Social Security
When Should You Claim Social Security? A Plain Guide to 62, 67 and 70
The age you start Social Security sets the size of your check for life. Here is what changes at 62, 67 and 70, and how to choose.
62 · 67 · 70
Claiming at 62 cuts your monthly check by 30% for life. Waiting until 70 raises it by 24% over your full-retirement amount. Waiting pays off if you live past roughly age 80 to 83.
For anyone born in 1960 or later, the Social Security Administration (SSA) sets "full retirement age" at 67. That is the age at which you receive 100% of the benefit you have earned. You can start as early as 62 or as late as 70, and the choice changes your check for the rest of your life.
What you get at 62, 67 and 70
The table uses an example full-retirement benefit of $2,000 a month. Your own figure is on your Social Security statement at ssa.gov.
| Start age | Share of full benefit | Monthly check (example) |
|---|---|---|
| 62 | 70% | $1,400 |
| 67 (full retirement age) | 100% | $2,000 |
| 70 | 124% | $2,480 |
Born 1960 or later. Reduction and delayed credits as published by SSA. Amounts before cost-of-living adjustments, Medicare premiums and taxes.
Why the numbers change
If you claim before full retirement age, SSA permanently reduces your benefit. At 62 the reduction is 30%. If you wait past full retirement age, you earn delayed retirement credits of 8% a year (two-thirds of 1% a month) until 70. After 70 there is no further increase, so there is no reason to wait longer.
The break-even age
Starting early gives you more checks; starting late gives you bigger ones. The break-even age is the point where the bigger checks have caught up in total.
- 62 versus 70: in our example, the person who waits catches up at about age 80.
- 67 versus 70: the person who waits catches up at about age 82 to 83.
These ages ignore yearly cost-of-living increases and taxes, which shift them slightly. The point stays the same: if you expect to live well into your 80s, waiting usually means more money over your lifetime.
When claiming early can make sense
- You need the income now and have little other savings.
- Your health or family history suggests a shorter-than-average life expectancy.
- You are the lower earner in a married couple and your spouse plans to wait.
When waiting usually makes sense
- You are still working or can live on savings for a few years.
- You are in good health and long life runs in your family.
- You are the higher earner in a married couple. Your benefit can become the survivor benefit for your spouse, so a bigger check protects them too.
Questions to settle before you decide
- What does your own statement at ssa.gov show for 62, 67 and 70?
- How much of your monthly spending is covered by pensions or other steady income?
- If you are married, how would each choice affect the survivor benefit?
- Will you keep working before full retirement age? Earnings above a yearly limit can temporarily reduce benefits; SSA publishes the current limit each year.
This article is for general information and is not financial, tax or legal advice. Consider speaking with a qualified professional about your situation.