The minimum age to begin receiving Social Security retirement benefits is 62.
While you can start receiving your Social Security retirement benefits as early as age 62, it's important to understand how this choice impacts your benefit amount.
Understanding Retirement Benefit Ages
The Social Security Administration outlines different age milestones that affect the amount of benefits you can receive:
- Early Retirement Age (Age 62): This is the earliest age at which you can elect to start receiving Social Security retirement benefits. However, choosing to begin benefits at this age will result in a permanent reduction in your monthly benefit amount compared to what you would receive at your full retirement age.
- Full Retirement Age (FRA): You are entitled to your full benefits only when you reach your specific full retirement age. This age varies depending on your birth year, typically ranging from 66 to 67. Receiving benefits at your full retirement age ensures you get the unreduced amount you've earned based on your earnings history.
- Delayed Retirement (Up to Age 70): If you delay taking your benefits past your full retirement age up to age 70, your monthly benefit amount will continue to increase. This increase is due to delayed retirement credits and can significantly boost your Social Security income in retirement. After age 70, there are no further increases for delaying benefits.
Choosing when to start your Social Security benefits depends on various personal factors, including your financial needs, health, and other income sources. Understanding these age options allows you to make an informed decision about your retirement planning.
