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Social Security's full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later.
You're eligible for Social Security as early as age 62, but you suffer a penalty if you start then. You can also delay taking benefits until 70, and then you get a bonus. Tom Sightings. The penalty for taking Social Security early is around 7 percent a year, and the bonus for delaying is also about 7 percent a year.If your benefit at age 66 is figured at the average of $1,268 a month, then you'll only receive about $1,180 per month if you sign up at age 65.ou need the money. Sure, you get a 7 percent return on Social Security if you postpone your benefit, but that only helps if you can afford to wait. It's like putting money into a savings account. But if you need Social Security to pay rent and buy groceries, then go ahead and start benefits at age 62.