Social Security Retirement: When Should You File?
Direct answer: Social Security retirement benefits are based on your highest 35 years of indexed earnings, and the age at which you start collecting has a permanent effect on your monthly payment amount.
Filing as early as age 62 permanently reduces your monthly benefit compared to filing at full retirement age (66-67 depending on birth year), while delaying past full retirement age increases your benefit up to age 70, after which there's no further increase for waiting.
If you're still working before reaching full retirement age, an earnings test applies — Social Security withholds a portion of benefits above a certain earned income threshold, though withheld amounts are generally credited back later in the form of a higher benefit once you reach full retirement age.
There's no single 'best' filing age for everyone — it depends on health, other income sources, marital status (since spousal and survivor benefits interact with filing age), and how long you expect to need the income.
Try the Benefit Trim Score to see your own estimated eligibility across 20 programs.
Frequently Asked Questions
Does filing early permanently reduce my benefit?
Yes — filing before full retirement age results in a permanently reduced monthly benefit compared to waiting.
Is there a benefit to waiting past age 70?
No — delayed retirement credits stop accruing at age 70, so there's no additional benefit to waiting beyond that age.
Does working while collecting Social Security reduce my benefit?
If you're under full retirement age and still working, an earnings test may temporarily reduce your benefit, though the withheld amount is generally credited back later.