When Can You Draw Social Security

when can you draw social security

As retirement approaches, one of the pivotal questions many Americans grapple with is: When can you draw Social Security? Timing can significantly influence the amount you receive over your lifetime. This article offers insights into the optimal times to start collecting benefits and the factors that might impact your decision.

Understanding Eligibility

Before determining the best time to draw Social Security, it’s crucial to grasp the eligibility basics:

  1. Work Credits: To qualify for Social Security retirement benefits, you generally need 40 work credits. Typically, you can earn up to 4 credits a year, so this translates to 10 years of work for most individuals.
  2. Minimum Age: The earliest age you can start collecting Social Security retirement benefits is 62.

Deciphering Full Retirement Age (FRA)

Your FRA is a significant determinant in the amount of Social Security benefits you receive:

  1. Born before 1938: Your FRA is 65.
  2. Born between 1938-1959: FRA gradually increases from 65 to 67 over these years.
  3. Born in 1960 or later: Your FRA is 67.

Drawing benefits before your FRA results in a reduced monthly benefit, while waiting until after can increase your monthly amount.

Weighing the Pros and Cons

1. Claiming Early (Before FRA):

  • Pros: Access to funds when needed, especially if out of work or facing health issues.
  • Cons: Reduced monthly benefit, potentially significantly less over a lifetime if you live a long life.

2. Claiming at FRA:

  • Pros: You receive 100% of your monthly benefit amount.
  • Cons: Might miss out on potential increases if you delay past FRA.

3. Claiming Late (After FRA):

    • Pros: An increased monthly benefit. Your benefits grow about 8% annually from your FRA until age 70.
    • Cons: Delay in accessing funds. After age 70, there’s no further increase in delaying benefits.

Other Considerations

  • Life Expectancy: Consider your health and family history. If longevity runs in your family, it might be beneficial to delay benefits to get a larger monthly amount.
  • Financial Needs: Immediate financial necessities or a lack of other retirement savings might necessitate drawing benefits earlier.
  • Spousal Benefits: If married, the timing of when you and your spouse claim can influence the total household benefit. Strategies can be optimized for maximum combined benefit.
  • Tax Implications: Depending on other income sources, a portion of your Social Security might be taxable. Understand the tax implications of your decision.


The decision of when to draw Social Security is multifaceted, influenced by personal, financial, and health factors. By weighing the pros and cons, considering your individual circumstances, and staying informed, you can make a decision that best suits your retirement vision.