Age 60: If you are a widow or widower, you can draw Social Security from your deceased spouse or former spouse. At 60 the payments will be reduced compared with what you would get at your full retirement age (FRA), and there are limits on the income you can earn at your work. If you have your own Social Security work record, taking a widow's payment early can be part of an early retirement strategy.
Age 62: Your first eligibility for Social Security retirement income is at age 62. The payment amount will be reduced compared with what you would earn at your full retirement age and there are limits on your work income. Claiming benefits can make sense if you need the income and it can be part of an early retirement strategy if you can get a higher widow's payment at age 66. Note that while you are under 66, you can earn $15,480 with no reduction in your Social Security payment. Earnings over $15,480 will cause some of your Social Security to be withheld.
Age 65: Everyone turning 65 should contact the Social Security Administration to ask about signing up for Medicare. You must get this right—you can be penalized for filing for Medicare too late or too early. Call or visit Social Security 2 or 3 months before your birth month. (See our information on Understanding Medicare or attend one of our workshops to learn more about Medicare.)
Age 66: For many, this is your Social Security "full retirement age." You can continue to work and draw Social Security at the same time, with no Social Security penalty, starting with your birthday month. In the months before your birthday month, you can earn much more money the year you turn 66. The threshold for no reduction is $41,400, and only earnings before your birthday month count toward calculation. You can also take spouse-only payments and hold your own payments in reserve. It's called the "Restricted Application" strategy.
Age 70: Your Social Security will not grow higher if you wait past 70 to claim your benefit. Take your Social Security this year if you haven't already. And if you were getting spouse-only payments, it's time to switch to your own Social Security benefit.
As always, be sure to check with the Social Security Administration for details if any of these options affect you.