Social Security retirement benefits can be received at the age of 62. The younger you file for retirement, the lower your monthly payment could be. Keep in mind that the Administration reduces your checks or direct deposits by about 30% for filing at 62. Thus, it is advisable to file early when you do not rely on these monthly payments.
However, if you have a limited budget, no other earnings, and no savings, delay retirement as much as you can. In this way, you will collect 100% of your Social Security if you file at Full Retirement Age. Those recipients who think this money will not be enough can boost it. The way to achieve it is by delaying retirement until you turn 70. This is the moment your monthly payments stop growing.
The Social Security Payment Checklist for 2025. Are You Still Eligible?
Retirement benefits are only for workers who have paid enough taxes as they worked. The eligibility requirements for Social Security payments, which are currently $1,999 on average, are these ones:
- to have worked for a minimum of 10 years (but expect a lower-than-average payment) or
- to have worked for at least 35 years if you want to get no reductions when Social Security calculates your payment amount
- to have had jobs that pay payroll taxes
- to file between the ages of 62 to 70
- to remain eligible and not to break SSA rules
Workers who earned the taxable maximum for 35 years in jobs covered by SSA can collect up to $5,108 in 2025. This maximum amount decreases if you file at 62 ($2,831) and at Full Retirement Age ($4,018).
How to know your Social Security payment amount?
Sometimes you are not sure if you have paid enough taxes to Social Security and how much you could get. Ensure you earn 4 work credits per year. That is possible when you get $7,240 in covered earnings in 2025.
The best way to know when it is best to file for Social Security retirement benefits and how much you could receive is to download your Statement. The SSA Statement can be obtained online.
All you need is a my Social Security account to get it. It is free, and it also gives you information about eligibility for SSDI, family, or Medicare benefits. Check it to make sure you are working enough to get benefits.
