If you retire and request payment at full retirement age (as defined by Social Security), you receive the full monthly retirement benefit that you have earned. If you were born in 1937 or earlier, you reached full retirement age at 65. For those born in 1938 or later, the full retirement age depends on your year of birth.

Full retirement age

Birth year	Full retirement age
1937 or earlier	65 years
1938	65 years, 2 months
1939	65 years, 4 months
1940	65 years, 6 months
1941	65 years, 8 months
1942	65 years, 10 months
1943-1954	66 years
1955	66 years, 2 months
1956	66 years, 4 months
1957	66 years, 6 months
1958	66 years, 8 months
1959	66 years, 10 months
1960 or later	67 years

Delaying requesting benefits

You are not required to take Social Security once you reach your full retirement age. There's actually a considerable advantage to waiting, if your financial situation allows you to do so.

For each month past your full retirement age that you put off receiving retirement benefits, your benefit will automatically increase by a certain percentage, depending on when you were born, as show in the table below. If you wait to collect until age 70, you qualify for the maximum benefit, so there is no reason to delay beyond that point.

Increase for delayed retirement

Year of birth	Yearly rate of increase	Monthly rate of increase
1933-1934	5.5%	11/24 of 1%
1935-1936	6.0%	1/2 of 1%
1937-1938	6.5%	13/24 of 1%
1939-1940	7.0%	7/12 of 1%
1941-1942	7.5%	5/8 of 1%
1943 or later	8.0%	2/3 of 1%

Note: If you were born on January 1st, you should refer to the rate of increase for the previous year.

Suspending or paying back benefits

If you are already taking Social Security and don't need the income right now or would prefer to delay, you have options. You can suspend your benefits or even pay them back. This may result in higher payments when you begin again in the future. However, stopping or repaying Social Security payments already received is complicated, and best approached with the help of a tax professional and a representative from the Social Security Administration.

Retiring early

If you can't or don't want to wait until full retirement age, it's possible to begin collecting Social Security as early as age 62. While this may seem tempting, you should try to avoid it if possible. Your monthly benefit will be reduced by about 0.5% for every month you start collecting before full retirement age. That may not sound like much, but it adds up:

Born	Full retirement age	Implications of taking SS payments at 62
1948	66	25% lower benefit than if you wait until 66
1961	67	30% lower benefit than if you wait until 67

Working while receiving benefits

At age 62 or older, you can continue to work and also receive Social Security income. Be aware that there may be a tradeoff between working and collecting, depending on your age and your employment income.

If you begin Social Security when you are…

Younger than full retirement age	In the year you turn full retirement age	Older than full retirement age
$1 is withheld from your benefits for every $2 you earn above the annual earnings limit. Annual earnings limit: $14,160 in 2009	$1 is withheld from your benefits for every $3 you earn over the limit. Only applies to earnings for months prior to turning full retirement age Annual earnings limit: $37,680 in 2009	No limit on earnings You receive credit for the benefits you would have earned, which may increase your Social Security payments.

Survivors benefits

When you die, your spouse and other family members may be eligible for survivors benefits, provided they meet the following conditions.

Your widow or widower is	Your unmarried children are	Your parents are
Age 60 or older Age 50 and disabled Any age if caring for your child younger than 16 or disabled and entitled to Social Security benefits on your record	Up to age 18, or up to age 19 if they are full-time high school students Any age with severe disabilities, if the disabilities began before age 22	Dependent on you for at least half of their support

Switching benefits

If you are a widow or widower receiving survivors benefits, you may want to consider switching to your own retirement benefits as early as age 62, if your payments will be higher than the amount you're currently receiving.

If you are considering switching benefits, there are various ways to ensure you maximize the amount you receive both before and after you reach full retirement age. The rules are complex, so you may want to discuss them with a Social Security representative or with a financial advisor.

Applying at the right time

When you apply for Social Security can make a significant difference. The same is true for Medicare, which you are eligible for at age 65. If you haven't applied yet, here are guidelines to consider.

Benefit	When to apply	Where to apply	Keep in mind
Social Security	Three months before the date you will retire	Local Social Security office, or on the SSA website	Only the SSA can provide an up-to-date calculation of your benefits.
Medicare	Three months before your 65th birthday	Local Social Security office, or on the SSA website	If you wait, you may wind up paying more for Medicare Part B (medical insurance) and Part D (prescription drug insurance) coverage.

For most people, Social Security income is only one part of a complete retirement plan. That's why it's a good idea to review your total retirement income situation with an Ameriprise financial advisor. Your financial advisor can help you develop a comprehensive plan, and help you make informed decisions about your Social Security benefits.