The age you begin receiving Social Security retirement benefits directly impacts the amount of your monthly payment. Claiming earlier than your full retirement age will result in a permanently reduced benefit, while delaying past your full retirement age can increase it.
Social Security retirement benefits can be claimed as early as age 62, but doing so will reduce your monthly payment. Your full retirement age, which depends on your birth year, is the age at which you can receive your full unreduced benefit. Waiting to claim benefits beyond your full retirement age, up to age 70, earns delayed retirement credits that increase your monthly payment.
This information provides general guidance on Social Security claiming ages and their impact on benefits; individual circumstances may vary.
What factors should I consider when deciding when to claim Social Security?
Key factors include your current age and health, your expected lifespan, your need for income, your marital status, and whether you plan to continue working. Your spouse's benefits may also be affected by your claiming decision.