Millions of Americans rely on Social Security benefits every month to cover essential expenses such as housing, food, and healthcare. The Social Security Administration (SSA) allows people to choose when to begin receiving their benefits, but the age at which you start makes a big difference in the size of your monthly check.
Who Qualifies for Social Security Benefits?
You may be eligible for Social Security payments if you fall into one of these groups:
- Retirees: Workers who have paid Social Security taxes during their career.
- People with disabilities: Individuals whose medical condition prevents them from working.
- Family members: Certain spouses, children, or survivors of a retired, disabled, or deceased worker.
Social Security Payment Dates in 2026
Payments are issued based on your date of birth:
- Born between the 1st and 10th: Paid on the second Wednesday of the month.
- Born between the 11th and 20th: Paid on the third Wednesday of the month.
- Born between the 21st and 31st: Paid on the fourth Wednesday of the month.
How Much Will Your Benefits Be Reduced at Age 62?
While you can start claiming Social Security at age 62, this comes with a major drawback. Your monthly benefit will be reduced by up to 30% compared to what you would receive if you waited until your full retirement age (around 67 for most people).
Calculate Your 2026 COLA Increase →For example:
- Claiming at 62 means permanently smaller checks for the rest of your life.
- Waiting until full retirement age or even up to 70 allows you to receive significantly higher monthly deposits.
Should You Claim Early or Wait?
Deciding when to start Social Security depends on your financial situation, health, and retirement plans:
- Claiming early (62): Provides income right away but with smaller payments.
- Waiting until full retirement age (66–67): Ensures larger monthly checks.
- Delaying past full retirement age (up to 70): Increases your monthly benefit even more.
