Learn About Social Security Payment Starting Ages

Understanding When You Can Start Receiving Social Security Payments

Social Security retirement payments don't have a single starting age that works for everyone. Instead, the program offers a range of ages when you can begin collecting, and the age you choose affects how much money you'll receive each month for the rest of your life. This is one of the most important financial decisions many people face, yet it's often misunderstood.

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The Social Security Administration bases payment amounts on your work history and earnings record. The longer you wait to start payments, the larger your monthly check becomes. But waiting isn't always the right choice for everyone. Some people have health concerns, financial needs, or family situations that make starting payments earlier more practical. Others have strong family longevity patterns and can benefit significantly from waiting.

The three key ages to understand are: your earliest possible starting age (62 for most people), your "full retirement age" (which varies based on birth year, ranging from 65 to 67), and age 70 (the latest age when it typically makes sense to start). Between these markers are important thresholds where your monthly payment amount changes.

Understanding these ages isn't about making a perfect choice—it's about making an informed one. The decision involves weighing your health outlook, financial situation, family benefits, and personal goals. This guide walks you through how each starting age works and what you should consider.

Practical takeaway: Before diving deeper, write down your birth year and current age. You'll use these throughout your decision-making process to understand which starting ages are even relevant to your situation.

The Earliest Starting Age: 62 and How It Affects Your Payments

Age 62 is the earliest point when most people can begin receiving Social Security retirement payments. This option exists because the program recognizes that not everyone can or wants to work until traditional retirement age. However, starting at 62 comes with a significant trade-off: your monthly payment will be permanently reduced compared to what you'd receive if you waited.

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The reduction is substantial. If your full retirement age is 67 (which applies to people born between 1943 and 1954), starting at 62 means your monthly payment will be roughly 70% of what you'd get at age 67. For someone whose full retirement benefit would be $1,500 per month, starting at 62 could mean receiving around $1,050 instead. That gap continues every single month for the rest of your life.

The reduction percentage varies depending on when you were born because full retirement age itself has shifted over time. Those born in 1960 or later have a full retirement age of 67. Someone in that group starting at 62 would receive about 70% of their full retirement amount. People born earlier may have slightly different percentages, but the principle remains: starting early always reduces your monthly payment.

Why would someone choose this? The most straightforward reason is financial need. If you've lost your job, face medical expenses, or simply can't afford to keep working, starting Social Security at 62 may be necessary. Another reason is health: if you have a medical condition or family history suggesting a shorter lifespan, you might receive more total money by starting early and receiving payments for fewer years at a higher frequency rather than waiting and receiving more per month but for fewer years overall.

There's also a work-earnings test to understand. If you start payments at 62 but continue working, your payments will be reduced if your earnings exceed a certain amount (in 2024, that limit is $23,400). For every $2 you earn above that limit, $1 is temporarily withheld from your benefits. This changes once you reach full retirement age, at which point there's no longer a reduction regardless of how much you earn.

Practical takeaway: Use an online benefit calculator (available through ssa.gov) to see specific numbers based on your earnings history. Seeing the actual dollar difference between starting at 62 versus waiting can make this decision feel less abstract.

Full Retirement Age: The Program's Baseline and What It Means

Full retirement age is the age at which Social Security calculates your benefit amount at its standard, unreduced level. This is the baseline from which all other starting ages are measured. The government calls this your "Primary Insurance Amount," and it's the foundation of all your Social Security payment calculations.

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Your full retirement age depends entirely on your birth year. This wasn't always the case—decades ago, full retirement age was 65 for everyone. But Congress gradually increased it to address longer life expectancy and program solvency. Here's how it breaks down:

• Born 1943-1954: Full retirement age is 67
• Born 1955: Full retirement age is 66 and 2 months
• Born 1956: Full retirement age is 66 and 4 months
• Born 1957: Full retirement age is 66 and 6 months
• Born 1958: Full retirement age is 66 and 8 months
• Born 1959: Full retirement age is 66 and 10 months
• Born 1960 or later: Full retirement age is 67

Reaching full retirement age is significant for several reasons. First, if you haven't started payments yet, you can start any time after this age without any reduction to your benefit amount. Second, the earnings test disappears—you can work as much as you want and earn as much as you want without any impact on your payments. Third, if you started payments early (at 62), you can ask to suspend your benefits at full retirement age and let them grow, though there are rules and timing issues to consider.

Many people assume full retirement age is "the right age" to start Social Security, but that's not necessarily true. It's simply the baseline age. Starting before it means accepting a permanent reduction; starting after it means accepting delayed payments in exchange for a permanently larger monthly amount.

If you were born on January 1 of any year, Social Security counts you as born in the prior year for purposes of determining your full retirement age. This is a technical detail but can matter for people born right at the start of the year.

Practical takeaway: Once you know your birth year, look up your specific full retirement age using the official Social Security Administration reference. Write it down—it's a number you'll refer to repeatedly as you think through your options.

Delayed Starting and Maximum Payments at Age 70

If you wait to start Social Security after reaching full retirement age, your monthly payment continues to grow. This growth continues until age 70. After 70, there's no financial advantage to waiting any longer—your payment stops increasing. This makes 70 a natural endpoint in the decision-making process.

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The growth rate is significant: approximately 8% per year between your full retirement age and 70. For someone with a full retirement age of 67 and a full retirement benefit of $1,500, waiting until 70 means a monthly payment of roughly $1,980. That's a 32% increase over the full retirement age amount, and it's permanent—this larger amount becomes the basis for all future payments and any spousal or survivor benefits tied to your record.

Who benefits most from waiting until 70? People with strong health, family history of longevity, substantial other assets or income to live on, or those who simply prefer having the largest possible monthly payment later in life. The longer you live, the more this strategy pays off in total lifetime benefits. Actuarial data shows that waiting until 70 typically becomes advantageous if you live into your mid-80s.

Waiting until 70 also has implications for your spouse or former spouse. A current spouse may be able to receive a benefit based on your record, and that spousal benefit also increases if you delay. Similarly, if you pass away, survivor benefits paid to a widow, widower, or dependent children will be calculated based on your benefit amount at the time of your death, so a larger benefit at 70 means larger survivor benefits for your family.

There are tax considerations too. Social Security payments may be subject to federal income tax depending on your other income sources. If you delay and receive a larger payment later, you might cluster that larger income into fewer years (ages 70 onward), which could have different tax consequences than spreading a smaller benefit across more