Full retirement age: claim at 62, 67 or 70?
The age you start Social Security sets the size of your check for the rest of your life, and for a married couple it can set the survivor's check too. Here is how the ages work, from a Registered Social Security Analyst.
Your full retirement age is 67 if you were born in 1960 or later, and 66 plus two months for each year after 1954 if you were born 1955 to 1959 (66 for 1943 to 1954). Claiming at 62 permanently cuts your monthly benefit by about 30% when your full retirement age is 67; waiting past it adds 8% a year until 70. Medicare still starts at 65 whatever you decide, so the two choices are separate.
Your full retirement age, by birth year
Full retirement age is the age at which you get 100% of the benefit your work record earned. It isn't 65 for anyone claiming today:
| Born | Full retirement age |
|---|---|
| 1943 to 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 |
Born on January 1? Social Security treats you as born the year before.
Three claiming ages, three different checks
- At 62, the earliest age: about 70% of your full-age benefit when your full retirement age is 67, for life. The cut is 5/9 of 1% for each of the first 36 months early and 5/12 of 1% a month beyond that.
- At full retirement age: 100% of your benefit, and the earnings test no longer applies.
- At 70: 8% more for each year you wait past full retirement age, about 124% when it is 67. Credits stop at 70, so there is nothing to gain by waiting longer.
Every year your benefit also rises with the cost-of-living adjustment (2.8% for 2026), whatever age you claimed at, so the gap between an early and a late claim grows in dollars over time.
62, full retirement age or 70: what each pays, monthly and in total
Enter the benefit at full retirement age from your my Social Security statement. The tool applies SSA's early-claiming reduction and delayed-retirement credits; the totals and break-even ages follow from that.
| Start at | Monthly | vs full age | Total by 80 | By 85 | By 90 |
|---|
Uses SSA's reduction and credit rates (5/9 of 1% per month for the 36 months before full retirement age, 5/12 of 1% per month before that; 2/3 of 1% per month after it, to 70). Ignores cost-of-living increases, taxes, the earnings limit if you keep working, and spousal or survivor rules, any of which can change the answer. An estimate, not advice and not an official figure; official estimates are at ssa.gov. I'm not affiliated with the Social Security Administration.
If you claim early and keep working
Before the year you reach full retirement age, Social Security holds back $1 of benefits for every $2 you earn above $24,480 (2026 limit). In the year you reach it, a higher limit applies and only the months before your birthday count. What's held back isn't lost: at full retirement age your benefit is recalculated to credit the months that were withheld. Still, for someone working full time, claiming at 62 often means a smaller check that is partly held back anyway.
Married? The timing affects two people
When the higher earner dies, the surviving spouse can step up to that person's benefit, including any increase for waiting and any cut for claiming early. That is why the higher earner's claiming age is often the most important decision in a couple's plan. A spouse's own spousal benefit tops out at full retirement age and doesn't grow by waiting past it. Spousal and survivor benefits covers the rules.
Medicare doesn't wait for your full retirement age
Medicare starts at 65 no matter when you claim Social Security. If you're already collecting Social Security, you're enrolled in Parts A and B automatically. If you're waiting to claim, you sign up yourself during the seven months around your 65th birthday, unless you're covered by a current employer's plan; Medicare while working past 65 explains that case. The turning-65 checklist lists the steps in order.
How I help you decide
Claiming early isn't always wrong and waiting isn't always right. Health, savings, whether you're still working, a spouse's record, a pension and taxes all move the answer. As a Registered Social Security Analyst, I lay the options side by side with your own statement, at no fee.
By county: Albany · Saratoga · Schenectady · Rensselaer · Warren · Washington · Montgomery · Fulton · Columbia · Greene · Schoharie · Otsego · Herkimer · Hamilton · Essex · Ulster · Dutchess. Town pages: every town, grouped by county. Anywhere else in New York.
- Retirement benefits: starting your retirement benefits early (SSA) — full retirement age by birth year; about 30% reduction at 62 for full retirement age 67
- Delayed retirement credits (SSA) — 8% a year after full retirement age, until 70
- Receiving benefits while working (SSA) — the earnings test and the recalculation at full retirement age
- Social Security survivor benefit amounts (SSA) — how the deceased worker's claiming age affects the survivor benefit
We do not offer every plan available in your area. Currently we represent 10 organizations which offer 81 products in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options. 1-800-MEDICARE (TTY 1-877-486-2048) is available 24 hours a day, 7 days a week. Insurers' legal names and home offices: carriers page.
Common questions
Short answers to what people ask before they call.
Still have a question? Call (518) 902-8822 or book a call.
What is my full retirement age?
67 if you were born in 1960 or later. For 1955 to 1959 it is 66 plus two months for each year after 1954: 66 and 2 months for 1955, up to 66 and 10 months for 1959. For 1943 to 1954 it is 66. If your birthday is January 1, Social Security uses the year before.
How much do I lose by claiming at 62?
About 30% of your full-age benefit, permanently, when your full retirement age is 67. The reduction is 5/9 of 1% for each of the first 36 months early and 5/12 of 1% for each month beyond that.
How much do I gain by waiting until 70?
8% a year (2/3 of 1% a month) for each year after your full retirement age, up to 70. With a full retirement age of 67, that is about 124% of your full-age benefit. There is no gain from waiting past 70.
Do I have to sign up for Medicare at my full retirement age?
No. Medicare starts at 65 for nearly everyone, regardless of when you claim Social Security. If you haven't claimed by then, you sign up for Medicare yourself; missing your window can mean a lifelong late penalty unless you have qualifying job coverage.
Can I work and collect before full retirement age?
Yes, but Social Security holds back $1 for every $2 you earn above a yearly limit until the year you reach full retirement age. The money isn't lost: your benefit is recalculated upward at full retirement age.
Deciding when to claim?
Bring your my Social Security statement. As a Registered Social Security Analyst I'll show what 62, your full retirement age and 70 mean for you and, if you're married, for your spouse. No fee.