without waiting.
Age 70 offers the highest monthly payout and can be a powerful tool for long-term financial security.

Understanding how these ages affect your benefits allows you to make a confident, informed decision that supports your retirement goals.