For many years, age 62 has been the earliest age at which Americans can begin receiving Social Security retirement benefits. While this option may appeal to those eager to retire, it’s important to note that claiming at 62 leads to a permanent reduction in your monthly payments.
If you want to make the most of your benefits, understanding how your claiming age affects the amount is essential.
What Is Full Retirement Age (FRA)?
Your Full Retirement Age (FRA) is the point at which you can claim 100% of your scheduled Social Security benefits. The FRA depends on your year of birth, increasing gradually for those born after 1954. The chart below outlines the current FRA based on birth year:
| Year of Birth | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
For anyone born in 1960 or later, the FRA is 67.
How Your Claiming Age Affects Monthly Benefits
Choosing to claim benefits before your FRA results in a permanent reduction in your monthly amount. On the other hand, delaying your benefits beyond FRA increases your monthly payment due to Delayed Retirement Credits (DRCs). Below is a comparison of benefit adjustments based on claiming age:
| Claiming Age | Benefit Adjustment |
|---|---|
| 62 | Up to 30% reduction |
| 63 | About 25% reduction |
| 64 | About 20% reduction |
| 65 | About 13.3% reduction |
| 66 | About 6.7% reduction |
| 67 (FRA) | No reduction |
| 68 | 8% increase |
| 69 | 16% increase |
| 70 | 24% increase |
By waiting until age 70, retirees can receive a monthly benefit that is 24% higher than if they claimed at their FRA.
Maximum Social Security Benefits in 2025
As of 2025, the maximum monthly Social Security benefit for someone who retires at age 70 is $5,108. To qualify for this amount, you must have consistently earned maximum taxable wages for at least 35 years and delay claiming benefits until age 70. Here’s how the benefits vary by claiming age:
| Claiming Age | Maximum Monthly Benefit (2025) |
|---|---|
| 62 | $2,710 |
| 67 (FRA) | $3,822 |
| 70 | $5,108 |
These figures demonstrate the significant financial advantage of postponing benefits beyond FRA.
How Benefits Are Calculated
Your Social Security benefit is determined using your Average Indexed Monthly Earnings (AIME), which considers your 35 highest-earning years. If you worked fewer than 35 years, zero-income years are factored in, reducing your average and thus your benefit.
Ensuring consistent and higher earnings throughout your career can significantly increase your monthly benefit.
Tips to Maximize Your Social Security Income
- Work at least 35 years to avoid zeros dragging down your benefit calculation
- Increase your income by aiming for higher-paying work to boost your AIME
- Delay claiming until age 70 if possible to maximize DRCs
- Review your earnings history with the Social Security Administration to correct any errors
- Evaluate your health and finances before deciding when to claim, as delaying may not suit everyone
While the option to claim at age 62 exists, doing so reduces your monthly benefit permanently. If you’re in good health and can afford to delay, waiting until age 70 could significantly increase your retirement income.
Being informed about how your claiming age impacts your benefits and making smart decisions about your earnings can help you secure a stronger financial future in retirement.
FAQs
Can I work while receiving Social Security benefits?
Yes, you can work while receiving benefits. However, if you are under your FRA, your benefits might be temporarily reduced if your earnings exceed the annual limit. Once you reach FRA, you can earn any amount without a reduction in benefits.
Will my benefits increase if I continue working after claiming Social Security?
Yes, if your current earnings are among your top 35 highest years, the SSA may recalculate your benefit and increase your monthly amount accordingly.
Is there any advantage to delaying benefits past age 70?
No, delaying beyond age 70 offers no additional benefit increases. Age 70 is the cap for earning Delayed Retirement Credits.