Updated: 07/2026
When Should You Apply for Social Security Retirement Benefits?
One of the biggest questions people ask as they approach retirement is, “When should I start collecting Social Security?”
While you can begin receiving Social Security retirement benefits as early as age 62, deciding when to claim your benefits is an important financial decision that can affect your monthly income for the rest of your life.
The “best” age to begin collecting benefits depends on your health, financial situation, retirement goals, work plans, and family circumstances. Understanding how Social Security works can help you make a more informed decision.
When Can You Start Collecting Social Security?
You may begin collecting Social Security retirement benefits as early as age 62. However, if you choose to start before reaching your Full Retirement Age (FRA), your monthly benefit will be permanently reduced.
Related Post: Is Retirement Income Taxed in Connecticut?
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 | |||
|---|---|---|---|---|---|---|
| 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 Social Security Benefits Calculated?
Your Social Security retirement benefit is based on your lifetime earnings.
The Social Security Administration adjusts your earnings to account for changes in average wages over time. It calculates your Average Indexed Monthly Earnings (AIME) using your highest-earning 35 years of work.
That figure is then used in a formula to determine your Primary Insurance Amount (PIA), which is the monthly benefit you would receive if you begin collecting benefits at your Full Retirement Age.
To estimate your future retirement benefits, create a my Social Security account at ssa.gov. Your account allows you to:
- Review your earnings history
- Estimate future retirement benefits
- Check disability and survivor benefit estimates
- Verify the accuracy of your earnings record
Can You Continue Working While Receiving Social Security?
Yes. Many people continue working while collecting Social Security retirement benefits.
However, if you begin collecting benefits before your Full Retirement Age and continue working, your benefits may be temporarily reduced if your earnings exceed the annual earnings limit established by the Social Security Administration.
Once you reach your Full Retirement Age, there is no earnings limit, and your benefits will no longer be reduced because of employment income.
Should You Wait Until Age 70?
Many people are surprised to learn that your monthly Social Security benefit continues to increase after your Full Retirement Age if you delay claiming benefits.
For every year you delay, up to age 70, your benefit increases through Delayed Retirement Credits.
Waiting until age 70 provides the largest monthly benefit available under Social Security. However, delaying is not the right strategy for everyone. Your health, expected longevity, retirement savings, employment plans, and income needs should all be considered before making this decision.
Things to Consider Before Claiming Social Security
Before deciding when to begin collecting benefits, ask yourself:
- Will I continue working after I retire?
- How is my overall health and life expectancy?
- Will I have other retirement income or savings?
- Do I have adequate health insurance before Medicare begins?
- Should I coordinate benefits with my spouse?
- Could my decision affect future survivor benefits?
- How will Social Security fit into my overall retirement income strategy?
- Will I need the income immediately, or can I afford to wait?
Because every retirement situation is unique, discussing your options with a qualified financial advisor can help ensure you choose the strategy that best fits your goals.
Common Social Security Claiming Mistakes
Many retirees make decisions they later wish they had reconsidered. Some of the most common mistakes include:
- Claiming benefits without understanding how early retirement permanently reduces monthly payments.
- Forgetting to enroll in Medicare at age 65 when required.
- Assuming everyone should claim benefits at age 62.
- Assuming everyone should wait until age 70.
- Failing to review their Social Security earnings record for errors.
- Overlooking how claiming decisions may affect a spouse’s or survivor’s benefits.
Taking time to understand your options can help you avoid costly mistakes and maximize your retirement income.
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.
Don’t Forget About Medicare
Even if you decide to delay claiming Social Security retirement benefits, you should generally enroll in Medicare at age 65, unless you qualify for a Special Enrollment Period because you are covered under an employer-sponsored health plan.
Missing your Medicare enrollment deadline could result in delayed coverage and permanent late enrollment penalties.
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.
Start Planning Early
One of the best ways to prepare for retirement is to create your free my Social Security account at www.ssa.gov. You’ll be able to monitor your earnings history, estimate future retirement benefits, and better understand how different claiming ages may affect your monthly income.
Social Security is only one piece of a comprehensive retirement plan. Coordinating your retirement income with your estate plan, healthcare planning, and long-term financial goals can help provide greater security and peace of mind throughout retirement.
If you have questions about estate planning, powers of attorney, advance healthcare directives, or protecting your assets as you prepare for retirement, the attorneys at Reed Wilson Case are here to help.
Disclaimer: The information provided in this article does not, and is not intended to, constitute legal advice and is for general informational purposes only.
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Marketing & Technology Director at RWC, LLC, Attorneys & Counselors at Law
Ukraine born and Israel / Miami, FL raised. University of Miami graduate in the Marketing field.
Mom to a girl, a boy, and a Siberian Husky.
