When Should You Start Collecting Social Security?

Since the 1980s, the government has been slowly raising the full retirement age (FRA) at which you can collect 100% of your Social Security benefits, from 65 to 67. If you were born in 1959, your FRA is 66 and 10 months. If you were born in 1960 or later, it’s 67.

You can begin to receive benefits starting at age 62, but you’ll only receive 70% of what you’d get at your FRA. If your FRA is 67, for example, claiming at 62 means getting $1,400 a month versus receiving $2,000 if you started at 67.

Still, there are a number of reasons why you might want to start collecting early, including:

• Outstanding expenses like housing, car payments or other debts.
• You expect to have a shorter life span because of existing health issues or family history.
• A desire to give your retirement savings more time to grow.

If your full retirement age (FRA) is 67, waiting until then to file will give you about 43% more in your monthly paycheck compared to filing at 62.

Here is a broad comparison for someone with an FRA of 67.

• Claiming at 62 vs 67: 30% less per monthly check
• Claiming at 63 vs 67: 25% less per monthly check
• Claiming at 64 vs 67: 20% less per monthly check
• Claiming at 65 vs 67: 13.3% less per monthly check
• Claiming at 66 vs 67: 6.7% less per monthly check

This doesn’t factor in cost-of-living adjustments (COLAs), earnings after claiming, taxes, and Medicare expenses.

Waiting until after you reach FRA can be even more financially beneficial. For each year you wait (up to age 70), you collect an additional 8%.

Someone born in 1960 who waits until 70 to apply for Social Security could earn up to 124% of their full benefits. (8% x  3 years = 124%).

• Waiting until 68: 108% of full benefits
• Waiting until 69: 116% of full benefits
• Waiting until 70 (max): 124% of full benefits

Because of lower lifetime earnings and employment breaks during motherhood, women typically collect less than men. Social Security spousal benefits allow a married person of any gender to receive a monthly payment based on their spouse’s work record, instead of (or in addition to) their own work record.

To receive a spousal benefit, the higher-earning spouse must have already filed for their own retirement benefit. The Social Security Administration automatically pays the higher of the benefit an individual earns on their own work record or the spousal benefit for which they qualify.

The age you begin collecting Social Security can affect your partner’s spousal benefits. At FRA, the maximum spousal benefit is 50% of the higher-earning spouse’s full retirement age benefit (also known as the Primary Insurance Amount, or PIA). For example, if the higher earner’s full retirement age benefit is $2,000 per month, the maximum spousal benefit is $1,000, assuming the spouse claims at their own FRA.

Claiming spousal benefits before FRA permanently reduces the benefit: Someone who claims at age 62 will receive approximately 32.5% to 35% of the higher earner’s FRA benefit, depending on their FRA.

Delaying the higher-earning worker’s claims beyond FRA increases their benefits, but it doesn’t impact the maximum spousal benefit, which remains based on the higher earner’s FRA benefit.

You can keep working once you start claiming Social Security benefits. Depending on how much you earn, however, your benefits may be reduced.

In 2026: 

• If you are under your FRA, you can earn up to $24,480 per year and receive your full benefits. If you earn more than that, the SSA will deduct $1 for every $2 you earn above the limit. 
• The year you reach FRA, your income limit jumps to $65,160. For every $3 you earn above that, however, the SSA will deduct $1 from your benefits. (This only applies to earnings made before the month you reach your FRA.)
• At full retirement age: Starting the month you reach your FRA, there are no earnings limits. You can earn as much as you want without your benefits being reduced.