In the United States, the minimum age to claim Social Security retirement benefits is 62 years old. At that point, eligible workers who have paid into the system for at least ten years can start receiving monthly checks. However, claiming benefits this early comes with a trade-off: your payments will be permanently reduced compared to what you’d receive if you waited.
Understanding Full Retirement Age (FRA)
While 62 is the earliest you can apply, the Full Retirement Age (FRA) is the age at which you’re entitled to receive 100% of your calculated benefits. This age depends on your year of birth. As outlined on Tododisca, for most people born in 1960 or later, the FRA is 67. Those born earlier may reach full benefits between age 65 and 66 and a few months.
If you file before your FRA, your monthly check will be reduced — up to 30% less if you claim at 62. On the other hand, delaying beyond your FRA can increase your benefit. The Social Security Administration (SSA) offers an 8% annual bonus for every year you wait past your full retirement age, up to age 70. That means someone who waits until 70 could receive around 24% more in monthly benefits than if they claimed at 67.
This strategy benefits those in good health with a longer life expectancy, as they’ll collect larger checks for a longer period of time.
There’s no one-size-fits-all answer
Choosing when to retire is deeply personal. Some workers might need to claim early due to health issues or lack of income, while others might prefer to wait for a higher payout. Those with additional savings or private pensions may find it easier to delay their claim. To help with the decision, the SSA provides online calculators that show how your benefits change based on your application age.
