Straight answer
When should I start taking Social Security?
You can start as early as 62, but your monthly benefit is reduced for every month you start before your full retirement age, which is 67 if you were born in 1960 or later. Start at 62 and the benefit is about 30% lower for life. Wait past full retirement age and it grows by 8% a year, up to age 70. Starting early means more years of payments; waiting means bigger payments. Each person's situation is different, so it's a personal decision.
How big is the difference?
For someone born in 1960 or later whose benefit at 67 would be $1,000 a month, starting at 62 cuts it to about $700. Waiting until 70 adds delayed retirement credits of 8% for each year past 67.
Is there any point waiting past 70?
No. The increase for delaying stops when you reach 70.
If I delay Social Security, what about Medicare?
Medicare has its own deadline around your 65th birthday, even if you delay Social Security. Missing it can delay your coverage and cost more. If you or your spouse are still working and have group health coverage through that job, you may be able to wait to sign up for Part B without a penalty. And if you have a Health Savings Account, stop contributing 6 months before you retire or apply for benefits to avoid a tax penalty. See: When do I need to sign up for Medicare?
What if my birthday is on the 1st?
Social Security treats you as if your birthday were in the previous month when it works out your full retirement age and benefit. You also have to be 62 for the entire month to receive benefits.
- Social Security Administration — Starting your retirement benefits early
- Social Security Administration — Delayed retirement credits
- Medicare.gov — Working past 65
Money Mechanics explains how things work in plain language. It is not personalized financial advice.
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