However, the actual amount you receive each month depends on when you start receiving benefits. You can start your retirement benefit at any point from age 62 up until age 70, and your benefit will be higher the longer you delay starting it.

Does your Social Security change when you retire?

Social Security retirement benefits are increased by a certain percentage for each month you delay starting your benefits beyond full retirement age. The benefit increase stops when you reach age 70.

When you retire Social Security payments start automatically?

Most people get Part A when they turn 65. You qualify for it automatically if you’re eligible for Social Security or Railroad Retirement Board benefits. Or, you may qualify based on a spouse’s (including divorced spouse’s) work.

When to start receiving Social Security retirement benefits?

The initial advantage of starting to take Social Security benefits at age 66 stops at age 70 plus 12.5 years, or 82.5 years. If the individual lives to at least age 82.5, then the decision to start receiving retirement benefits at age 70 was the correct decision.

What happens to your Social Security benefits when you delay retirement?

If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.

What happens if you work before your full retirement age?

If you start your benefits before your full retirement age, your benefits are reduced a fraction of a percent for each month before your full retirement age. You can get Social Security retirement benefits and work at the same time before your full retirement age.

How are Social Security benefits reduced when you reach full retirement age?

If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth.