What happens to your Social Security at 64

At 64, you cannot yet claim Social Security retirement benefits — the earliest age is 62. However, if you are already receiving benefits for another reason (disability, survivor benefits as a family member, or you claimed at 62), your payments continue as normal and follow the same payment schedule and deposit method described in the main payments section.

If you are 64 and not yet receiving any Social Security, this is the time to understand what claiming at different ages will mean for your monthly payment amount. The choice you make in the next few years will affect how much money lands in your account every month for the rest of your life.

Your payment amount depends entirely on when you claim, not on your age when you start receiving it. Claiming at 62 gives you a smaller monthly payment that starts sooner. Waiting until your full retirement age (which is between 66 and 67, depending on your birth year) gives you a larger monthly payment. Waiting until 70 gives you the largest monthly payment of all.

Key Takeaways

  • You cannot claim Social Security retirement benefits until age 62, but you can start planning now by understanding how your payment amount changes based on when you claim.
  • Claiming at 62 means a permanently smaller monthly payment; waiting until your full retirement age or 70 means a permanently larger monthly payment.
  • Your full retirement age is between 66 and 67 depending on your birth year, and you can find yours on your Social Security statement or online at ssa.gov.
  • Once you claim and start receiving payments, they deposit on the same schedule as all other Social Security payments — usually the second, third, or fourth Wednesday of each month depending on your birth date.
  • If you are receiving disability or survivor benefits now, your payments continue unchanged until you reach full retirement age, when they convert to retirement benefits at the same amount.

How your birth year determines your full retirement age

Social Security uses your birth year to set your full retirement age — the age at which you receive 100 percent of your calculated benefit amount. This is not the same as the age you can start claiming. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it falls somewhere between 66 and 67. If you were born in 1960 or later, your full retirement age is 67.

You can find your exact full retirement age on your Social Security statement, which you can view or print at ssa.gov by creating a my Social Security account. The statement also shows your estimated benefit amount at full retirement age, which is the number you should use as your baseline when comparing what you would receive if you claimed earlier or waited longer.

What claiming at 62 means for your payment amount

If you claim at 62, your monthly payment will be permanently reduced. The reduction is roughly 30 percent less than what you would receive at your full retirement age, though the exact percentage depends on your birth year. This reduced amount is locked in for life — it does not increase to the full amount later, even after you reach your full retirement age.

The trade-off is that you start receiving money sooner. If you claim at 62 and live to an average age, you will have received roughly the same total amount of money by age 80 as someone who waited until 67 to claim. If you live longer than average, the person who waited will have received more total money. If you die before 80, the person who claimed at 62 will have received more.

Once you claim at 62, your payments follow the standard Social Security deposit schedule. The Social Security Administration deposits payments on the second, third, or fourth Wednesday of each month, depending on your birth date. You can see which Wednesday is yours on your Social Security statement.

What waiting until your full retirement age means

If you wait until your full retirement age to claim, you receive your full calculated benefit amount with no reduction. This is the benefit amount shown on your Social Security statement. Your monthly payment will be roughly 30 percent higher than if you had claimed at 62, and this larger amount is what you receive for the rest of your life.

Waiting also means you receive cost-of-living adjustments (COLA) for more years before you start claiming. Each January, Social Security increases all current benefit payments by a percentage that matches inflation. If you claim at 62, you start receiving smaller payments and those smaller payments get the COLA increases. If you wait until 67, you start receiving larger payments and those larger payments get the COLA increases, so the gap between the two scenarios grows over time.

What waiting until 70 means for your payment amount

If you wait until age 70 to claim, your monthly payment increases by roughly 8 percent for each year you delay past your full retirement age. This means your payment at 70 is roughly 24 to 32 percent higher than your full retirement age amount, depending on your birth year. This is the maximum payment Social Security will ever give you.

The downside is that you receive no payments between your full retirement age and 70. If you die before 80, you will have received less total money than someone who claimed earlier. If you live into your 80s and beyond, you will have received significantly more total money because of the larger monthly amount and the additional COLA increases applied to that larger amount.

Waiting until 70 makes the most sense if you are in good health, have family history of longevity, or have other income sources that let you delay. It makes less sense if you have health concerns or need the money sooner.

How to find your estimated payment amounts

The Social Security Administration provides a free online tool called the Retirement Estimator at ssa.gov/benefits/retirement/estimator.html. You enter your birth date and current earnings record, and the tool shows you estimated monthly payments at ages 62, your full retirement age, and 70. The estimates are based on your actual Social Security earnings history, so they are more accurate than general examples.

To use the Retirement Estimator, you do not need to create a my Social Security account, though you can if you want. If you prefer to see your information in one place, you can create an account at ssa.gov and view your full Social Security statement, which includes your earnings history, your full retirement age, and your estimated benefit amounts at different claiming ages.

Keep in mind that these are estimates based on your current earnings record and the assumption that you will not earn significantly more before you claim. If you continue working and earning, your benefit amount may increase slightly because Social Security counts your highest 35 years of earnings.

If you are already receiving benefits at 64

If you are receiving Social Security disability benefits (SSDI) or survivor benefits as a family member, your payments continue unchanged. You receive deposits on the same schedule as all other Social Security recipients — the second, third, or fourth Wednesday of each month based on your birth date. Your payment amount does not change when you turn 65 or reach your full retirement age.

When you reach your full retirement age, your disability or survivor benefit automatically converts to a retirement benefit at the same monthly amount. This is a technical change in the Social Security system, but your payment stays the same and your deposit schedule does not change. You do not need to do anything — the conversion happens automatically.

If you are receiving benefits and you continue to work, you may face an earnings limit. If you are under your full retirement age and earn more than a certain amount per year (the limit changes annually), Social Security withholds $1 from your benefits for every $2 you earn above the limit. Once you reach your full retirement age, there is no earnings limit and you can work and receive full benefits at the same time.

Frequently Asked Questions

Can I change my mind after I claim at 62?

Yes, but only within a limited window. If you claim and then change your mind within 12 months, you can withdraw your claim and repay all the benefits you received. This resets your record as if you never claimed, and you can claim again later at a higher amount. After 12 months, you cannot withdraw your claim, but you can request a one-time voluntary suspension if you have reached your full retirement age, which pauses your benefits and allows them to grow until you restart them later.

What if I am still working at 64 and plan to claim soon?

If you claim before your full retirement age and continue working, Social Security will withhold benefits if you earn above the annual limit. For 2024, the limit is $23,400 per year if you have not yet reached your full retirement age. Once you reach your full retirement age, the limit disappears and you can earn any amount without affecting your benefits. Check ssa.gov for the current year's limit.

Does my spouse's Social Security affect my payment at 64?

No. Your own Social Security benefit is calculated based only on your own earnings history. However, if you are married, you may be able to claim a spousal benefit in addition to your own benefit, but spousal benefits have their own rules and age requirements. Speak with Social Security directly about your specific situation.

Will my payment amount change after I start receiving it?

Your monthly payment amount stays the same, but it increases each January by the cost-of-living adjustment (COLA) if inflation has occurred. The COLA is the same percentage for all recipients that year. Your payment will never decrease due to COLA, but it can be affected if you continue working and your earnings record changes, or if you have a life event that triggers a benefit review.

How do I know which Wednesday my payment deposits?

Your deposit day depends on your birth date. If you were born on the 1st through the 10th of any month, you receive payments on the second Wednesday. If you were born on the 11th through the 20th, you receive payments on the third Wednesday. If you were born on the 21st through the 31st, you receive payments on the fourth Wednesday. You can confirm your specific day on your Social Security statement or by calling 1-800-772-1213.