When and How to Access Social Security Retirement Benefits

Besides applying for Medicare Parts A and B, the The United States Social Security Administration is also your access to sign up for Social Security retirement benefits. In this article we explore the basics of Social Security retirement benefits using SSA.gov, but we also took a deeper dive using Forbes as a financial insight source as well. Please note that the contents of this article provides general information about Social Security benefits and is not intended to offer any kind of financial advice whatsoever.

What are the basics?

1) You Can Claim Anytime from Age 62 to 70

• SSA allows you to start benefits as early as age 62 or delay up to age 70.
• Your benefit amount increases the longer you delay, up to age 70.

2) Early Claiming (Age 62–FRA) = Permanently Lower Monthly Payments

• If you start at 62, your benefit is reduced permanently, typically by 25–30% depending on your birth year.

3) Full Retirement Age (FRA) = 100% of Your Benefit

• FRA depends on your birth year; for those born in 1960 or later, FRA = 67.
• You receive full, unreduced benefits.
• Earnings no longer reduce your benefit if you keep working. ¹

4) Delaying Past FRA (Up to Age 70) = Highest Lifetime Monthly Benefit

• Delaying retirement credits increases your benefit by ~8% per year (two‑thirds of 1% per month).
• No further increases occur after age 70.

5) SSA’s Guidance: Consider These Personal Factors

• SSA stresses that the “best” age depends on:
  • Your financial needs/cash flow
  • Health and life expectancy
  • Family longevity history
  • Whether you plan to keep working
  • Other sources of retirement income¹
  • If you expect a long retirement, waiting tends to maximize lifetime income. If you have urgent financial needs or health issues, claiming earlier may be appropriate.

6) SSA Tools to Help You Decide

• SSA provides tools to estimate your personal benefit amounts by age:
  • Retirement Estimator
  • My Social Security account benefit projections (ssa.gov).

Of course, Forbes cautions Americans against using Social Security retirement benefits as your only source of income at retirement, so young investors prepare now by studying what the future may hold.

Overall Forbes View

Here’s the distilled interpretation of Forbes‘ stance:

• Social Security is essential and will continue—but may require major adjustments.
• Benefits are likely to be reduced in the future—unless Congress enacts funding reforms.
• Americans rely too heavily on Social Security—as personal savings and pensions have declined.
• Individuals should plan for uncertainty—for example: saving more, delaying benefits when possible, and diversifying income sources.

Sources:

¹The United States Social Security Administration