When should I start Social Security?
Short answer
You can start at any age from 62 to 70. If you were born in 1960 or later, starting at 62 pays 30% less than at 67, and waiting until 70 pays 24% more. The choice lasts for life, and it also sets what a surviving spouse would get.
Your full retirement age
| Born in | Full retirement age | At 62 you get |
|---|---|---|
| 1943 to 1954 | 66 | 75% |
| 1955 | 66 and 2 months | 74.2% |
| 1956 | 66 and 4 months | 73.3% |
| 1957 | 66 and 6 months | 72.5% |
| 1958 | 66 and 8 months | 71.7% |
| 1959 | 66 and 10 months | 70.8% |
| 1960 or later | 67 | 70% |
Source: SSA: Retirement age and benefit reduction.
How the amount changes
- Starting early: your benefit drops 5/9 of 1% for each month before full retirement age, for up to 36 months, and 5/12 of 1% for each month beyond that (SSA: early retirement).
- Waiting: it rises 2/3 of 1% for each month after full retirement age, which is 8% a year, until 70 (SSA: delayed retirement credits).
Example for someone born in 1962 whose full-retirement-age amount is $2,000: about $1,400 a month at 62, $2,000 at 67, and $2,480 at 70.
Things to weigh
- Health and family history. Waiting pays off if you live into your 80s. Starting early can make sense if your health is poor.
- Your spouse. If you earned more, your benefit becomes your spouse's survivor benefit after you die. Waiting raises it for both of you. A spouse can get up to half of your full-retirement-age amount while you're alive (SSA: benefits for a spouse).
- Working. If you start before full retirement age and keep working, Social Security holds back $1 for every $2 you earn over $25,560 in 2027 (SSA: earnings limits).
- Your pension. A pension can cover your bills while you wait, so many public employees retire first and start Social Security later.
Our planner shows your Social Security at every start age next to your pension, so you can see the trade-off.
Compare my start ages