You’ve probably heard the magic number is 62. It’s the age when the government finally lets you touch that money you’ve been paying into the system for decades. But honestly, just because you can grab it doesn't always mean you should.
Social Security is kind of a game of chicken. The longer you wait, the bigger the check. If you jump the gun at 62, you’re looking at a permanent pay cut. If you wait until 70, you’re getting a massive bonus. Most people get caught in the middle, staring at a confusing mess of birth years and "Full Retirement Age" charts.
It’s 2026. The rules have shifted slightly for those hitting the milestone this year, and the "Full Retirement Age" (FRA) is now firmly set at 67 for anyone born in 1960 or later. Understanding when can i collect social security benefits is no longer just about picking a date; it’s about math, health, and how much you plan to work while "retired."
The Three Main Milestones: 62, 67, and 70
Think of these three ages as the "Early," "Standard," and "Max" settings for your retirement.
Starting at 62: The Early Bird Discount (The Bad Kind)
The Social Security Administration (SSA) lets you file as early as 62. But there’s a catch. For those born in 1960 or later, taking benefits at 62 means your monthly check is slashed by 30%.
If your "full" benefit was supposed to be $2,000, you’re only getting $1,400. That’s not a temporary dip. It’s permanent. People do this because they need the cash now or they’re worried they won’t live long enough to make waiting worth it. It's a gamble.
The Sweet Spot at 67: Full Retirement Age
For everyone turning 66 or 67 this year, 67 is the new normal. This is when the SSA considers you "fully" retired. You get 100% of your Primary Insurance Amount (PIA).
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In 2026, the maximum monthly benefit for someone retiring at FRA is roughly $4,152. To get that, you’d need to have been a high earner for 35 years. Most people receive closer to the average, which is about $2,071 after the latest cost-of-living adjustments.
Holding Out Until 70: The 8% Bonus
Wait. If you don't need the money at 67, keep waiting. For every year you delay past your FRA, your benefit increases by 8% annually.
This stops at age 70. There is absolutely no reason to wait until 71. If you wait until 70, you’ll receive 124% to 132% of your full benefit (depending on your exact birth year). In a world of volatile stocks and low-interest savings, a guaranteed 8% return is basically unheard of.
The 2026 Work Test: Can You Work and Collect?
A lot of people ask, "When can I collect social security benefits and still keep my job?"
You can. But the government might take a "tax" on your benefits if you're under 67. In 2026, the earnings limit is $24,480.
If you earn more than that, the SSA withholds $1 for every $2 you make over the limit. Let’s say you make $34,480. That’s $10,000 over. They’ll keep $5,000 of your benefits.
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The good news? Once you hit the month of your 67th birthday, the limit vanishes. You can make a million dollars a year and still get your full Social Security check. Also, the money they "withheld" isn't actually gone forever. They recalculate your benefit at 67 to give you credit for the months they didn't pay you.
Spousal Benefits: The 50% Rule
Marriage complicates things. In a good way, usually.
If you’re married, you can collect up to 50% of your spouse’s benefit instead of your own. This is huge if one spouse stayed home or earned significantly less.
However, you can’t "double dip" anymore. The "deemed filing" rule means when you apply for one, you’re applying for both. The SSA just gives you the higher of the two. And remember: spousal benefits do not get the 8% yearly bonus for waiting past 67. They max out at your Full Retirement Age.
What Most People Get Wrong
People often think Social Security is going bankrupt. It's not. Even if the trust funds "run out" in the mid-2030s, tax revenue is still coming in. Experts like Christy Bieber and agencies like the Bipartisan Policy Center note that even in a "worst-case" scenario, the system could still pay out about 77% to 80% of scheduled benefits.
Another mistake? Ignoring taxes.
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If your "combined income" (adjusted gross income + nontaxable interest + half of your Social Security) is over $25,000 for individuals or $32,000 for couples, you’re going to pay federal income tax on your benefits. Up to 85% of your check could be taxable. Sorta takes the sting out of that COLA increase, doesn't it?
Strategy: When Should You Actually Pull the Trigger?
There isn't a one-size-fits-all answer. It’s about your "break-even" age.
If you take benefits at 62, you get a head start. But by age 77 or 78, the person who waited until 67 has caught up and surpassed you in total money received. If you live to 90, the person who waited until 70 is the big winner.
- Claim at 62 if: You have health issues, a shorter life expectancy, or you’re in a financial bind and need the cash to survive.
- Claim at 67 if: You’re still working part-time or you want a balanced approach to your retirement income.
- Claim at 70 if: You’re in great health, have other assets to live on, and want the largest possible "insurance policy" against outliving your money.
Actionable Next Steps
Don't guess.
- Create a "my Social Security" account on the official SSA.gov website. This is the only way to see your actual estimated numbers based on your real earnings history.
- Run a break-even analysis. Use a calculator to see at what age the "wait" actually pays off for your specific dollar amounts.
- Check your 2025 tax return. Look at your total income to see if you'll be hit by the "Social Security Tax" once you start collecting.
- Coordinate with your spouse. If one of you is the "high earner," it often makes sense for that person to wait until 70 to maximize the survivor benefit for the other person later on.
The decision of when can i collect social security benefits is one of the few financial choices you can't easily undo. Once you're more than 12 months into collecting, you're usually locked in for life. Take the time to get the timing right.