The Earliest Possible Time to Start
For most people, the earliest you can begin receiving Social Security retirement benefits is the first full month you are 62. You can apply for benefits up to four months before you want them to begin. For example, if your 62nd birthday is in June, your first eligible month for benefits would be July, and you could apply as early as March.
The Birthday Exception for Early Filing
The Social Security Administration (SSA) has a special rule for individuals born on the first or second day of a month. For these cases, your first month of eligibility is the month of your 62nd birthday, not the following month. This is because the SSA considers your age to have advanced in the month prior to your birth month. For example, if you were born on October 2, your first month of eligibility is October, and you could begin your application process four months earlier, in June.
The Financial Impact of Early Collection
Starting your benefits at age 62 is the earliest possible option, but it is important to understand the consequences. By filing before your full retirement age (FRA), which is 67 for anyone born in 1960 or later, your monthly benefit will be permanently reduced. The reduction for starting at 62 for those with an FRA of 67 is 30%. This significant decrease is a critical factor for anyone considering an early retirement. The reduction is based on the number of months you receive benefits before your FRA. For example, the first 36 months of early claiming result in a 20% reduction, with an additional 10% reduction for the next 24 months.
Comparison of Benefits at Different Claiming Ages
To illustrate the impact of your claiming age, the following table compares the benefit percentage for someone with a full retirement age of 67. The percentages are based on your Primary Insurance Amount (PIA), which is your benefit at FRA.
| Age to Start Benefits | Benefit as Percentage of PIA* |
|---|---|
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | 86.7% |
| 66 | 93.3% |
| 67 (Full Retirement Age) | 100% |
| 70 | 124% (approximate, due to Delayed Retirement Credits) |
*Percentages are approximate and assume an FRA of 67. See the SSA for precise figures.
The Application Process
The process for applying for Social Security is straightforward and can be done online. You can begin the application up to four months before you want your benefits to start.
- Gather Information: Collect documents like your Social Security number, birth certificate, and bank account information for direct deposit. You may also need information on your work history.
- Apply Online: The SSA's website is the most convenient way to apply. You can also apply in person at a local office or by phone.
- Choose a Start Date: During the application, you will select the month you wish your benefits to begin. Your first payment will then be issued in the following month, with subsequent payments continuing on a monthly schedule.
How Your Benefits are Calculated
Your benefit amount is not based solely on your age. The SSA calculates your Primary Insurance Amount (PIA) using your average indexed monthly earnings (AIME) over your highest-earning 35 years. If you have fewer than 35 years of work, the zero-earning years will reduce your overall average, impacting your benefit amount.
Working While Collecting Early Benefits
If you plan to work while receiving early benefits, you must be aware of the SSA's earnings limits. If you earn over a specific limit (which changes annually), your benefits will be reduced until you reach your FRA. For every $2 you earn over the limit, $1 is deducted from your benefits. Once you reach your FRA, these deductions stop, and the SSA recalculates your benefit amount to give you credit for the withheld benefits.
Conclusion: Making the Right Choice
Deciding how soon after turning 62 can I collect Social Security is a highly personal choice with significant financial implications. The decision should not be taken lightly. While collecting at the earliest age provides immediate income, it comes with a permanently reduced monthly benefit. For a secure financial future, consider a thorough financial assessment of your projected income and expenses before making a final decision. You can use the tools available on the official Social Security website for assistance. You can find more information directly from the source on the Social Security Administration website.
