When Should You Start Collecting Social Security? Early vs. Full vs. Delayed

One of the biggest financial decisions you will make in retirement is when to start collecting Social Security. The choice is permanent — once you lock in an age, the monthly amount is set for life (adjusted only for cost-of-living increases).

You have three basic options: claim early at 62, wait until your "full retirement age" (FRA), or delay until 70 for the maximum benefit.

What is full retirement age?

Full retirement age is the age at which you receive 100% of your earned Social Security benefit. For people born between 1943 and 1954, FRA is 66. For those born in 1960 or later, FRA is 67. People born between 1955 and 1959 have a FRA between 66 and 67.

Claiming at 62: more years, less money

You can start collecting Social Security as early as age 62. The downside: your monthly payment is permanently reduced. Claiming at 62 typically means receiving about 25–30% less per month than you would get at full retirement age. That reduction lasts for the rest of your life.

Waiting past full retirement age: delayed credits

For every month you delay claiming past your full retirement age, your benefit grows by roughly 0.67% per month — about 8% per year. If your FRA is 67 and you wait until 70, your benefit will be about 24% higher than it would have been at 67.

The "break-even" calculation

If you claim early, you get more years of payments but each payment is smaller. If you wait, you get fewer years but larger payments. The age at which the total lifetime amount equals out is called the break-even point — typically around age 78–82. If you expect to live past that age, waiting usually pays off more over a lifetime.

Other factors to consider

• Are you still working? Claiming before FRA while working reduces your benefit temporarily if earnings exceed a certain limit.
• Is a spouse involved? Spousal and survivor benefits add complexity — one strategy does not fit all couples.
• Do you have health issues? If your life expectancy is shorter, claiming earlier may make more sense.

Quick Tip: The Social Security Administration's free online tool at ssa.gov/benefits/calculators/ can model different claiming ages using your actual earnings record.