When do my Social Security retirement benefits start?

Understanding retirement age and how benefits work is very important when you are planning for retirement. 

Full Retirement Age

Full Retirement Age is the age at which you are eligible to receive 100% of your Social Security retirement benefits. It is determined by your birth year. You can calculate your FRA using the Social Security retirement age calculator.

Early Retirement

You can choose to claim Social Security benefits as early as age 62. However, if you claim benefits before reaching your FRA, your monthly benefit amount will be permanently reduced. The reduction is based on the number of months you receive benefits before reaching your FRA.

Delayed Retirement

On the other hand, you can choose to delay claiming benefits beyond your FRA. For each year you delay, your benefit amount increases by a certain percentage, known as Delayed Retirement Credits (DRCs). This increase continues up to age 70, at which point it maxes out.

Impact of Claiming Age

The age at which you choose to claim benefits can significantly affect your monthly benefit amount. Claiming early results in lower monthly payments for a longer duration, while delaying benefits leads to higher monthly payments but for a shorter duration.

Working While Receiving Benefits

If you claim benefits before your FRA and continue to work, your benefits may be subject to the "earnings test." In this case, your benefits may be reduced if your earnings exceed certain thresholds. However, any reduction in benefits due to the earnings test is temporary and is factored into recalculating your benefits once you reach your FRA.

Spousal Benefits

If you are married, you may be eligible for spousal benefits based on your spouse's work record. This can be beneficial, especially if your spousal benefits are higher than your own individual benefits. Spousal benefits can be claimed as early as age 62 or at your FRA.

Survivor Benefits

Social Security provides survivor benefits to eligible family members of deceased workers. Surviving spouses and dependent children may be eligible for survivor benefits, providing financial support during difficult times.