When Can I Collect Social Security?

When Can I Collect Social Security?

While it's possible to begin collecting Social Security at age 62, you'll get a reduced benefit—which could be 25% to 30% less than your full benefit amount, depending on when you were born. That's because your benefit amount is based on your average lifetime earnings and your retirement age. The longer you delay your benefit, the more it will increase. Once you begin collecting Social Security, you'll receive an annual cost-of-living adjustment.

At the end of 2024, close to 90% of people ages 65 and older were receiving their Social Security benefit. Every retiree's payment amount is different, but as of January 2025, the average monthly Social Security payment was $1,976.

What Is the Full Retirement Age?

Your full retirement age (FRA) is an important factor to consider. This is the age you'll be eligible to receive 100% of your Social Security benefit (assuming you've delayed it up to that point). Your FRA is determined by your year of birth.

What Are Delayed Retirement Credits?

Folks who wait until after their full retirement age to start collecting Social Security are eligible for delayed retirement credits. Beginning at your full retirement age, your benefit amount will increase by 8% for every full year you delay your benefit, up until age 70.

Example: Let's say you're 65 and you're eligible to collect a monthly benefit amount of $1,900. Instead of taking it, you decide to wait until you turn 70. At that point, your benefit amount will have grown to $2,791.

When Should You Start Collecting Social Security?

The right time to begin collecting your Social Security benefit will depend largely on your financial situation, benefit amount, when you envision retiring and your health. Consider the following when determining which timeline is best for you.

When to Collect Benefits Early

Starting sooner rather than later may be the best approach if:

• You need income to cover living expenses. If money is tight and you're struggling to meet your financial obligations, your Social Security benefit could provide much-needed relief—especially if you're accumulating debt. Having high-interest debt at this stage of life could impact your retirement and your estate plan.
• You want to retire. Perhaps you're burned out from working or just feel ready to transition out of the workforce. In this scenario, you could lean on Social Security for income as you enter retirement.
• You have serious health issues. Your longevity should be a real consideration, especially if you have a terminal illness. Taking Social Security early could allow you to live more comfortably, enjoy a better quality of life and help you cover out-of-pocket medical costs.
• You want to take advantage of a spousal benefit. If your average lifetime earnings are less than your spouse's, you may be able to receive a spousal benefit based on their record. That could be as high as 50% of their benefit amount. Your spouse would also have to start claiming their benefit, but the combined amount could be enough to cover your financial needs.

When to Wait to Collect Benefits

Collecting Social Security at your full retirement age or later may be your best bet if:

• You're in good health and are planning for a long retirement. If you see yourself spending the next two decades (or longer) in retirement, securing a larger benefit amount could help shore up your long-term financial health. It could also fund a more comfortable lifestyle when you're no longer working.
• You're still working. There's no rule saying you have to retire at a certain age. If you enjoy your work and are earning a good income, you may not need your Social Security benefit just yet—and delaying it could set the stage for a larger benefit when you are ready.
• You have other retirement income sources. Social Security is just one part of an overarching retirement income plan. If you also have retirement accounts, brokerage accounts, cash savings, annuities or money that's accumulated in a permanent life insurance policy, you may have enough to delay your Social Security.
• You want to leave a safety net for your spouse. After you're gone, your spouse may be eligible for survivor benefits equal to 100% of your benefit amount. Waiting until at least your full retirement age to start collecting Social Security can set your spouse up for a larger benefit.

The Bottom Line

Determining when to collect Social Security is a big decision. You'll want to consider your financial health and retirement plans before deciding one way or another. Delaying Social Security can be a strategic part of your long-term plans, but taking it early could provide financial stability today. The goal is to choose an age that best supports your goals.