Starting Your Retirement Benefits Early

Social Security retirement payments can begin at the age of 62. When you reach the full retirement age, you are, nonetheless, eligible for full benefits. Your benefits will increase if you delay taking them from your full retirement age to age 70.

If you begin collecting benefits before to your full retirement age, your benefits will be decreased by a tiny percentage each month.

Use the chart below to find out how much your benefit will be decreased if you begin receiving benefits at the age of 62 until you reach your full retirement age. An expected monthly benefit of $1000 is used in this example.


Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1. Full (normal) Retirement Age Months between age 62 and full retirement age 2. At Age 62 3.
A $1000 retirement benefit would be reduced to The retirement benefit is reduced by 4. A $500 spouse’s benefit would be reduced to The spouse’s benefit is reduced by 5.
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%
Social Security Benefits Age
Social Security Benefits Age
  1. It is customary to use the previous year’s dates if you were born on the first day of the new year.
  2. On the 1st of the month, we calculate your benefit (and full retirement age) as if your birthday had occurred in the preceding month. If you were born on January 1st, we calculate your benefit (and full retirement age) as if you were born on December 31st of the preceding year.
  3. To be eligible for benefits, you must be 62 years old or older for the full month.
  4. Because percentages are rounded, they are only approximate.
  5. Only 50% of the worker’s full retirement payout is available to the spouse. The default 50 percent discount should be applied first, then the spouse’s percentage discount. Due to rounding, percentages may not add up to 100 percent.

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Before You Make Your Decision

There are both benefits and drawbacks to claiming your retirement benefit early. Longer-term benefits are one benefit of this strategy. As a result, your net gain will be smaller. The circumstances of each person are unique. It’s critical to keep in mind:

  • Delayed retirement credits, which boost your monthly payment if you wait until after reaching full retirement age, are available if you delay taking your benefits.
  • When deciding when to begin receiving your retirement benefits, it is important to remember that there are additional factors to take into account.

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