When to Claim Social Security Retirement Benefits at Age 62

You can start claiming Social Security retirement benefits at age 62, the earliest claiming age. Age alone does not unlock eligibility: a claimant generally needs 40 work credits, which represents about 10 years of work. Both conditions have to be met before a retirement benefit can be paid, so a person who turns 62 with fewer credits is not yet eligible.

When can you start claiming Social Security retirement benefits?

Age 62 is the youngest age at which retirement benefits can be claimed. Nobody can file a retirement claim earlier, whatever their work history. (University of Wisconsin–Madison Extension, 2026)

The second condition is the work credit requirement. Eligibility generally requires 40 work credits, which the source describes as about 10 years of work. (The Motley Fool, 2019-10-13)

Work credits measure work history, not calendar time. A person can reach age 62 and still fall short of 40 credits if earnings were missing or unreported in some years. Eligibility and benefit amount are separate questions: meeting the age and credit conditions allows a claim, but it does not by itself determine how much the monthly payment will be.

The word “generally” in the source signals that the 40-credit rule is a standard threshold, not an absolute rule for every case.

What is your full retirement age?

Your full retirement age (FRA) is the age at which you can claim the full Social Security retirement benefit. Your birth year sets this age, and it is the baseline against which every benefit adjustment is measured. The earliest age to claim is 62, and claiming before FRA gives a smaller monthly benefit, so knowing your FRA tells you where you stand relative to that threshold.

FRA by birth year

For anyone born in 1960 or later, the FRA is 67. For people born from 1955 to 1959, the FRA is 66 plus a number of months that depends on the exact birth year.

Where to find your figure

Your FRA is printed on your Social Security Statement. Check the FRA shown on that document. If the birth date on your record is wrong, have it corrected before making any claiming decision, because the FRA is calculated from it.

Why the FRA works as a baseline

The illustrative example in the fact sheet shows a single person’s benefit at $2,000 a month at 67. That figure is the reference point for the other claiming ages discussed in this article. Every adjustment is expressed relative to the amount payable at FRA, so pinning down your FRA first gives you the reference point for all the other figures.

Source: University of Wisconsin–Madison Extension, 2026.

How much does claiming early at 62 reduce your benefit?

Claiming at 62, the earliest age, lowers your monthly Social Security retirement benefit compared with claiming at full retirement age (FRA), which is 67 for anyone born in 1960 or later. Claiming before FRA reduces the benefit by about 5% to 6⅔% for each year early, according to a 2019 Motley Fool summary of Social Security rules. Because the reduction is applied per year, the gap widens the earlier you claim.

The University of Wisconsin–Madison Extension (2026) gives an illustrative example for a single person:

The 30% gap is simple arithmetic from these two figures: $2,000 minus $1,400 is $600, and $600 divided by $2,000 is 30%. Over the five years between 62 and 67, the 5% to 6⅔% annual range would imply a total reduction of roughly 25% to 33%, and the example’s 30% sits inside that band. The example is illustrative, not a formula for your own benefit, since the real amount depends on your personal earnings record.

The reduction is permanent. The lower amount is not a temporary penalty that ends at FRA. It is the base monthly figure you receive for as long as you receive benefits, so a $600 monthly gap at 62 remains a $600 gap in every later year, measured against what the same benefit would have been at 67.

What do you gain by waiting until 70?

Delayed retirement credits raise your monthly benefit for each year you wait past full retirement age (FRA). For anyone born in 1960 or later, FRA is 67, and the credits stop at age 70. The University of Wisconsin–Madison Extension (2026) gives an illustration for a single person: a benefit of $2,000 a month at 67 becomes $2,480 at 70.

The increase is set by delayed retirement credits, which add 8% per year of delay past FRA (The Motley Fool, 2019-10-13). Waiting from 67 to 70 covers three years, so the credits apply to three annual steps. The credits add a flat 8% of the FRA benefit for each year of delay, so three years of delay raise $2,000 to $2,480, and the credits stop at age 70.

The age-70 cap is the second key point. Once you reach 70, the credits stop accruing, so waiting beyond that age does not raise the monthly amount. Any decision to delay past 67 is therefore a choice between the years 67 to 70, with no further increase after 70.

Does working while claiming early cut your check?

If you claim Social Security retirement benefits before full retirement age (FRA) and keep working, the earnings test can withhold part of your benefit. It applies only to earnings above a yearly threshold, and the $1-for-$2 withholding rule applies to earnings above that threshold while you claim before FRA.

The threshold is the figure that matters most, and it changes. The most cited figure, $17,640, applied to 2019. That number is outdated, so do not use it to estimate your 2026 situation. Check the current yearly threshold on ssa.gov before you plan your earnings around it.

To estimate the impact, take your expected annual earnings, subtract the current threshold, and divide the result by two. The answer is the approximate amount of benefits withheld over the year. For example, if earnings exceed the threshold by $10,000, roughly $5,000 in benefits would be withheld under the $1-for-$2 rule.

Withheld benefits are not permanently lost. Once you reach FRA, your benefit is recalculated to account for the months in which benefits were withheld.

Which claiming age is right for your household budget?

The break-even age is the age at which a later claim catches up with an earlier one in total cumulative benefits. The fiche’s illustrative single-person example gives $1,400 a month at 62, $2,000 at 67, and $2,480 at 70. Claiming at 62 pays $134,400 by age 70 ($1,400 × 96 months). Claiming at 70 adds $1,080 a month more, so the gap closes after about 124 months, or roughly 10.4 years, which places the break-even near age 80. Against a claim at 67, the $480 monthly difference takes about 150 months to close, or 12.5 years, placing it near age 82.5. These figures ignore taxes and any changes to the benefit amount over time.

The break-even calculation only compares total money. It also depends on a risk that the example states directly: delayed benefits are lost if the person dies before 70. A household that expects a shorter lifespan, or whose planning depends on a single claimant’s income, may find that an earlier claim delivers more money than a later one.

For survivor protection, the household question is what income remains if one partner dies. The fiche does not cover survivor rules.

Bridge income covers the period between the year your spending needs begin and the claiming age you choose. To size the gap:

• List fixed monthly costs (housing, utilities, insurance, debt payments).
• Add every income source you expect before the claiming date (pensions, savings withdrawals, other earnings).
• Subtract the total from your costs for each year until the chosen age.
• Multiply the annual shortfall by the number of years to cover it from savings.

How do you apply for Social Security retirement benefits?

You apply for Social Security retirement benefits through the Social Security Administration (SSA), either online or by phone. Your chosen start month is set in the application, and the monthly amount depends on the age at which you start. This guide does not list the application web address, the required lead time, or the exact payment-day rules, so the steps below cover the process only.

Start month is the key decision. In the illustrative example in the fiche, a single person’s benefit of $1,400 a month at 62 would be $2,000 at 67 and $2,480 at 70. File for the month you want payments to begin, not the month you happen to be ready.

Steps to follow:

1. Pick your target start month and confirm your age on that date.
2. Choose a channel: the SSA’s online application or a phone appointment.
3. Have your identification and bank details ready, since the SSA needs them to set up payments.
4. Submit the application before the start month you chose, leaving enough time for processing.
5. Save the confirmation and note the reference number.

Monthly payments are made once a month. The fiche does not describe the day-of-month rule, so when you apply, ask the SSA which payment date applies to your birth date. Write that date down, because it tells you when the first payment should arrive after your start month.