After decades of hard work and faithfully paying into Social Security with every paycheck, you've earned the right to collect those benefits. But many of us reaching retirement age weren't taught how Social Security works. Charlie Financial is here to help you understand when you can start collecting your retirement benefits and exactly how much you can expect to receive.
What Is Retirement Age?
"Retirement age" is a term the Social Security Administration (SSA) uses to help you know when you can get your benefits and how much you'll receive each month. There are actually three different ages to keep in mind.
Early retirement age (62) is when you can first start getting Social Security. You'll get smaller monthly checks — about 25-30% less than if you waited — but you'll get them sooner. Ultimately, you'll need to decide if the early access is worth the reduced benefit each month.
Full retirement age (FRA) is when you qualify for your complete benefit amount. Your exact full retirement age depends on when you were born. If you were born before 1955, it's 66. If you were born in 1960 or later, it's 67. For birth years in between, it falls somewhere in the middle.
Delayed retirement (up to age 70) gives you bigger checks if you wait. For each year you hold off claiming after your full retirement age (until 70), your monthly payment grows about 8%. But there's no benefit to waiting past 70.
Many retirees face this crossroads with mixed emotions. There's no perfect age to start — it depends on your health, savings, and other income sources. The right choice is whatever works best for your own situation.
Find your full retirement age with the SSA’s Retirement Age Calculator or check the chart below.
Who Can Get Social Security Benefits?
You can qualify for Social Security retirement benefits through your own work or through a spouse or ex-spouse. Here are the main ways:
You qualify from your own work
- You must be at least 62 years old
- You need 40 work credits (about 10 years of work)
- Your credits don't need to be consecutive
What’s a work credit? It’s how Social Security tracks your work history. In 2025, you earn one credit for every $1,730 in income, up to four credits per year.
You qualify from a current spouse's work
- You must be at least 62 years old
- Your spouse must already be collecting benefits
- You can receive up to 50% of your spouse’s benefit
- Your spouse’s benefit may be higher than your own benefit amount
You qualify from a divorced spouse's work
- You must be currently single
- You must be at least 62 years old
- Your marriage must have lasted 10+ years
- You can receive up to 50% of your ex-spouse’s benefit
- Your ex never needs to know you're claiming
- Your benefit doesn't affect your ex's benefit amount
You qualify as a surviving spouse:
- You must typically be age 60 or older (for reduced benefits)
- You may be age 50 or older if disabled
- You may be any age if caring for a child of the deceased under 16 or disabled
- Your marriage must have lasted at least 9 months
- You must not have remarried before age 60 (or age 50 if disabled)
- You can receive up to 100% of your deceased spouse’s benefit
Did You Know?
- You don’t have to stop working when you reach retirement age.
- Social Security gives you the choice to claim as early as 62, or wait for a bigger monthly check.
- "Full retirement age" isn’t one-size-fits-all. It’s based on the year you were born.
- You’re not penalized for waiting past your full retirement age — your benefit actually grows!
When Can You Get Social Security Benefits?
When to start your Social Security benefits is one of your biggest retirement decisions. You can begin as early as 62 or wait until you're 70, with several options in between.
The rule is simple: claim early for smaller checks over a longer time or wait for larger checks over a shorter time.
Let's explore the three main options to help you figure out what might work best for your situation.
Claiming at Age 62
Starting at 62 means getting your money sooner but with smaller monthly payments.
The good:
- You get your money right away
- It helps if you need income now
- It makes sense if you have health concerns
- You can retire earlier if you're ready to stop working
The not-so-good:
- Your monthly payment is permanently reduced
- Inflation can chip away at your buying power, even with annual cost-of-living adjustments (COLAs)
- Your spouse might get a smaller survivor benefit if you pass away first
Real-life scenario: After 40 years of working, Jane’s husband was diagnosed with a serious illness. She claimed her benefits early at 62 so they could focus on his health rather than worrying about income. Though her payment was smaller, it gave them precious time together during their final years as a couple.
Waiting Until Full Retirement Age
Full retirement age (FRA) is when you qualify for 100% of your calculated benefit. It depends on when you were born, but it's around 66 or 67 for most people today.
The good:
- You get your full benefit amount
- You can continue working without penalties
- Good "middle ground" option for many retirees
The not-so-good:
- You'll need other income to cover expenses until reaching FRA
- You miss out on increased benefits you'd get by waiting longer
- You receive fewer years of benefits than if you claimed at 62
Real-life scenario: Take Frank's retirement journey. Despite the temptation to claim early, Frank crunched the numbers with his financial advisor. They determined his modest savings could bridge the gap until his Full Retirement Age at 66. This patience secured his full benefit amount, providing a more comfortable monthly income for the rest of his life.
Delaying Benefits Until Age 70
Each year you wait past your Full Retirement Age (until 70), your monthly payment grows by about 8%.
The good:
- You get the largest possible monthly check
- It's helpful if you expect to live a long time
- Your spouse may get more if you pass away first
The not-so-good:
- You'll need other income or savings to live on during your 60s
- It takes several years to "break even" compared to claiming earlier
- If you don't live long enough, you might collect less overall
Real-life scenario: Martha comes from a family with remarkable longevity — her mother lived to 97, and her grandmother reached 94. Knowing this family history, Martha worked part-time until 68 and delayed claiming benefits until 70. Her monthly check is larger than if she'd claimed at 62, giving her financial confidence as she enters her 80s with potentially many years ahead.
