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Social Security was created to provide basic retirement benefits for workers reaching age 65. Workers who pay (or have paid) Federal Insurance Contributions Act (FICA) taxes are covered by Social Security. After paying into the system for at least 40 quarters (10 years on average), you will be eligible to receive retirement income benefits. These benefits are based on a worker’s highest earnings over a 35-year period.
What is the full retirement age for Social Security?
Social Security benefits can start as early as age 62 or as late as age 70, but when you're eligible to receive full retirement benefits depends on the year of your birth. Learn more about full retirement ages with Social Security's Benefits Planner.
| Year of Birth | Full Retirement Age |
|---|---|
| 1937 or earlier | 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and 10 months |
| 1943-1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
What happens if I file for Social Security early?
There are penalties for receiving benefits before the maximum retirement age that vary based on starting age. Below is a chart of the penalties based on the age you begin to claim Social Security benefits.
| Applying at Age: |
Penalty |
|---|---|
| 62 |
A permanent penalty of 25-30% (depending on the birth year of applicant) |
| Between full retirement age and 70 |
Up to 8% increase for each year of waiting after the eligible retirement age. Depending on the retirement age, it is possible to increase the regular monthly benefit by 24% or more by waiting to receive benefits. |
| At full retirement age |
If the benefit at full retirement age is $1,000 but the person waits until age 70 to file, the amount received will be around $1,240 (exact amount is based on the number of months following full retirement age) |
The retirement benefit for those who file prior to reaching full retirement age will be permanently decreased, by up to 30%.
Example: If Marcia’s full monthly retirement benefit at age 67 is $1,000, and she files at the earliest possible age of 62, her monthly benefit would only be $700. This reduced monthly benefit will last throughout Marcia’s retirement.
Those who file for benefits after reaching the full retirement age may receive delayed retirement credits. This equals nearly an 8% annual increase per year by waiting up to age 70. No further increases are available past age 70.
Example: Clarence reaches his full retirement age of 67, but decides to keep working and delay claiming his Social Security retirement benefits until age 70. By delaying his claim, he earns delayed retirement credits, increasing his monthly benefit by about 8% for each year he waits. As a result, Clarence’s monthly benefit at age 70 is about 24% higher than it would have been had he claimed at his full retirement age. Waiting beyond age 70 would not increase his benefit any further, so he files at that point.
When should I take my Social Security benefits?
“The best time to take Social Security really depends on your health, financial situation, work plans, life expectancy, and even your marital status. There isn't a universal ‘right’ age for everyone,” explained Ryan Ramsey, NCOA Associate Director of Health Coverage and Benefits.
Here are a few things to consider when deciding:
Filing early may make sense if:
- Serious health problems (that may affect life expectancy) make it less likely you or your spouse will benefit from delaying.
- You need Social Security income to help cover your living expenses after leaving the workforce.
- You earned less than your spouse during your career. Your higher-earning spouse can postpone claiming and qualify for a larger monthly benefit.
Delaying your benefits may be a better choice if:
- You or your spouse are in good health and expect to live well into retirement, increasing the value of a larger monthly benefit.
- You're still working and earning enough that claiming early could reduce your benefits (due to the earnings limit before your full retirement age).
- You're the higher-earning spouse and want to maximize the survivor benefit your spouse could receive after your death.
How do I apply for Social Security?
Applications for Social Security can be submitted three ways:
- Online: Apply through SSA.gov. You will need to create a my Social Security account. Most people can complete the application online in about 10–30 minutes, and you can save your progress and finish later if needed. If your application can't be completed online, the SSA will provide next steps. You can also apply online through the benefits application on the Social Security website.
- By phone: Call the SSA at 1-800-772-1213 (TTY: 1-800-325-0778), Monday through Friday, 8 a.m. to 7 p.m. local time, to schedule an appointment with a representative.
- In person: Apply at your local Social Security office. It's best to call ahead and schedule an appointment before visiting.
Learn more in our step-by-step guide to claiming Social Security benefits.
Social Security Explained
From eligibility to filing, discover how Social Security works and what it can (and can’t) cover in retirement.
