Claiming Social Security at Age 65
Claiming at 65 means collecting 2 years before your Full Retirement Age of 67. Your benefit will be permanently reduced by approximately 13%.
Claiming at 65: The Trade-offs
- Pros: Receive income 2 years sooner. Good if you have health concerns, need the income, or can invest the payments.
- Cons: Permanently reduced benefit (~13% less). Lower survivor benefit for your spouse. Earnings test may apply if you're still working.
- Earnings test: If you earn over ~$23,400/year while collecting before FRA, $1 is withheld for every $2 earned above the limit.
- Breakeven: You'll need to live past approximately age 81 for waiting until FRA to pay off vs. claiming at 65.
Who Should Claim at 65?
- Those with health issues that may limit lifespan
- People who need the income and have no other sources
- Those who can invest the payments to potentially earn more than the delayed credit rate
- Spouses of higher earners (lower earner claims early while higher earner delays)
Calculate Your Exact Benefit at Age 65
Use our free Social Security calculator to see your estimated monthly and lifetime benefits.
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