When to start receiving benefits? An Age-by-Age Guide

Oct 18, 2025 3 min read •

Retirement Social Security Financial Planning

According to the Social Security Administration, your full retirement age depends on your birth year, but you can begin collecting benefits as early as age 62. The decision of when to start receiving benefits is one of the most critical you'll make for your financial future, and the timing significantly impacts your lifetime income.

Quick Summary

This guide breaks down the financial implications of claiming Social Security benefits at different ages, from 62 up to 70. It covers how early or delayed claiming affects your monthly payment, strategies for couples, and important factors like health, life expectancy, and other income sources.

Key Points

Age 62 offers earliest access: You can start receiving Social Security benefits at age 62, but your monthly payment will be permanently reduced by as much as 30%.
Full Retirement Age provides 100% benefits: Your Full Retirement Age (FRA) is when you can receive 100% of your benefits; for those born in 1960 or later, this is 67.
Delaying until 70 maximizes payments: By waiting until age 70, you earn delayed retirement credits that increase your monthly benefit by 8% per year beyond your FRA.
Health and longevity are key factors: A shorter life expectancy might favor an earlier claim, while excellent health and family history of longevity make delaying more financially advantageous.
Working while claiming can affect benefits: If you collect benefits before your FRA and earn above a certain limit, your benefits will be temporarily reduced.
Spousal benefits can influence strategy: Married couples can coordinate their claiming strategies to maximize their combined lifetime income, especially if there's a significant difference in earnings.
Survivor benefits increase with delay: A higher-earning spouse delaying their claim will result in a larger potential survivor benefit for their spouse.
Assess all retirement assets: The decision of when to claim should be made in conjunction with your full financial picture, including other savings and pension plans.

Your Social Security Claiming Age: A Key Financial Decision

Your Social Security claiming age is a personal and impactful decision. You can start receiving benefits as early as age 62, but waiting longer can significantly increase your monthly payment for the rest of your life. Your financial needs, health, life expectancy, and marital status all influence the ideal time to start.

The Earliest Age to Claim: Age 62

Claiming Social Security at age 62 results in a permanent reduction in your monthly payment. For those born in 1960 or later, this reduction is 30% compared to the full retirement age benefit. Claiming early may be suitable if you require immediate income due to job loss, health issues, or simply need the cash flow. It can also be a consideration if you have a shorter life expectancy or are the lower-earning spouse in a couple, allowing the higher-earning spouse to delay for a larger benefit.

Full Retirement Age: The Standard Benefit

Full retirement age (FRA) is when you receive 100% of your earned Social Security benefits. The FRA varies by birth year, with 67 being the FRA for those born in 1960 or later. Claiming at your FRA means you avoid early claiming penalties and receive an unreduced monthly income. This provides a predictable benefit without needing to wait until age 70.

Delayed Retirement: Maximizing Your Payout

Delaying your Social Security benefits past your full retirement age, up to age 70, is a way to boost your monthly income. You earn delayed retirement credits (DRCs) for each month you wait, increasing your benefit by 8% annually beyond your FRA until age 70. For someone with an FRA of 67, waiting until 70 results in a 24% higher monthly payment. This strategy is beneficial for those with a longer life expectancy, those who continue working, or higher-earning spouses aiming to maximize survivor benefits.

A Comparison of Claiming Ages


Feature	Claiming at 62 (Early)	Claiming at Full Retirement Age (FRA)	Claiming at 70 (Delayed)
Monthly Benefit	Permanently reduced (e.g., 30% for those with FRA of 67).	Receive 100% of your earned benefit.	Receive 124% of your FRA benefit (for those with FRA of 67).
Total Lifetime Payout	Could be lower if you live past your break-even age (typically late 70s to early 80s).	Higher total payout than claiming early if you have an average or longer life expectancy.	Often the highest total payout over a long retirement.
Cash Flow	Provides immediate income, potentially important if retiring sooner than planned.	Offers a stable, unreduced monthly income stream starting at FRA.	Requires using other retirement funds for income until age 70, allowing Social Security to grow.
Survivor Benefits	Results in a smaller survivor benefit for your spouse if you die first.	Provides a survivor benefit based on your full entitlement.	Maximizes the survivor benefit for your spouse.
Working & Earnings	Your benefits are temporarily reduced if you earn above a certain annual limit.	No earnings limit, so you can work and receive your full benefit without reduction.	Not applicable, as benefits have reached their maximum increase.

How Other Factors Influence Your Timing

Beyond age, several personal factors impact your claiming decision.

Health and Longevity: Consider your health history and family longevity. Poor health might favor an earlier claim, while a history of long life suggests delaying could be more beneficial. The SSA offers a life expectancy calculator.
Other Income Sources: Evaluate your overall retirement funds, including savings and pensions. Sufficient other income allows you to delay claiming and let Social Security grow.
Marital Status and Spousal Benefits: Married couples can strategize claiming to maximize combined benefits. One approach is for the lower earner to claim early while the higher earner delays. This can increase family income and the potential survivor benefit. Divorced individuals may also be eligible for benefits on an ex-spouse's record.
Financial Market Conditions: If your investments have recently declined, claiming Social Security early can help you avoid selling assets at a loss while markets recover.

Conclusion

Deciding when to start receiving benefits is a personal choice without a universal right answer. While delaying until 70 offers the highest monthly payment, early claiming provides necessary income for those with health concerns, immediate financial needs, or a desire for earlier retirement, despite the reduction. A thorough assessment of your health, life expectancy, marital status, and other assets is crucial to align your claiming decision with your overall financial strategy for a secure retirement.

Frequently Asked Questions

You can start receiving Social Security retirement benefits as early as age 62. However, your monthly benefit will be permanently reduced if you start before your full retirement age.

Full retirement age (FRA) is the age at which you are entitled to receive 100% of your Social Security benefits based on your earnings record. For anyone born in 1960 or later, the FRA is 67.

For each year you delay claiming beyond your full retirement age, up until age 70, your monthly benefit will increase by 8%. This can result in a monthly payment that is 24% higher than your FRA benefit for those with an FRA of 67.

There is no single 'better' option, as it depends on individual circumstances. Claiming early provides immediate income but a smaller monthly check, while delaying maximizes your monthly payment, which can be better for those with longer life expectancies or robust savings.

Yes, but if you are under your full retirement age, your benefits may be temporarily reduced if your earnings exceed a certain limit. Once you reach your FRA, there are no earnings limits.

Your decision can significantly affect your spouse's benefits. For married couples, delaying the higher earner's claim increases the potential survivor benefit for the spouse if the higher earner passes away first.

No, Social Security does not provide a lump-sum payment for delaying your benefits. If you delay claiming, you simply receive a higher monthly payment when you do start collecting.

You can get an estimate of your future Social Security benefits by creating a personal 'my Social Security' account on the official SSA website.

References

Medical Disclaimer

This content is for informational purposes only and should not replace professional medical advice. Always consult a qualified healthcare provider regarding personal health decisions.