At what age can you collect Social Security and full retirement benefits?
A record number of Americans are turning 65 each year through 2027. However, that's not quite old enough to receive full Social Security benefits. In 1983, Congress passed a law gradually raising the full retirement age from 65 to 67 to account for longer life expectancies and to help sustain Social Security funds. As of this year, 67 is officially the milestone age for full benefits, applying to those born in 1960 or later.
When can you start collecting Social Security?
Everyone can start receiving reduced Social Security benefits as early as age 62. However, waiting until full retirement age results in a larger monthly payment. Since the full retirement age has been increasing gradually, knowing your specific eligibility age is crucial to maximizing your benefits for yourself and your survivors.
Waiting until full retirement age ensures you receive 100% of your benefits. Additionally, "it also means your spouse may receive higher spousal and/or survivor benefits," said Ben Rizzuto, wealth strategist at Janus Henderson Investors.
The FRA adjustment is one of five changes to Social Security that took effect in 2025, including a cost-of-living adjustment, increased Social Security work credit requirements, a higher ceiling on payroll taxes, and higher earnings test limits.
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How to calculate full retirement age
Your FRA, also known as normal retirement age, depends on your birth year:
1943-1954 : 66 years.
: 66 years. 1955 : 66 years and two months.
: 66 years and two months. 1956 : 66 years and four months.
: 66 years and four months. 1957 : 66 years and six months.
: 66 years and six months. 1958 : 66 years and eight months.
: 66 years and eight months. 1959 : 66 years and 10 months.
: 66 years and 10 months. 1960 or later: 67 years.
You can also use the Social Security Administration's tool to calculate your full retirement age by entering your birthdate. Note: If you were born on Jan. 1 of any year, your full retirement age aligns with the previous year.
Can you collect Social Security before full retirement age?
Yes, you can claim Social Security benefits as early as age 62, but your benefit will be permanently reduced. The reduction is calculated based on how many months before FRA you begin collecting benefits.
For example, if you turn 62 in 2025, your benefit would be about 30% lower than if you waited until 67.
Some financial experts, including Dave Ramsey, suggest considering early Social Security collection and investing the money. While the monthly check would be smaller, investing it in the stock market — historically averaging a 10% annual return — could potentially offset the reduction.
For those retiring early due to health issues, SSA recommends applying for Social Security disability benefits. These benefits equal a full, unreduced retirement benefit and automatically convert to regular Social Security at full retirement age
What happens if you wait to collect Social Security?
Delaying Social Security beyond your full retirement age can significantly boost your monthly check. For each full year you delay, up to age 70, your benefit increases by 8%.
"This is where a lot of value can be gained by waiting to file for benefits," Rizzuto said. "However, someone needs to ensure they have assets and income to support themselves before they take Social Security."
Additionally, continuing to work past your full retirement age can further increase benefits, as each extra year of earnings is factored into your Social Security record. Higher lifetime earnings generally result in higher monthly benefits.
When do most people start collecting Social Security?
Although benefits increase with age until 70, most Americans claim Social Security early. A 2024 Employee Benefit Research Institute survey found:
The median retirement age is 62, despite many intending to wait until at least 65.
The median age at which people actually start collecting Social Security is 64, though most plan to wait until 65.
35% of retirees leave the workforce earlier than expected due to health issues or disabilities.
An additional 31% retire due to workplace changes, while 35% retire because they can afford to.
What is the average Social Security benefit?
Social Security benefits adjust monthly. As of January 2025, the average benefit was $1,976, according to SSA.
For comparison, in 1975, the average benefit was just $207.
Contributing: USA Today Network
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