When Is a Good Time to Start Receiving Social Security Benefits?
Reading Time: 2 MinutesLast Updated: February 13, 2017
Enjoying a comfortable retirement is everyone’s dream. For over 80 years, Social Security has been helping people realize those dreams, assisting people through life’s journey with a variety of benefits. It’s up to you as to when you can start retirement benefits. You could start them a little earlier or wait until your “full retirement age.” There are benefits to either decision, pun intended.
Full retirement age refers to the age when a person can receive their Social Security benefits without any reduction, even if they are still working part or full time. In other words, you don’t actually need to stop working to get your full benefits.
For people who attain age 62 in 2017 (i.e., those born between January 2, 1955 and January 1, 1956), full retirement age is 66 and two months. Full retirement age was age 65 for many years. However, due to a law passed by Congress in 1983, it has been gradually increasing, beginning with people born in 1938 or later, until it reaches 67 for people born after 1959.
You can learn more about the full retirement age and find out how to look up your own at www.socialsecurity.gov/planners/retire/retirechart.html.
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be reduced permanently if you start them any time before your full retirement age. For example, if you start receiving benefits in 2017 at age 62, your monthly benefit amount will be reduced permanently by about 26 percent.
On the other hand, if you wait to start receiving your benefits until after your full retirement age, then your monthly benefit will be higher. The amount of this increase is two-thirds of one percent for each month –– or eight percent for each year –– that you delay receiving them until you reach age 70. The choices you make may affect any benefit your spouse or children can receive on your record, too. If you receive benefits early, it may reduce their potential benefit, as well as yours.
You need to be as informed as possible when making any decision about receiving Social Security benefits. Read the publication When to Start Receiving Retirement Benefits at www.socialsecurity.gov/pubs/EN-05-10147.pdf.
If you decide to receive benefits before you reach full retirement age, you should also understand how continuing to work can affect your benefits. Social Security may withhold or reduce your benefits if your annual earnings exceed a certain amount. However, for every month benefits are withheld, it increases your future benefits. That’s because at your full retirement age Social Security will recalculate your benefit amount to give you credit for the months in which benefits were reduced or withheld due to your excess earnings. In effect, it’s as if you hadn’t filed for those months. You can learn more at www.socialsecurity.gov/planners/retire/whileworking.html.
Social Security’s mission is to secure your today and tomorrow. Helping you make the right retirement decisions is vital. You can learn more by visiting our Retirement Planner at www.socialsecurity.gov/planners/retire.
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Tags: full retirement age, retirement, retirement benefits, Social Security benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Tom
So is my monthly soc sec benefit based on my highest earning years or my last earning years? Does going from a full time job to a part time job at age 60 in effect reduce my benefits?
Dolors
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Irelle
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MrTakaphan T.
My received retirement plane.gov start pay on my benefits after my birthday 03/28 /2018, because my birth 03/28/1954, 63+10 ages and thank, sir, for report and issued my case on 2018 roll on my ATM card inter, ! and send to my address ,201,9village,banphan,phonnakaie district, sakonnakon, Thailand 47230, tell+660881937865, and pay the cost for my wife mrs nichanan jaruhungsin on my record too thank ,sir for assistance my case
MrTakaphan T.
Please pay my benefits of retirement plane.gov on my 64+1ages on second quarter of month 2018 ,of my early retirement _ full retirement plane at 65 age ok, and pay for my wife mrs nichanan jaruhungsin of her cost of lifetime ! no childen! and my birth date 03/28/1954 pay for ,my address 201,9 village,banphan,phonnakaie district, sakonnakon ,Thailand 47230, tell +660881937865 order on 01/26/2018
R.F.
Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please contact the nearest U.S. Embassy or Consulate for assistance. Also, our International Programs web page provides more information for our customers living abroad.
Just a reminder – Please be cautious about posting personal information on any social media channels. Thanks!
Katherine K.
If my 66th birthday is April 11, 2018, when do I apply for retirement benefits and when will the first payment be expected>
R.F.
Thank you for contacting us, Katherine. Our system is set up to take applications three months in advance, and you can apply for your retirement benefits online.
Benefits are paid the month after they are due. So, for instance, if you want your benefits to begin with the month of April, you will receive your first benefit payment in May. If you need further assistance call our toll free number at 1-800-772-1213 (TTY 1-800-325-0778). Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. We hope this helps!
RoseMarie D.
If you delay filing for social security past full retirement age by one year, when does the 8% increased benefit get applied?
Maria
I will be 66 June 2018. can i start getting social security from my spouse if my full retirement age is 66 and I request my spouse’s Social security payments commencing January 2018. will that affect my husband benefit amount?
R.F.
Hi Maria, you may be able to get spouse’s retirement benefits if you are at least 62 years of age and your spouse is receiving retirement or disability benefits. Under existing law, if you are eligible for benefits both as a retired worker and as a spouse and are not yet full retirement age, you must apply for both benefits. You will receive the higher of the two benefits. This requirement is called “deemed filing” because when you apply for one benefit you are “deemed” to have also applied for the other.
See our Retirement Planner: Recent Social Security Claiming Changes or call our toll free number at 1-800-772-1213 and speak to one of our representatives for more information. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
Maria
I will be 66 June 2018. can i start getting social security from my spouse if my full retirement age is 66 and I request my spouse Social security payments commencing January 2018. will that affect my husband benefit amount?
dani
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