If you were born in 1966, you can collect Social Security as early as age 62, which for you is 2028, but your full retirement age is 67, reached in 2033. Claiming at 62 locks in a permanent 30 percent cut. Waiting past 67 adds 8 percent a year, maxing out at 124 percent of your full benefit if you hold off until 70.
Your Full Retirement Age Is 67
Federal law ties full retirement age to birth year, and for everyone born in 1966 that age is 67.1Legal Information Institute. 42 USC 416 – Definition of Retirement Age At 67, you collect 100 percent of your primary insurance amount, the monthly figure Social Security calculates from your 35 highest-earning years.
Three ages matter for your decision: 62 (earliest possible), 67 (full benefit), and 70 (largest possible benefit). Everything else is a variation on those three.
Claiming at 62: The 30 Percent Cut
You’re allowed to file 60 months before full retirement age. For you, that means filing at 62 costs a 30 percent permanent reduction. If your benefit at 67 would be $2,000, filing at 62 drops it to $1,400 for life.2Social Security Administration. Early or Late Retirement
The reduction runs in two tiers. For the first 36 months before full retirement age, benefits shrink by five-ninths of one percent each month. For each additional month beyond those 36, the reduction is five-twelfths of one percent. With a full retirement age of 67, that second tier applies to the 24 months between ages 62 and 65.3Social Security Administration. Retirement Age and Benefit Reduction
Permanent means permanent. That reduced number becomes the base for every future cost-of-living adjustment. You still get annual increases, but they apply to a smaller starting figure for the rest of your life. The rough break-even, where total lifetime dollars from waiting until 67 pass total dollars from claiming at 62, falls around age 78 to 80 for most people. If you’re in decent health and have another way to bridge the gap, waiting usually pays.
Waiting Past 67 for Bigger Checks
For every month you delay between 67 and 70, your benefit grows by two-thirds of one percent. That’s 8 percent a year. Wait the full three years and your monthly check reaches 124 percent of your primary insurance amount.4Social Security Administration. Delayed Retirement5Social Security Administration. Delayed Retirement Credits
You don’t have to pick a birthday. Any month between 67 and 70 works. Starting at 68 and six months, for example, gives you roughly 12 percent more than the full retirement age amount.
No credits accrue after 70. If you haven’t filed by then, file immediately; there is nothing left to gain by waiting.
Suspending After You’ve Already Filed
If you already started benefits and later want a larger check, you can ask Social Security to suspend payments once you’ve reached 67. The benefit then earns delayed retirement credits each month it stays suspended, and payments resume automatically at 70 if you haven’t restarted them.6Social Security Administration. Suspending Your Retirement Benefit Payments
While suspended, anyone collecting on your record (a spouse or dependent child) also stops receiving payments. A divorced spouse is the exception and keeps collecting. Medicare Part B premiums can’t be deducted from a suspended benefit, so expect a separate bill from CMS.
Working While You Collect
If you claim before 67 and keep working, the earnings test can temporarily reduce your payments. In 2026, Social Security withholds $1 for every $2 you earn above $24,480. During the calendar year you turn 67, a more generous rule applies: $1 withheld for every $3 earned above $65,160, counting only earnings before the month you reach full retirement age.7Social Security Administration. Receiving Benefits While Working
Once you hit 67, the earnings test disappears. Earn any amount, no reduction. And the withheld money isn’t gone: when you reach full retirement age, Social Security recalculates your monthly benefit to credit the months when checks were reduced or held back, softening the early-claiming cut.8Congress.gov. Social Security Retirement Earnings Test Overview The recalculation doesn’t fully undo the reduction, but it helps.
What Your Spouse Gets Depends on Your Choice
Your claiming age reaches beyond your own check. A spouse can collect up to 50 percent of your primary insurance amount at their own full retirement age, or as little as 32.5 percent if they file at 62.9Social Security Administration. Benefits for Spouses If your spouse also has a work record, Social Security pays whichever benefit is larger, not both.
Survivor benefits are where the delay decision really compounds. A surviving spouse can collect up to 100 percent of the deceased worker’s benefit at their own full survivor retirement age, and can start as early as 60 at a reduced rate.10Social Security Administration. What You Could Get From Survivor Benefits If the higher earner in a couple delays to 70 and then dies, the survivor inherits that larger amount. If the higher earner claimed at 62, the survivor benefit is capped at the greater of what the deceased was receiving or 82.5 percent of the full retirement age amount. For couples with a large earnings gap, the higher earner waiting until 70 is often the most valuable move on the table.
Don’t Miss Medicare at 65
Medicare eligibility starts at 65 no matter when you claim Social Security. Since your full retirement age is 67, you won’t be receiving Social Security at 65 unless you filed early, and that matters because Medicare enrollment is not automatic when you aren’t already drawing benefits. You have to sign up yourself.
Your initial enrollment window runs seven months: the three months before the month you turn 65, that month, and the three months after.11Medicare.gov. When Does Medicare Coverage Start Miss it without qualifying employer coverage and you face a Part B late-enrollment penalty: your premium rises 10 percent for each full 12 months you could have been enrolled and weren’t, and the surcharge lasts as long as you have Part B.12Medicare.gov. Avoid Late Enrollment Penalties
The standard Part B premium for 2026 is $202.90 a month.13Centers for Medicare and Medicaid Services. 2026 Medicare Parts A and B Premiums and Deductibles If you’re still working at 65 and covered by an employer group health plan, you can generally delay Part B without penalty until that coverage ends.
Check Your Estimate and Apply
Before you commit to an age, look at the numbers. A my Social Security account online shows your year-by-year earnings history and benefit estimates at 62, 67, and 70.14Social Security Administration. Get Your Social Security Statement Review the earnings record carefully. If an employer underreported your wages or a year is missing, your future benefit is being calculated on wrong numbers, and older errors get harder to fix because tax records don’t survive forever. Bring a W-2 or tax return for that year if you need to dispute anything.
You can apply up to four months before you want benefits to start, online, by phone, or at a local office.15Social Security Administration. Help – When to Start Benefits Have your birth certificate (original or a certified copy from the issuing agency), your Social Security number, and a recent W-2 or tax return ready.16Social Security Administration. What Documents Will You Need When You Apply Proof of citizenship is required if you were born outside the United States, and military service papers are needed if you served before 1968. Don’t hold up the application over missing documents; Social Security can often verify records through their own files or a state Bureau of Vital Statistics.
If you apply after age 67, you can request up to six months of retroactive benefits. Social Security won’t reach further back than six months or before your full retirement age, and taking retroactive pay slightly lowers your ongoing monthly amount because your effective start date moves earlier.5Social Security Administration. Delayed Retirement Credits It’s a partial safety net if you filed later than you meant to, not a bonus.