When is the best time to Apply for Social Security Even though the Qualification of start claim your social Security Benefit is 62 years old ,but that might not be the best time for you to start tapping those benefits.
The earliest you can apply for Social Security benefits is at age 61 and nine months, and you can expect to receive your first payment four months later—the month after your 62nd birthday. Typically, Social Security benefits are paid the month after they are due.
Age 62 marks only the beginning of eligibility for Social Security; it does not put you at what’s called “full retirement age” (FRA). In other words, you won’t become eligible for full benefits until you reach your FRA, which differs depending on your birth year.
Here is a summary of when you will reach your FRA, by birth year. If you were born:
- In 1960 or later, your FRA is age 67.
- In 1959, your FRA is age 66 and 10 months.
- In 1957, your FRA is age 66 and six months.
- In 1956, your FRA is age 66 and four months.
- In 1955, your FRA is 66 and two months.
- Between 1943 and 1954, your full retirement age (FRA) is age 66.
Here’s what happens if you start tapping Social Security at age 62
Starting to take Social Security at age 62 will dramatically decrease the size of the monthly payments you will receive, which is why many retirees wait a few years to start tapping the benefits. The more months remaining between age 62 and your FRA, the more your monthly payments will be reduced.
For example, if you were born after 1960, your full retirement age is 67. If you start your benefits at age 62, a $1,000 monthly benefit would be reduced to $700. And if you are married, your spouse’s monthly benefit would drop from $500 to $350. Your total family income from social security would be $450 less than if you had waited until your full retirement age.
The Social Security Administration’s (SSA) “Full Retirement and Age 62 Benefit By Year Of Birth” table gives a more detailed list of this effect. You can also refer to the SSA’s Retirement Age Calculator, which provides two helpful numbers. First, it calculates your full retirement age, as you might expect. Second, it generates a table showing the percentage decrease in benefits you and your spouse would receive for each year and month you retire before your FRA.
The SSA also has some additional footnotes. For example, those born on Jan. 1 should use the previous year’s numbers. Similarly, those born on the first of the month should use the previous month’s numbers. Additionally, you have to be at least 62 years old for an entire month before you will be eligible to receive Social Security benefits.
That said, there are some valid reasons to take Social Security early. For example, if you are in poor health or no longer want to work, you might consider tapping Social Security. But be careful because it is difficult to stop and restart Social Security once you have claimed benefits.
