Can I retire at 63 and collect Social Security?

Yes, at 63, you can definitely apply for Social Security retirement benefits, as the earliest age is 62, but your monthly payment will be permanently reduced because you're claiming before your full retirement age (FRA), which is likely 67 for you; you can also keep working and delay benefits up to age 70 for a higher payout, or even consider disability if you can't work.


How much Social Security will I get if I retire at 63?

You can't get full Social Security at 63 because it's before the Full Retirement Age (FRA), which is 67 for most people now; claiming at 63 means your monthly benefit will be reduced by about 25%, depending on your exact birth year and earnings, so you'd receive around 75% of your FRA amount, though averages show around $1,392 monthly at that age, but using the SSA's calculator with your earnings is best. 

What are the disadvantages of taking Social Security at 63?

Your life expectancy

Taking Social Security early reduces your benefits, but you'll also receive monthly payments for a longer period of time. On the other hand, taking it later results in fewer Social Security checks during your lifetime, but delaying also means each check will be larger.


Can a 63 year old get Social Security benefits?

You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The percentage reduction for the spouse should be applied after the automatic 50% reduction.

Does Social Security pay more at 63 than 62?

Yes, you get significantly more Social Security at age 63 than at 62 because delaying even by a year permanently increases your monthly benefit, as age 62 is the earliest you can claim, resulting in the lowest payments, while waiting adds "delayed retirement credits" until age 70, making each check bigger. For every month you wait past 62, your benefit grows, with an increase of roughly 5-8% per year until your Full Retirement Age (FRA) (around 67), and even more until age 70. 


January 1 Brings Bigger Social Security Checks — Major SSA Increase + Changes Update



How much do you lose if you retire at 63 instead of 67?

If you were to file for Social Security at age 63 with a full retirement age of 66, you'd lose about 20% of your monthly benefit amount. If you were to file at 63 with a full retirement age of 67, you'd be looking at a 25% reduction.

How much do you have to make to get $3,000 a month in social security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What benefits can I get at 63?

If you're 60 or over
  • If you're over State Pension age. Pension Credit. If you're over State Pension age and on a low income you can apply for Pension Credit for help with your living costs. ...
  • Support with travel costs. Older person's bus pass. ...
  • Other help you can get. Get help with NHS prescriptions and health costs.


Is retiring at 63 a good idea?

Retiring at 63 can be a great idea if you have sufficient savings, a solid health plan (before Medicare at 65), and a clear vision for an active lifestyle, but it's risky if you haven't planned for potentially lower Social Security, bridging the health insurance gap, and making your nest egg last 30+ years; it's popular, but requires careful financial and lifestyle planning. 

How to get $3000 a month of Social Security at age 62?

Only workers who consistently earn at or above the Social Security wage base limit for 35 years and strategically delay their benefits can approach this level. Key Requirements to Reach $3,000 Monthly: Maximum earnings history – Earn at or above the wage base limit ($160,200 in 2024) for 35+ years.

What does Dave Ramsey say about drawing Social Security at 62?

Claiming Social Security at 62 can be risky, because if you don't have a lot of savings to supplement your benefits, you could end up short on income.


What is the penalty for taking Social Security at 63?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

How to apply for social security at 63?

To apply for Social Security at 63, create a "my Social Security" account on the Social Security Administration website (ssa.gov) and complete the application online, or apply by phone or in person; you'll need personal info, your Social Security number, work history, bank details for direct deposit, and proof of citizenship/age, with benefits potentially reduced for starting before your Full Retirement Age (FRA). 


Can I access my superannuation if I retire at 63?

Superannuation is designed to provide you with savings once you've retired from the workforce. And there are rules around when you access it. While you can retire at any age, you can generally get the money from your super once you turn 60.

How much money do you need to retire at the age of 63?

To retire at 63, you generally need savings to cover 70-80% of your pre-retirement income, meaning if you earned $75k, aim for $52.5k-$60k annually, potentially requiring $1 million to $1.5 million+ saved, depending on your lifestyle, Social Security, and desired expenses, using rules like the 4% rule ($40k income needs $1M saved) or saving 12 times your salary, but personalized calculators considering your specific spending (housing, healthcare, travel) are best. 

How much would my Social Security be if I retire at 63?

You can't get full Social Security at 63 because it's before the Full Retirement Age (FRA), which is 67 for most people now; claiming at 63 means your monthly benefit will be reduced by about 25%, depending on your exact birth year and earnings, so you'd receive around 75% of your FRA amount, though averages show around $1,392 monthly at that age, but using the SSA's calculator with your earnings is best. 


What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

What is the smartest age to retire?

There's no single "smartest" age, but 65-67 is a common sweet spot for maximizing benefits (full Social Security, Medicare eligibility), while many Americans think 63 is ideal but often retire around 62-64 due to health or finances. The truly best age depends on your financial security, health, lifestyle goals, and desire to work, with some experts suggesting delaying Social Security to 70 for maximum payout, making late 60s a financially optimal time to retire, even if you start earlier. 

Can a 63 year old get Social Security?

Yes, at 63, you can definitely apply for Social Security retirement benefits, as the earliest age is 62, but your monthly payment will be permanently reduced because you're claiming before your full retirement age (FRA), which is likely 67 for you; you can also keep working and delay benefits up to age 70 for a higher payout, or even consider disability if you can't work. 


Can I get Social Security at 63 and still work?

If you work, and are at full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits.

What benefits can you get at 63?

Social Security

If you retire at 63, you can start drawing your Social Security benefits even though they will be around 25% to 30% lower than if you wait until after your full retirement year. Retiring later rather than earlier may benefit you in other ways.

How much can I earn while on Social Security in 2025 at age 62?

In 2025, if you're age 62 and collecting Social Security but not yet at your Full Retirement Age (FRA), you can earn up to $23,400 without any benefit reduction; earning over that reduces benefits by $1 for every $2 over the limit, but once you hit your FRA, the earnings limit disappears for the rest of that year. For the year you reach FRA, the limit is higher ($62,160), and reductions become $1 for every $3 earned above that amount until the month you reach FRA. 


What happens if I don't get 40 credits for Social Security?

If you don't get 40 Social Security credits, you won't qualify for retirement or disability benefits based on your own work record, as 40 credits (about 10 years of work) makes you "fully insured," but you might still get benefits through a spouse, qualify for SSI (Supplemental Security Income), or pay premiums for Medicare Part A, notes the Social Security Administration (SSA), Experian and Dr. Bill LaTour. Credits are earned by paying Social Security taxes on earnings, up to four per year, and stay on your record even if you have gaps in employment, say The Motley Fool and ElderLawAnswers.