When to Claim Social Security: A Complete 62 vs 67 vs 70 Comparison
Find your optimal claiming age based on your health, finances, and personal situation. See how much you'll receive at each age and when waiting pays off.
Last updated: · 14 min read
This is educational content only. For your official benefit estimate, visit ssa.gov/myaccount.
Quick Answer
When should you claim Social Security? There's no universal "best" age - it depends on your health, finances, and personal situation. But here's the key math: claiming at 62 gives you 70% of your full benefit permanently, while waiting until 70 gives you 124% - a 77% increase in monthly income.
The break-even age is typically 78-82 years old. If you expect to live past your early 80s, delaying benefits usually pays off.
Calculate Your Break-Even Age →How Much You Get at Each Claiming Age
Your benefit changes significantly based on when you claim. For someone with a Full Retirement Age (FRA) of 67:
| Claiming Age | % of Full Benefit | Monthly ($2,500 PIA) | Annual Difference |
|---|---|---|---|
| 62 | 70% | $1,750 | -$9,000/year |
| 63 | 75% | $1,875 | -$7,500/year |
| 64 | 80% | $2,000 | -$6,000/year |
| 65 | 86.7% | $2,167 | -$4,000/year |
| 66 | 93.3% | $2,333 | -$2,000/year |
| 67 (FRA) | 100% | $2,500 | $0 |
| 68 | 108% | $2,700 | +$2,400/year |
| 69 | 116% | $2,900 | +$4,800/year |
| 70 | 124% | $3,100 | +$7,200/year |
Whatever percentage you lock in at your claiming age stays with you for life. Claim at 62 and you'll receive 70% forever - your benefit doesn't increase when you reach FRA.
The Break-Even Age: When Waiting Pays Off
The break-even age is when total lifetime benefits from waiting catch up to total benefits from claiming early.
How It Works
If you claim at 62, you get smaller checks but start collecting 5-8 years earlier. If you wait until 70, you get larger checks but forfeit those early years of income. At some point, the larger checks "catch up."
Typical Break-Even Ages
| Comparison | Break-Even Age |
|---|---|
| Age 62 vs. Age 67 (FRA) | ~78-80 years old |
| Age 62 vs. Age 70 | ~80-82 years old |
| Age 67 (FRA) vs. Age 70 | ~82-83 years old |
According to the SSA, a 65-year-old man can expect to live to 84; a 65-year-old woman to 87. About 1 in 3 people age 65 will live past 90.
5 Factors That Should Drive Your Decision
Your optimal claiming age depends on YOUR situation:
1. Your Health and Life Expectancy
This is the biggest factor. If you have serious health concerns or a family history of shorter lifespans, claiming early makes financial sense.
Consider claiming early if:
- You have a chronic illness affecting longevity
- Your parents/siblings died before age 75
- Your doctor has expressed concerns about health outlook
Consider waiting if:
- You're in good health with no major issues
- Your parents/grandparents lived into their late 80s or 90s
- You maintain a healthy lifestyle
Many claim early thinking they won't live long enough to benefit from waiting. But statistics show most 65-year-olds will live into their 80s.
2. Your Financial Situation
Can you afford to wait? Do you need the income now?
Claim early if: Lost job and need income, have high-interest debt, don't have other retirement savings.
Wait if: Have savings to cover expenses until 70, still working with good income, have a pension or 401(k).
3. Your Employment Status
If still working, claiming before FRA can be complicated due to the earnings test.
| Situation | 2025 Limit | Reduction |
|---|---|---|
| Under FRA | $23,400/year | $1 per $2 over limit |
| Year reaching FRA | $62,160/year | $1 per $3 over limit |
| At FRA or older | No limit | No reduction |
If benefits are withheld due to the earnings test, SSA recalculates at FRA and adds back credit. You don't "lose" those benefits - you receive them later.
4. Your Spouse (For Married Couples)
Married couples have special considerations that significantly affect optimal strategy.
Survivor benefits: When one spouse dies, the survivor receives the HIGHER of their own benefit OR the deceased spouse's benefit. This makes the higher earner's claiming age especially important.
The classic strategy: Higher earner delays to 70 (maximizing their benefit and future survivor benefit), while lower earner claims earlier for household income.
5. Your Risk Tolerance
Wait if you value: Guaranteed 8%/year growth, longevity insurance, higher survivor benefits.
Claim early if: You prefer "bird in hand," want to invest the money, value having money now.
When to Claim EARLY (62-66)
Claiming early isn't "wrong" - for many people, it's the right choice.
Good Reasons to Claim Early
- Health concerns: Condition that may shorten life expectancy
- You need the income: Job loss, high expenses, debt to pay off
- Can't continue working: Burned out or physically unable
- Single with no dependents: Survivor benefits don't apply
- Have funds to invest: Some take benefits early and invest them
Once you claim, you're locked in to that benefit level. There's a limited 12-month window to "undo" by repaying all benefits, but that's rarely practical.
When to WAIT (FRA-70)
Delaying is often optimal financially, especially for healthy individuals with other income sources.
Good Reasons to Wait
- Healthy with longevity in family: If you expect to live past 80, delaying pays off
- Still working: Avoid earnings test, let benefit grow 8%/year
- Have savings to bridge the gap: Use 401(k)/IRA until 70
- Maximize survivor benefits: Protect spouse with larger survivor benefit
- Value guaranteed growth: 8%/year is hard to match safely
From FRA to 70, your benefit grows 8% per year - a guaranteed return. Finding that rate with equivalent safety in investments is nearly impossible.
Frequently Asked Questions
What is the best age to claim Social Security?
There's no single "best" age - it depends on your health, finances, and goals. If you're healthy at 62 and expect average or better longevity, delaying usually maximizes lifetime benefits. But if you need the money or have health concerns, claiming earlier can be the right choice.
How much do I lose by taking Social Security at 62?
If your Full Retirement Age is 67, claiming at 62 gives you 70% of your full benefit - a 30% permanent reduction. For example, if your FRA benefit is $2,500/month, you'd receive $1,750/month at 62.
What is the break-even age for Social Security?
Typically: 62 vs. 67 is around 78-80; 62 vs. 70 is around 80-82; 67 vs. 70 is around 82-83. If you live past the break-even age, delaying was the better financial choice.
Can I change my mind after claiming?
Within 12 months of your first benefit, you can withdraw your application and repay all benefits received. After that, you're locked in. At FRA, you can voluntarily suspend benefits to earn delayed credits until 70.
Does Social Security increase after I start collecting?
Your benefit receives annual Cost-of-Living Adjustments (COLAs) based on inflation. However, you do NOT earn delayed retirement credits after you start collecting - the 8%/year increase only applies to delaying your claim.
Make Your Decision: A Simple Framework
Consider claiming at 62-66 if:
- You have health issues affecting life expectancy
- You need the income and have no other options
- You're forced into early retirement
- You're single with no spouse to consider
Consider waiting until 67-70 if:
- You're healthy with longevity in your family
- You can afford to wait (savings, pension, working)
- You want to maximize survivor benefits for spouse
- You're still working (avoid earnings test)
The hybrid approach: Many couples use a hybrid strategy - the lower earner claims early for income, while the higher earner delays to 70 for maximum household lifetime benefits.
Ready to Calculate?
The numbers above are general guidelines. Your situation is unique. Use our calculator to see your estimated benefit at 62, FRA, and 70 - plus your personal break-even age.
Calculate Your Personal Break-Even Age →