If you are close to retirement and thinking about Social Security, timing matters. The age at which you start claiming benefits can make a big difference to your monthly payment. Here are the key ages and what they mean for your Social Security income.
What is full retirement age?
Many people still think retirement age is 65, but Social Security uses a different standard called full retirement age (FRA). This is the age at which you can receive your full, unreduced benefit. For people born between 1943 and 1954, the full retirement age is 66. For those born after that, the age slowly increases. Anyone born in 1960 or later has a full retirement age of 67.
Claiming social security at 62
You can start collecting Social Security earlier than full retirement age. Benefits can begin at 62, and you can apply as early as 61 years and 9 months, according to the Social Security Administration.
The trade-off is a smaller check. Claiming early leads to a permanent reduction in monthly benefits.
“For example, if a person is eligible for $1,000 per month at full retirement age, their monthly benefit could shrink to $700 if they retire at 62,” according to personal finance site Nerdwallet.
Waiting longer means higher payments
Delaying Social Security increases your monthly benefit. The longer you wait, the more you receive, up to age 70. According to investment firm Charles Schwab, people who wait until age 70 receive payments worth 124% of what they would get if they claimed benefits at age 67. This increase can also matter for married couples, since higher benefits may later translate into higher survivor payments.
Why the retirement age changed
The full retirement age was not always this high. In 1983, President Ronald Reagan signed legislation that gradually raised the retirement age to help strengthen the Social Security system.
By 2027, this change will be complete, setting the full retirement age at 67 for anyone born in 1960 or later.
Full retirement age by birth year
Here is how full retirement age breaks down:
1943–1954: 66
1955: 66 years and two months
1956: 66 years and four months
1957: 66 years and six months
1958: 66 years and eight months
1959: 66 years and 10 months
1960 and later: 67
How much do retirees actually receive?
Benefit amounts vary, but the difference between early and delayed claiming can be significant.
In June 2025, the average monthly Social Security retirement benefit was $1,377.03 for someone who retired at 62. For a retiree at 67, the average monthly payment was $1,962.63, according to Nerdwallet.
Deciding when to claim Social Security depends on your health, finances, and personal situation. Still, delaying benefits generally leads to a higher monthly payment.
“Any year that you delay claiming after 62 until you reach 70, increases the monthly benefit that you get,” Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College, previously told USA TODAY. For many retirees, waiting longer could mean thousands of extra dollars over the course of retirement.