Every single day, more than 10,000 Americans turn 65. That means millions of people are approaching one of the most important financial decisions of their lives: when to start Social Security retirement benefits.
Many people assume there is a “right age” to claim Social Security—62, 65, 67, or 70. The truth is, what other people do does not matter. What matters is what is best for you, your income, your health, your family situation, and your long-term plans.
This guide walks through everything you need to know—full retirement age, early claiming, working while collecting, Medicare rules, changing your mind, spousal and child benefits, and future Social Security risks—so you can make an informed decision.
Understanding Full Retirement Age (FRA)
Your Full Retirement Age (FRA) is the age when you are eligible to receive 100% of your Social Security benefit, also called your Primary Insurance Amount (PIA).
According to the Social Security Administration, if you were born in 1960 or later, your full retirement age is 67
Official source: https://www.ssa.gov/benefits/retirement/planner/ageincrease.html
Your FRA is not just a number—it includes the exact month you reach it, which affects benefit calculations.
What Is Your Primary Insurance Amount (PIA)?
Your Primary Insurance Amount (PIA) is the monthly benefit you receive if you wait until full retirement age.
You can find your PIA by:
- Creating a My Social Security account
- Viewing your earnings record and benefit estimates
Official source: https://www.ssa.gov/myaccount/
If your PIA is $1,000:
- Claim at 62 → about $700 (30% reduction)
- Claim at 67 → $1,000
- Claim at 70 → about $1,240 (24% increase)
Claiming Early vs Waiting: The Break-Even Point
If you claim early, you receive benefits for more years. If you wait, your monthly payment is higher.
The key factor is longevity.
If your break-even age is around 78 years and 8 months, then:
- Living past that age → waiting usually pays off
- Living shorter → early claiming may make sense
This is only one factor, not the final answer.
Working While Collecting Social Security (2026 Rules)
If you collect benefits before full retirement age and continue working, income limits apply.
Earnings Limit Before FRA (2026)
- $24,480 per year
- SSA withholds $1 for every $2 over the limit
Official source: https://www.ssa.gov/benefits/retirement/planner/whileworking.html
Earnings Limit During FRA Year
- $65,160 before the FRA month
- SSA withholds $1 for every $3 over
After you reach FRA, there is no earnings limit.
First-Year Monthly Earnings Rule (Often Missed)
In your first year of claiming, Social Security may apply a monthly test instead of annual earnings.
Only income after benefits begin matters that year.
Official source: https://www.ssa.gov/benefits/retirement/planner/rule.html
What Income Counts Toward the Limit?
Counts:
- Wages
- Bonuses
- Commissions
- Net self-employment income
Does NOT count:
- Pensions
- Social Security benefits
- Investment income
- Interest or dividends
Medicare and Social Security: You Can Separate Them
You can:
- Take Medicare only
- Take Social Security only
- Take both
Medicare Part A is premium-free at age 65
Official source: https://www.medicare.gov/what-medicare-covers/medicare-part-a
If you have credible employer health insurance, you may delay Part B without penalty
Official source: https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-can-i-sign-up-for-medicare
Changing Your Mind After Claiming
Withdrawal (Within 12 Months)
- You can withdraw your application
- Repay benefits received
- No interest charged
Official source: https://www.ssa.gov/benefits/retirement/planner/withdrawal.html
Suspension After FRA
- Stop benefits
- Earn delayed retirement credits
- Restart later at a higher amount
Official source: https://www.ssa.gov/benefits/retirement/planner/suspend.html
Adjusted Reduction Factor (ARF)
If benefits are withheld due to work, Social Security recalculates your benefit at FRA, crediting back withheld months.
This permanently increases your future payment.
Official source: https://secure.ssa.gov/poms.nsf/lnx/0300615600
The “Age 62 Full Month Rule”
To start benefits at 62, you must be 62 for the entire month.
If your birthday is mid-month, benefits start the following month.
Official source: https://www.ssa.gov/benefits/retirement/planner/age.html
Spousal, Divorced, and Child Benefits
Spousal Benefits
- Up to 50% of spouse’s FRA benefit
Official source: https://www.ssa.gov/benefits/retirement/planner/applying7.html
Divorced Spouse Benefits
- Marriage lasted 10+ years
- Ex-spouse does NOT need to be collecting
Official source: https://www.ssa.gov/benefits/retirement/planner/applying7.html
Child Benefits
- Children under 18 or disabled before 22
- May change the best claiming strategy
Official source: https://www.ssa.gov/benefits/retirement/planner/applying5.html
Disability and Retirement at the Same Time
If you cannot work due to disability:
- File for retirement and disability together
- Retirement provides income while disability is decided
Official source: https://www.ssa.gov/benefits/disability/
Social Security Trust Fund and the 23% Risk
Social Security is not bankrupt, but the trust fund is projected to run low around 2033.
Without changes:
- Benefits may be reduced by about 23%
Official source: https://www.ssa.gov/oact/trsum/
Frequently Asked Questions (20)
1. What is the full retirement age for people born after 1960?
67 years.
https://www.ssa.gov/benefits/retirement/planner/ageincrease.html
2. Can I work while collecting Social Security at 62?
Yes, but earnings limits apply.
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
3. How much is the earnings limit in 2026?
$24,480 before FRA.
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
4. What happens if I exceed the earnings limit?
Benefits are temporarily withheld.
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
5. Can I delay Medicare but take Social Security?
Yes, if you have credible coverage.
https://www.medicare.gov/
6. Can I withdraw my Social Security application?
Yes, within 12 months.
https://www.ssa.gov/benefits/retirement/planner/withdrawal.html
7. Is there interest on repaid benefits?
No.
https://www.ssa.gov/benefits/retirement/planner/withdrawal.html
8. Can benefits increase after FRA if I worked?
Yes, through recalculation.
https://secure.ssa.gov/poms.nsf/
9. Can divorced spouses collect benefits?
Yes, if married 10+ years.
https://www.ssa.gov/benefits/retirement/planner/applying7.html
10. Does my ex have to be collecting?
No.
https://www.ssa.gov/benefits/retirement/planner/applying7.html
11. Can children receive benefits?
Yes, under qualifying rules.
https://www.ssa.gov/benefits/retirement/planner/applying5.html
12. Is Social Security going bankrupt?
No.
https://www.ssa.gov/oact/trsum/
13. When could benefits be reduced?
Around 2033 without reform.
https://www.ssa.gov/oact/trsum/
14. Can I suspend benefits after FRA?
Yes.
https://www.ssa.gov/benefits/retirement/planner/suspend.html
15. What is delayed retirement credit?
8% per year up to age 70.
https://www.ssa.gov/benefits/retirement/planner/delayret.html
16. How do I check my earnings record?
Through My Social Security account.
https://www.ssa.gov/myaccount/
17. Can I file online?
Yes.
https://www.ssa.gov/benefits/retirement/
18. Can I file by phone?
Yes.
https://www.ssa.gov/agency/contact/phone.html
19. Does pension income affect earnings limits?
No.
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
20. Should everyone wait until 70?
No, it depends on personal factors.
https://www.ssa.gov/benefits/retirement/planner/