How Much Social Security Will You Get?
The million-dollar question for most people approaching retirement is the same: "What will my monthly Social Security check be?" While we can't give you an exact figure (everyone’s amount is different), we can help you understand what affects your payment and how to find out what you'll get.
Social Security looks at your work history—specifically your 35 highest-earning years—to calculate your benefit. The more you earned and paid in Social Security taxes over your working years, the higher your benefit will be.
In early 2025, most retirees receive about $1,900 per month, but payments can range from around $1,000 to $3,700 depending on your work history and when you start collecting.
Three main things determine your benefit amount:
- How much you earned during your working years
- The age when you start collecting
- Cost-of-living increases after you start receiving benefits
Finding Your Expected Benefit Amount
The easiest way to know what you'll receive is to check your personal Social Security Statement. The SSA used to mail these statements annually, but most people need to create an online account to view it.
Here's how:
- Visit SSA.gov and click “Get a benefits estimate"
- Sign in to your “my Social Security” account (or create one if you don't have one)
- View your statement to see your estimated benefits at different ages
Your statement shows not just what you'd get at retirement but also disability benefits and what your family might receive if something happens to you.
If you've already created an account but haven't checked it recently, it's worth taking another look. The Social Security Administration updates your statement as you continue working, and the estimates change as you get closer to retirement.
Timing Your Retirement: What to Consider
Deciding when to start collecting Social Security isn't just about picking a date on the calendar. Let's explore what you need to consider.
Life Expectancy
Think about your family health history when deciding when to claim. If your parents and grandparents lived into their late 80s or 90s, waiting to claim bigger benefits might pay off in the long run. If you have serious health concerns, starting benefits earlier could make more sense.
Marital Status
Being married, divorced, or widowed affects your benefit options. If you're married, you can get either your own benefit or up to half of your spouse's — whichever is more. Divorced after a long marriage? You might still qualify for benefits based on your ex-spouse's record. When planning as a couple, sometimes it makes sense for one of you to claim early and the other to wait.
Working While Receiving Social Security
You might see smaller checks if you keep working while collecting Social Security before your full retirement age. In 2025, earning over $23,400 while under full retirement age means your benefit gets reduced. Once you reach full retirement age, this penalty goes away completely — you can work as much as you want without reducing your benefits.
Taxes
Some of your Social Security benefits might be taxable depending on your other income. The rules are complex, but generally, the more total income you have, the more likely some of your benefits will be taxed. If you're concerned about taxes on your benefits, talking to a tax preparer who specializes in retirement issues can help sort things out.
Medicare at 65: You Don’t Want to Miss This Deadline
Most people focus on Social Security timing, but Medicare deadlines are just as important. Even if you delay Social Security benefits, you should apply for Medicare around your 65th birthday.
This is one of those cases where timing really matters. Wait too long, and you could face higher premiums. But if you (or your spouse) work past 65 and have employer health insurance, you might qualify for special enrollment rules and avoid the higher premium penalty. To learn more, visit Medicare's Special Enrollment Periods page.
Putting It All Together: Create Your Personal Retirement Roadmap
Having the pieces is only half of the puzzle. It’s the way you assemble it that matters, and your retirement roadmap can be as unique as your fingerprint.
Start by taking stock of your savings, pensions, potential Social Security benefits, and other income sources. Be honest about your health, family history, and the lifestyle you want in retirement. Use that information to map out your timeline. When do you want to retire? When does it make financial sense to claim Social Security?
Remember, your retirement journey might take unexpected turns. Having a flexible roadmap can help you navigate the road ahead with confidence. After all, retirement planning isn't about picking a perfect date — it's about creating the freedom to live life on your terms.
FAQ: Retirement Age, Social Security Benefits, and Timing
Is Retirement Age 62 or 67?
Both — and neither! Retirement age isn't a single number. You can start collecting Social Security as early as 62, but your "full retirement age" depends on when you were born. Many people get confused because they hear different ages from friends and family. The simple truth is that when you should retire depends on your situation, not just a number on the calendar.
At what age can you collect 100% of your Social Security?
You'll receive 100% of your earned Social Security benefit when you reach your "full retirement age" (FRA). For anyone born between 1943 and 1954, that's age 66. If you were born in 1955, it's 66 and 2 months. The age gradually increases until it reaches 67 for people born in 1960 or later.
How do I know how much I will get from Social Security?
The easiest way is to check your personal Social Security Statement online. Create a "my Social Security" account at SSA.gov, and you'll see your estimated benefits at different claiming ages based on your actual work history. The estimates show what you'd receive at age 62, your full retirement age, and age 70.
Can I retire at 55 and collect Social Security?
No, Social Security retirement benefits aren't available before age 62 — no exceptions. If you want to retire at 55, you'll need other income sources to bridge the gap until you're eligible for Social Security. Many early retirees use savings, investments, or pension benefits during those years. Some work part-time to stretch their savings.
Content in the Customer Resource Center is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice.