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Social Security: When can I start receiving retirement benefits?

The amount of your Social Security retirement benefit depends on when you first claim.

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When should you claim to get the most money?


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Retirement benefits

As of February 2022, more than 70.1 million in the US are a recipient of Social Security support. Of that, 50.4 million are recipients of retirement benefits. The Social Security Administration (SSA) is the largest federal retirement benefits program, however, entitlement can be a little confusing.

There is no fixed age on when you have to start receiving payments. But, your age when you first claim support will impact the size of your monthly benefit.

Each person has a full retirement age (FRA), but it varies based on the year you were born. Regardless of your FRA, you can start getting Social Security retirement benefits at 62. However, waiting to claim will result in a higher monthly payment.

Once you reach 70, the monthly payments will stay the same.

What is my FRA?

FRA depends on your birthday, but it is between 66 and 67 years old. If you were born between 1943 and 1954, your full retirement age is 66. If you were born after that, your retirement age will rise by two months for every year past 1954 that you were born in. Check out the SSA’s FRA chart if you want to know yours.

Keep in mind that retiring doesn’t mean that you can’t work. You can work, but there is an earning threshold. If you are younger than 67, the 20222 annual earning limit is $19,560. If you earn over the threshold, SSA will reduce your benefits payments by $1 for every $2 you earn over it.

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