When Should I Apply for Social Security?

The optimal time to apply for Social Security depends on your individual circumstances and retirement goals. Here’s a breakdown of the key factors to consider:

Full Retirement Age (FRA):

If you were born in 1956, your FRA is 66 years and 4 months.
If you were born in 1957 or later, your FRA is 67.

Early Retirement:

You can start receiving Social Security benefits as early as age 62.
However, your benefit amount will be reduced by up to 30% compared to your full retirement benefit.
Early retirement may be a good option if you have other sources of income or if you need the money to cover essential expenses.

Delayed Retirement:

If you delay receiving benefits past your FRA, your benefit amount will increase by up to 8% per year, up to age 70.
This can be a good option if you want to maximize your monthly benefit or if you plan to work past your FRA.
However, keep in mind that you will not receive any back benefits for the months you delayed claiming.

Life Expectancy:

Your life expectancy plays a significant role in determining the optimal time to claim Social Security.
If you have a longer life expectancy, you may benefit from delaying retirement to receive higher monthly payments for a longer period.
Conversely, if you have a shorter life expectancy, you may want to claim benefits earlier to maximize the total amount of benefits you receive.

Health Status:

Your health status can also influence your decision.
If you have health concerns that may shorten your life expectancy, you may want to claim benefits earlier.
On the other hand, if you are in good health and expect to live a long life, you may benefit from delaying retirement.

Financial Situation:

Your current financial situation and future income prospects should also be considered.
If you have significant savings or other sources of income, you may have more flexibility in deciding when to claim Social Security.
However, if you rely heavily on Social Security for your retirement income, you may need to claim benefits earlier.

Personal Preferences:

Ultimately, the decision of when to claim Social Security is a personal one.
Consider your individual circumstances, retirement goals, and risk tolerance when making this important decision.

Additional Considerations:

You can apply for Social Security benefits online, by phone, or in person at a Social Security office.
It’s recommended to apply for benefits 3 months before you want them to start.
You can also choose to receive your benefits directly deposited into your bank account.

Conclusion

The optimal time to apply for Social Security depends on a variety of factors, including your full retirement age, life expectancy, health status, financial situation, and personal preferences. By carefully considering these factors, you can make an informed decision that aligns with your retirement goals.

Frequently Asked Questions

What is the earliest age I can claim Social Security benefits?

You can claim Social Security benefits as early as age 62. However, your benefit amount will be reduced if you claim before your full retirement age.

What is the latest age I can claim Social Security benefits?

There is no maximum age to claim Social Security benefits. However, your benefit amount will not increase after age 70.

How do I apply for Social Security benefits?

You can apply for Social Security benefits online, by phone, or in person at a Social Security office. It’s recommended to apply for benefits 3 months before you want them to start.

Can I change my mind about when I claim Social Security benefits?

Yes, you can change your mind about when you claim Social Security benefits. However, if you have already started receiving benefits, you will have to repay any benefits you received before your full retirement age.

What happens if I die before I start receiving Social Security benefits?

If you die before you start receiving Social Security benefits, your surviving spouse or dependent children may be eligible to receive benefits.

Even if you keep delaying receiving benefits, your monthly benefit stops growing when you turn 70.

At the age of sixty-six and six months, you are eligible to receive 100% of your monthly benefit. Your monthly benefit will increase if you wait to start receiving retirement benefits until after reaching full retirement age.

If you choose to postpone retiring, remember to enroll in Medicare by the time you turn 65.

The chart below explains how delayed retirement affects your benefit. Your date of birth and the number of months you postpone the start of your retirement benefits determine how much more you will receive. If you start receiving retirement benefits at age:

Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1.	Full (normal) Retirement Age	Months between age 62 and full retirement age 2.	At Age 62 3.
Year of Birth 1.	Full (normal) Retirement Age	Months between age 62 and full retirement age 2.	A $1000 retirement benefit would be reduced to	The retirement benefit is reduced by 4.	A $500 spouses benefit would be reduced to	The spouses benefit is reduced by 5.
1943-1954	66	48	$750	25.00%	$350	30.00%
1955	66 and 2 months	50	$741	25.83%	$345	30.83%
1956	66 and 4 months	52	$733	26.67%	$341	31.67%
1957	66 and 6 months	54	$725	27.50%	$337	32.50%
1958	66 and 8 months	56	$716	28.33%	$333	33.33%
1959	66 and 10 months	58	$708	29.17%	$329	34.17%
1960 and later	67	60	$700	30.00%	$325	35.00%
If you were born on January 1st, you should refer to the previous year. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

Earliest Date To Apply n Advance for Social Security Retirement Benefits

FAQ

How far in advance do I need to apply for Social Security benefits age 66?

Once you have decided when you want to start receiving your monthly Social Security benefit, you can apply up to four months before the date you want your benefits to start. Visit www.ssa.gov/retire to apply.

How far in advance of your birthday can you apply for Social Security?

The earliest you can apply for retirement benefits is four months before you want your benefits to start. If you want your benefits to start more than four months in the future, you need to apply for benefits at a later date. If you are already age 62, your benefits could start as early as this month.

How long does it take to get your first Social Security check after you apply?

Your first check won’t arrive until the month after the one you pick in your application. You can apply any time up to four months before the month you pick. For example, you want your first check in April.

What is the average Social Security check at age 66?

Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

When can I start receiving Social Security benefits?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

When can I apply for Social Security benefits if I’m 62?

If you want your benefits to start in December, you can apply in August. If you turn 62 any day after December 2, you are not age 62 for the entire month of December. You can start your benefits as early as January when you are 62 for the entire month. If you want your benefits to start in January, you can apply in September.

When can I apply for retirement benefits?

Views: You can apply for retirement benefits up to 4 months before you want to start receiving your benefits. Even if you are not ready to retire, you still should sign up for Medicare 3 months before your 65th birthday. The easiest and most convenient way to apply for retirement benefits is by using our online application.

When should I apply for Social Security disability benefits?

Be sure to take careful stock of your financial and physical health when deciding when to start benefits. If your health is severe enough to prevent you from working, applying for Social Security Disability benefits is a better alternative than taking early retirement.