When Should You Claim Social Security?
Claiming Social Security at 62 cuts your benefit by up to 30%; waiting to 70 raises it 24% or more. Full retirement age by birth year and break-even ages.
The short version
- You can claim as early as 62 or as late as 70. Waiting raises your monthly check for life.
- Full retirement age is 67 for anyone born in 1960 or later; claiming at 62 then pays 70% of your full benefit, and claiming at 70 pays 124%.
- The break-even age for waiting from 62 to 70 is about 80 — live longer and waiting pays more in total.
- Married higher earners have an extra reason to wait: the larger benefit becomes the survivor’s benefit.
- Claiming before full retirement age while still working can mean temporary withholding under the earnings test.
Few retirement decisions are as permanent as when you start Social Security. Claim early and you get checks sooner, but smaller ones for the rest of your life. Wait, and each check is bigger. There’s no single right age — but the trade-off is easy to measure once you know your numbers.
Your full retirement age
Your full retirement age (FRA) is when you can claim 100% of the benefit you’ve earned, called your primary insurance amount. It depends on the year you were born:
| Born | Full retirement age | Benefit at 62 | Benefit at 70 |
|---|---|---|---|
| 1943–1954 | 66 | 75% | 132% |
| 1955 | 66 and 2 months | 74.2% | 130.7% |
| 1956 | 66 and 4 months | 73.3% | 129.3% |
| 1957 | 66 and 6 months | 72.5% | 128% |
| 1958 | 66 and 8 months | 71.7% | 126.7% |
| 1959 | 66 and 10 months | 70.8% | 125.3% |
| 1960 or later | 67 | 70% | 124% |
How much each claiming age pays
Claiming before full retirement age reduces your benefit by 5/9 of 1% for each of the first 36 months early and 5/12 of 1% for each month beyond that. Waiting past full retirement age adds delayed retirement credits of 2/3 of 1% a month — 8% a year — until 70. For someone born in 1960 or later with a $2,000 full benefit:
| Claim at | Monthly benefit | % of full benefit |
|---|---|---|
| 62 | $1,400 | 70% |
| 64 | $1,600 | 80% |
| 67 (full retirement age) | $2,000 | 100% |
| 68 | $2,160 | 108% |
| 70 | $2,480 | 124% |
The break-even age
Claiming early gives you a head start; waiting gives you bigger checks. The break-even age is when the bigger checks have caught up in total. Using the example above:
| Compare | Break-even age |
|---|---|
| 62 vs. 67 | about 78 and 8 months |
| 62 vs. 70 | about 80 and 5 months |
| 67 vs. 70 | about 82 and 6 months |
If you live beyond the break-even age, waiting pays more in total; if not, claiming earlier does. A 65-year-old today can expect to live into their mid-80s on average, and longer if healthy — one reason many planners lean toward waiting when you can afford to. Plug in your own benefit with the Social Security break-even calculator.
Reasons to claim early
- You need the income now and the alternative is high-interest debt.
- Your health or family history suggests a shorter-than-average lifespan.
- You’re the lower earner in a couple whose spouse will wait — your benefit won’t become the survivor benefit.
- You’ve stopped working and have little other savings to bridge the gap.
Reasons to wait
- You’re healthy and expect to live into your late 80s or beyond.
- You’re the higher earner in a marriage: when you die, your spouse keeps the larger of your two benefits, so waiting raises their income too.
- You have savings or a pension to live on while waiting — a bigger, inflation-adjusted check is valuable insurance against outliving your money.
- You’re still working: claiming before full retirement age triggers the earnings test.
The earnings test
If you claim before full retirement age and keep working, SSA withholds $1 of benefits for every $2 you earn above $25,560 in 2027 ($24,480 in 2026), and $1 for every $3 above $67,920 in the year you reach full retirement age. The withheld money isn’t lost — your benefit is recalculated upward at full retirement age.
A practical approach
Start with your real numbers: your my Social Security statement at ssa.gov shows your estimated benefit at 62, full retirement age, and 70. Then check whether your savings can cover the years you’d wait — the retirement withdrawal calculator shows how long a portfolio lasts — and compare the break-even age with your health and family history.
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Frequently Asked Questions
What is the best age to claim Social Security?
There’s no single best age. Waiting to 70 maximizes your monthly benefit and usually pays the most in total if you live past about 80; claiming earlier makes sense if you need the income, have health concerns, or are the lower earner in a couple.
How much less do I get at 62?
For anyone born in 1960 or later, claiming at 62 pays 70% of your full-retirement-age benefit — a 30% permanent reduction. For those born in 1957, it’s 72.5%.
How much more do I get by waiting until 70?
Delayed retirement credits add 8% a year after full retirement age, so claiming at 70 pays 124% of your full benefit if your full retirement age is 67, and up to 132% for those whose full retirement age was 66.
What is my full retirement age?
67 if you were born in 1960 or later. For births from 1955 to 1959 it rises in two-month steps from 66 and 2 months to 66 and 10 months; for 1943–1954 it is 66.
Sources
This article is for general education and is not financial, tax, or legal advice. Figures reflect published IRS and SSA amounts as of the date above; verify current limits with the linked sources or a qualified professional before acting.
About the author
David Miles is the founder of FigureMoney and builds independent, source-backed personal-finance tools across the Modern Site Builders network. Every calculator and guide cites the IRS, SSA, or primary research behind its numbers.
Calculators in this guide
Social Security Break-Even Calculator
Compare claiming Social Security at 62, full retirement age, or 70: your monthly benefit at each age, the break-even age, and lifetime benefits.
Social Security Estimator
Estimate your Social Security benefit from your earnings and claiming age using the 2027 formula. An educational estimate — get your official number at ssa.gov.
Retirement Withdrawal Calculator
Find out how long your retirement savings will last with monthly withdrawals that rise with inflation — and the most you can withdraw to make it last 30 years.
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