Timing of Retirement and Social Security Social Security benefits could be a key component of your retirement strategy. You may want to consider how your claiming age could affect the size of your benefit. Age 62 — You will receive a benefit that is permanently reduced by 25% to 30% (depending on birth year), and your benefit may be further reduced if you continue to work. Full retirement age (66 to 67, depending on birth year) —You will receive your full benefit (Primary Insurance Amount), and any earnings from working will not affect your benefits. Age 70 — For each year you delay filing after reaching full retirement age, your benefit will increase by 8%. At age 70, you would receive your maximum benefit. Note: If you’re married, your claiming age could affect your spouse’s Social Security survivor benefits.