How do I know when to take Social Security retirement benefits?

The Social Security Administration allows workers to retire at the age of 62. However, you must have worked and paid enough taxes to collect monthly retirement benefits.

So, if you have worked all your life but you have not paid payroll taxes to Social Security, you cannot file for retirement benefits. Make sure you earn enough work credits to get monthly checks as a retiree.

Work credits are essential to collect Social Security, whether it is SSDI (disability benefits) or retirement checks. The Administration will ensure you have at least 40 work credits at 62.


This will depend on the year you were born. For example, if you were born in 1960 or later, your Full Retirement Age (FRA) will be 67. Nevertheless, you could start collecting checks at 62, five years before FRA.

Workers born in 1960 or later must file for Social Security at 67 to get the full amount

If you would like to know when you reach full retirement age, you just need to visit For example, if your birthdate is 1962, you will reach full retirement age in 2029.

Therefore, you could start claiming Social Security retirement benefits in 2024. Is this the best age to do so? Maybe it is not because you will get a 30% reduction.

For instance, if you got $1,000 at 67, you would get $700 at 62. By early filing, you are saying goodbye to $300 per month. In just one year you will have lost $3,600. So, it is your decision and you will have to see if you can afford to file or not at 62.


Luckily, all you need to do is get your annual Social Security statement. The Administration will provide you with all the details regarding your future payments depending on the age you file.

It is free and you can get it through your my Social Security account. Once you check it, you will see that retirement at 70 means getting 24% more per month. In fact, it is a lot of money, but not everyone is fit and healthy to work until they are 70.

Just by filing at Full Retirement Age, you can get 100% of your retirement benefits. Social Security will give you 8% extra for each year you delay retirement. So, from age 67 to 70, you can get 24% in total.

If you are 20 or 30 years old, start saving for retirement. SSA benefits are just a supplement. Make the most of your retirement saving accounts like 401(k) and invest to get a large nest egg.

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