By Social security benefits can act as a financial safety net for both individuals and families. The payments provide cushions for people who are retired or disabled and ensure they can still support themselves and/or their family. Though most people associate Social Security with retirement, you don’t have to be leaving the workforce to begin collecting. That leaves many to wonder, “When should I apply for social security?” Keep reading to find more about when you can start receiving Social Security benefits, plus what to consider when deciding if it’s time to apply.
When can I collect Social Security?
Social Security is meant to replace a percentage of a worker’s income. For most people, they begin receiving Social Security benefits after they retire.
Previously, the retirement age was set at 65, but that’s now changing. For people born in 1960 or later, the full retirement age (FRA) is 67.
While the FRA has increased, the minimum age to begin receiving benefits remains the same. You can collect Social Security benefits as early as 62 years old. One caveat: If you choose to do so at any point before 67, your benefits will be reduced a small percentage each month before you reach your full retirement age.
What to consider when applying for benefits
Though the window of eligibility for retirement benefits opens at the age of 62, there are several factors you should keep in mind.
“When to take Social Security is a very personal decision based on many factors including age, health, family composition, and other income sources,” says Ronald Waldman, legal and Social Security expert at JustAnswer.com. “What may be a perfectly reasonable decision for one person may not work for another person.”
Your benefit amount at 62
Though your benefits are reduced if you file before 67, the decrease may not be as significant as you may expect.
“The Social Security Administration (SSA) sends you a yearly statement with projected benefit amounts from age 62-70,” explains Waldman. “Additionally, by creating and logging into your SSA account, you can access a benefits calculator to view your prospective benefits.”
If the benefit amount will not be much lower at full retirement, it might make sense to apply on the early side.
Other income sources
If you and your family have other streams of money coming in (like pension, 401(k) and investments), it can give you a bit more flexibility when it comes to applying. Waiting to collect—if you can afford it—has a great perk, according to Waldman: the benefits increase a guaranteed 8 percent per year until age 70 (plus cost-of-living annual increases).
Waiting until full retirement “also means your spouse may receive higher spousal and/or survivor benefits,” Ben Rizzuto, wealth strategist at Janus Henderson Investors, told USA Today.
But if you need those benefits to help pay for bills, health care or travel, you may want to take advantage of them as soon as possible.
Your overall health
Any pre-existing health conditions you have are worth accounting for when making the decision to apply. Your family’s history of longevity may also suggest more urgency for receiving benefits.
“Generally, if you are in poorer health and may have a shorter life expectancy it may suggest taking benefits earlier,” adds Waldman.
Your employment status
As mentioned above, continuing to work after applying can cause your benefits to take a dip.
“SSA can greatly reduce your benefits in certain scenarios if you are working and collecting retirement benefits and you are under your full retirement age,” shares Waldman. “If you are under full retirement age for the entire year, SSA will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2025 that limit is $23,400.”
When should I apply for Social Security?
Unfortunately, there’s no right age for applying—each person’s situation is completely different.
“Ultimately, it is a guessing game as to whether your lifetime benefits will be greater by collecting benefits early vs. delaying them, since one cannot project with certainty their own life expectancy,” comments Waldman.
But it’s also possible to wait too long to start collecting, as you won’t get to enjoy the perks.
“There really is no reason to wait past age 70 as you no longer get the 8 percent yearly increases by deferring your benefits,” he adds.
How to apply for Social Security benefits
Any adult who is at least 18 years old, has worked and paid Social Security taxes can apply. When you do so, you’ll be asked what month you want to start your retirement benefit (between ages 62 and 70). You’ll also need to choose if you need to apply for Medicare separately or will be automatically enrolled.
Applications are available online, but you are also able to call 1-800-772-1213 and set up an appointment with an agent. They’ll schedule it to take place on the phone or in person.
After filling out your application, you’ll receive a letter either stating that your benefits are approved or asking for more information.
“If you apply early—say two to four months before your chosen start month—you should expect the letter towards the end of your chosen start month,” the SSA website states. “Otherwise, you’ll typically get it within 30 days of applying.”
