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.
What is the maximum age I can earn delayed retirement credits?
You can earn delayed retirement credits (DRCs) on your Social Security retirement benefit up until you reach age 70. After you reach your full retirement age (FRA), you earn credits for each month you postpone claiming, up to age 70. Once you turn 70, no further credits are added, regardless of whether you continue to delay claiming benefits. Therefore, age 70 is the latest age at which delaying will increase your monthly benefit amount through DRCs.