Can a 64-Year-Old Get Social Security? The Eligibility Basics
The Social Security Administration allows individuals to begin collecting retirement benefits as early as age 62. For those who are 64 years old, this means they have been eligible to claim for two years already. However, claiming at 64 is still considered an "early retirement" claim for anyone born in 1960 or later, as the full retirement age (FRA) for this group is 67. The decision to start receiving benefits at 64 involves a trade-off: you gain access to income sooner, but you accept a permanently lower monthly payment. The length of this reduction is based on the number of months between your claiming date and your FRA.
For those born in 1960 or later, claiming at 64 would mean taking benefits 36 months before the full retirement age of 67. The Social Security Administration calculates this reduction using a formula that permanently lowers the monthly benefit. For the first 36 months before FRA, the benefit is reduced by five-ninths of 1% for each month. This means if your FRA is 67 and you claim at 64, your benefit will be reduced by approximately 20%. This reduction applies for the rest of your life, though it will be adjusted for inflation via cost-of-living adjustments (COLAs).
Factors to Consider Before Claiming at 64
While the prospect of receiving income earlier is attractive, it's crucial to weigh several factors. A 64-year-old considering Social Security should evaluate their personal circumstances and financial goals before making a decision with lifelong consequences.
Life Expectancy and Break-Even Analysis
One of the most critical factors is your life expectancy. Financial planners often discuss a "break-even point," which is the age at which the cumulative value of waiting for a larger benefit surpasses the total amount received from starting early. If you expect to have a longer-than-average lifespan, delaying your benefits may provide a higher total payout over your lifetime. Conversely, if you have health issues that suggest a shorter life expectancy, claiming benefits sooner might be the more financially advantageous choice. The SSA offers a Life Expectancy Calculator to provide a rough estimate, but it should not be the only consideration.
Impact on Spousal and Survivor Benefits
Your claiming decision affects more than just your own finances. If you are married, your choice can impact your spouse's benefits, especially if you are the higher earner. The maximum spousal benefit is 50% of the primary earner's benefit at their full retirement age. If you claim early and reduce your benefit, this can decrease the spousal benefit your partner may receive. Moreover, it impacts the survivor benefit your spouse would receive should you pass away first. For a higher-earning spouse, delaying benefits can significantly increase the survivor benefit for the lower-earning partner, providing crucial financial security.
Medicare Coverage and Healthcare Costs
A common mistake for early retirees is overlooking the healthcare gap. Medicare eligibility doesn't begin until age 65. If you stop working and claim Social Security at 64, you will need to secure private health insurance to cover the year until Medicare starts. This can be done through a spouse's employer plan, COBRA, or an Affordable Care Act (ACA) marketplace plan. The cost of this coverage is a significant financial consideration that must be factored into your early retirement budget.
Continued Employment and the Earnings Test
If you plan to continue working while claiming Social Security before your full retirement age, you are subject to the annual earnings limit. If your income exceeds this limit (e.g., $23,400 in 2025), the SSA will temporarily withhold part of your benefit. Once you reach your full retirement age, this limit no longer applies, and the SSA will recalculate your benefit to account for any withheld amounts, leading to a higher monthly payment going forward. However, this temporary withholding can significantly impact your cash flow in the years leading up to your FRA.
Comparison: Claiming at 64 vs. Other Ages
To put the decision in perspective, here is a comparison of claiming at 64 versus waiting for full retirement age (67) or delaying further to age 70. This example uses a hypothetical $2,000 monthly benefit at FRA for someone born in 1960 or later.
| Claiming Age | Benefit Calculation at FRA | Monthly Benefit at Claiming | Cumulative Benefit Reduction | Potential Increase Over FRA | Key Considerations |
|---|---|---|---|---|---|
| 64 | $2,000 (36 months early) | ~$1,600 | ~20% permanent reduction | N/A | Accesses income sooner, fills immediate cash needs. Must plan for health coverage until Medicare. |
| 67 (Full Retirement Age) | $2,000 (100% of benefit) | $2,000 | N/A | N/A | Receives full benefits based on earnings history. No earnings test penalty. Provides higher spousal benefit baseline. |
| 70 | $2,000 + 24% (delayed credits) | $2,480 | N/A | +24% permanent increase | Maximizes monthly payment for the rest of your life. Can serve as a longevity insurance policy. |
The Application Process
For those who decide that claiming Social Security at 64 is the right choice, the application process is straightforward. You can apply for your benefits up to four months before you want payments to start. The easiest and most convenient way to apply is online at the SSA website. Alternatively, you can call the national toll-free number or visit a local Social Security office to apply.
Before you apply, it is highly recommended to create a personal my Social Security account online. This allows you to view your Social Security Statement, which provides personalized estimates of your potential benefit amounts at different claiming ages, based on your actual earnings record.
Conclusion: Your Personal Circumstances are Key
A 64-year-old can indeed get Social Security benefits, but it is not a one-size-fits-all decision. Claiming at 64 provides an immediate income stream but at the cost of a permanently reduced monthly benefit. For some, this trade-off is necessary due to health, job loss, or a desire for earlier retirement freedom. For others, the long-term financial security and larger potential survivor benefits that come with waiting are more valuable. The best strategy depends on your individual health, financial resources, employment status, and overall retirement goals. Carefully consider the permanent reduction, the need for interim health insurance, and the impact on potential spousal benefits before deciding what is right for you. Consulting a financial advisor can provide valuable guidance tailored to your specific situation.
