The age you start receiving Social Security retirement benefits permanently impacts your monthly payment amount. Claiming earlier than your full retirement age will reduce your benefit, while delaying past your full retirement age can increase it.
Your Social Security benefit amount is directly tied to the age you choose to begin receiving it. You can start benefits as early as age 62, but each month you claim before your full retirement age (FRA) results in a permanent reduction of your monthly payment. Conversely, delaying benefits beyond your FRA, up to age 70, earns delayed retirement credits that permanently increase your monthly benefit amount.
Social Security rules and benefit amounts can change, so it is important to verify current information with the official Social Security Administration.
How do survivor benefits compare if a spouse claims early versus delaying Social Security?
Survivor benefits are based on the deceased worker's benefit amount. If the deceased spouse claimed early and received a reduced benefit, the survivor benefit will also be lower. Conversely, if the deceased spouse delayed claiming until their full retirement age or later, the survivor benefit will be higher. A spouse can claim survivor benefits as early as age 60 (or age 50 if disabled), but doing so will also result in a permanently reduced benefit amount. The maximum survivor benefit is equal to the deceased worker's full retirement age benefit.