You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

Do Social Security benefits start the month of your birthday?

Social Security benefits are not prorated. They start the month following the birthday. For birth dates between the 11th and 20th of the month, expect to be paid on the third Wednesday after the birthday month.

How soon after I turn 62 Can I collect Social Security?

The earliest you can apply is four months before the month you want your benefits to start, and the earliest your benefits can start is your first full month as a 62-year-old. For example, if you turn 62 in June, your benefits can begin in July, and you can apply as early as March.

What happens to your Social Security benefits when you turn 62?

If you claim Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay past your FRA up to age 70, you get an 8% increase in your benefit.

Is it better to retire at 62 or 67?

However, just because you can start benefits does not mean that you should. Your monthly Social Security paycheck increases significantly for every month and year you delay starting, up until your full retirement age (around age 67). Waiting to start Social Security can mean up to $100,000 in additional money over your lifetime.

When does the full retirement age go up for Social Security?

The full retirement age increases in two-month increments for those born between 1955 and 1959 until it reaches age 67 for everyone born in 1960 or later. Workers who claim Social Security before their full retirement age receive reduced payments.

What happens if you delay Social Security at age 70?

After all, if you delay starting to collect from age 67 to 70, you will miss out on three years’ worth of payments (albeit smaller ones) — that’s 36 payments. Meanwhile, if you start collecting at 62, your benefits may be up to about 30% smaller. Don’t let that sway you too much, though.