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When Should You Claim Social Security? Age 62 vs. 67 vs. 70
For many retirees, Social Security is the largest source of guaranteed income. When you claim it is one of the most important retirement decisions you will make, and it is hard to undo.
Three key ages
- Age 62: the earliest age you can claim retirement benefits. Your monthly benefit is permanently reduced.
- Full retirement age (FRA): the age at which you receive your full benefit. For anyone born in 1960 or later, FRA is 67.
- Age 70: the age after which waiting no longer increases your benefit.
How much does your age matter?
If your full retirement age is 67, claiming at 62 permanently reduces your monthly benefit by about 30%. Each year you wait beyond your full retirement age, up to age 70, increases your benefit by about 8%. That means claiming at 70 can pay roughly 24% more than claiming at 67.
The break-even idea
Waiting means collecting fewer checks in total at first, but each check is bigger. If you live long enough, the larger checks catch up. The break-even age often falls somewhere in the late 70s to early 80s, depending on which ages you compare. If you expect to live beyond that, delaying tends to pay off.
Reasons people claim early
- Health concerns or a shorter expected lifespan
- Needing the income now, for example after job loss
- A desire to enjoy more money in the active early years of retirement
Reasons to delay
- You are healthy and have longevity in your family
- You are still working and do not need the money yet
- Social Security is inflation-adjusted and lasts as long as you live, which makes a larger check valuable protection against outliving your savings
- If you are married, a larger benefit may become the survivor benefit for your spouse
Working while you claim
If you claim before full retirement age and keep working, an earnings limit may temporarily reduce your benefits. Benefits withheld are generally credited back later, but the rules are detailed, so check ssa.gov.
How to use this in the calculator
Enter the monthly benefit you expect at age 67 in the "Social Security / pension" field, then open Advanced options and choose a Social Security start age between 62 and 70. The calculator adjusts your benefit for that age and, if benefits start after you retire, makes your savings cover the full income until then. Try 62, 67 and 70 one after another to see how much the decision matters for your plan.
Use the free calculator to see whether you are on track.Open the retirement calculator
This article is for general educational purposes and is not financial, tax or legal advice. Rules and limits change; confirm details with official sources or a qualified professional. See our Disclaimer.