Enter the year you were born into a full retirement age calculator to determine how old you need to be to receive full Social Security retirement benefits. Once you calculate your full retirement age, decide the best time to begin receiving your benefits based on how much you would receive monthly if you initiate benefits at ages 62 through 70.
To access a full retirement age calculator, go to the SSA.gov main page, scroll down, select Calculators under Items of Interest, and click on Retirement Age Calculator. Select the year you were born from the drop-down menu, and click on Your Full Retirement Age Is. If you were born before 1938, your full retirement age is 65, but after 1937, the full retirement age gradually increases until it reaches age 67 if you were born in 1960 or later.
You can choose to begin receiving benefits at age 62, but Social Security reduces the monthly amount you receive based on how early you initiate payments before your full retirement age. If you wait to receive benefits until after your full retirement age, Social Security adds delayed retirement benefits that increase the amount of your monthly payments until you reach age 70. After age 70, there is no further increase. Use the early or late retirement calculator at SSA.gov to help you determine how much you would receive at various retirement ages. Your decision about when to begin receiving benefits depends on factors such as your health, finances, marital status and if you are still working.