When Can You Apply For Social Security Retirement Benefits?

The full retirement age (or “normal” retirement age) is currently 66, however, you can start collecting your social security retirement benefits as early as age 62. You won’t get the full amount you would be entitled to at your full retirement age, but under certain circumstances, that’s better than nothing.

Is It Better To Wait Till Full Retirement Age To Start Collecting Benefits?

The only difference between starting early (from age 62) and waiting till you are at least 66 is the amount you get each month. You can either collect smaller amounts for a longer period of time or bigger amounts for a shorter period of time.

What is a good retirement age?

Whether you start collecting at 62 or 66, the important thing to remember is that the total amount you would collect over the course of your lifetime, adds up to about the same number.

Full Retirement and Age 62 Benefit By Year Of Birth

Refer to the table below to figure out when you will hit your full retirement age based on the year you were born, and how much your retirement benefit would be if you decided to collect your benefits earlier than expected.

Year of Birth	Full (normal) Retirement Age	Months between age 62 and full retirement age	At Age 62
Year of Birth	Full (normal) Retirement Age	Months between age 62 and full retirement age	A $1000 retirement benefit would be reduced to	The retirement benefit is reduced by	A $500 spouse’s benefit would be reduced to	The spouse’s benefit is reduced by
1943-1954	66	48	$750	25.00%	$350	30.00%
1955	66 and 2 months	50	$741	25.83%	$345	30.83%
1956	66 and 4 months	52	$733	26.67%	$341	31.67%
1957	66 and 6 months	54	$725	27.50%	$337	32.50%
1958	66 and 8 months	56	$716	28.33%	$333	33.33%
1959	66 and 10 months	58	$708	29.17%	$329	34.17%
1960 and later	67	60	$700	30.00%	$325	35.00%

This example is based on an estimated monthly benefit of $1000 at full retirement age.

Click on the year you were born to see the full month-to-month breakdown from age 62 to your full retirement age:

If you were born between 1943 and 1954 your full retirement age is 66
If you were born in 1955 your full retirement age is 66 and 2 months
If you were born in 1956 your full retirement age is 66 and 4 months
If you were born in 1957 your full retirement age is 66 and 6 months
If you were born in 1958 your full retirement age is 66 and 8 months
If you were born in 1959 your full retirement age is 66 and 10 months
If you were born in 1960 your full retirement age is 67

How Are Your Social Security Benefits Calculated?

Social Security Benefits are based on your lifetime earnings. Your actual earnings are adjusted to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.

They then apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount” (PIA). This is how much you would receive at your full retirement age – 66 or older, depending on your date of birth.

If you need to have an estimate of your Social Security retirement benefits, THIS Social Security Benefits calculator will give you a ballpark figure based on your actual social security earnings. Be advised that it is simply an estimate of what your benefits could be, as certain variables could change that number with time.

Benefit Calculation Examples for Workers Retiring in 2021

Things to Consider When Planning for Retirement

The decision regarding collecting your Social Security retirement benefits is not as simple as either collecting less money now or more money later. There are several important variables to consider when making that choice:

If you start collecting at 62, will you continue working?
Consider your life expectancy, given your health and family history
If you retire early, will you still have health insurance?
Do you qualify for benefits as a widow, widower, or surviving divorced spouse?
Will you have another source of income besides your Social Security benefits?
Will other family members qualify to receive your benefits?

The best way to start planning for your future is by creating a my Social Security account. With your personal my Social Security account, you can verify your earnings, and use the Retirement Calculator to get an estimate of your retirement benefits.

Important Resource:

Checklist for Online Medicare, Retirement, & Spouses Applications

If you decide to delay your retirement, be sure to sign up for just Medicare at age 65.

If you do not sign up at age 65, in some circumstances your Medicare coverage may be delayed and cost more.

Disclaimer: The information provided in this article does not, and is not intended to, constitute legal advice and is for general informational purposes only.