How much Social Security will I get at age 62?

Everyone who qualifies for Social Security, regardless of the year they were born, is eligible to receive Social Security retirement benefits beginning at age 62.

But there’s a catch. Claiming Social Security before your full retirement age means you will receive a reduced amount. You will continue to receive the reduced retirement benefit amount every month for as long as you live. 

If you were born in 1960 and began collecting Social Security at age 62, you would only receive 70% of your benefits.

Your benefits increase every year that you delay taking retirement benefits after reaching your full retirement age, with a final cap of 124% at age 70.

The chart below shows the amount of Social Security benefits you are eligible to receive at various ages if you were born in 1960.

Can I collect Social Security while working?

No matter the age at which you begin collecting Social Security, you may continue to work and earn income while also collecting Social Security retirement benefits.

If you claim Social Security before reaching your full retirement age, your working income will be capped at $21,240 per year in 2023. Once you go above that limit, your Social Security benefits will begin to decrease. 

If you wait until your full retirement age, there is no limit as to how much money you can earn by working. Your Social Security check will not be diminished. 

When can I get Medicare if I was born in 1960?

If you were born in 1960, you most likely will be eligible for Medicare in 2025, when you turn 65 years old.

You will be eligible for Medicare up three months before your 65th birthday. This is the beginning of your Medicare Initial Enrollment Period (IEP). Your enrollment window will close three months after your birthday month. 

• If you are collecting Social Security benefits at the time you become eligible for Medicare enrollment, you will be automatically enrolled in Medicare.
  
  
• If you are not yet collecting Social Security benefits at the time you become eligible for Medicare, you will not be automatically enrolled. You’ll have to sign up manually at your local Social Security office, online or over the phone. 

If you do not enroll in Medicare when you first become eligible, you may be subject to coverage lapses and late enrollment penalties once you do sign up unless you qualify for a Special Enrollment Period.

Having health insurance through your employer is one way a beneficiary might qualify for a Special Enrollment Period if you continue working past age 65, depending on your situation.

See our guide to Medicare eligibility and enrollment for more in-depth information about how and when to sign up for Medicare if you were born in 1960.