What is the age at which a retiree can first start receiving retirement benefits from Social Security?

A retiree can begin receiving Social Security retirement benefits as early as 62 years old. This age was established as the earliest eligibility age to encourage individuals to start drawing benefits, albeit at a reduced rate compared to the full retirement age. If individuals choose to take benefits at this age, they will receive a lower monthly amount because the benefits are calculated based on the number of months they start collecting before reaching their full retirement age.

It's important to note that while 62 is the minimum age for receiving retirement benefits, individuals can choose to delay taking benefits up to age 70, which can significantly increase their monthly payment amount due to the earnings that the Social Security Administration credits for each year of delay past the full retirement age. Full retirement age varies based on the year of birth; for many people currently approaching retirement, it ranges from 66 to 67 years old. Thus, understanding the implications of starting benefits at different ages is crucial for proper retirement planning.