Should I Take Social Security at 62, 67, or 70?

One of the most consequential decisions you will make about retirement is when to claim Social Security. You can start as early as age 62, wait until your full retirement age (FRA), or delay until age 70. Each choice permanently affects the size of your monthly check for the rest of your life. There is no universal “best” age—the right answer depends on your health, longevity expectations, other income sources, marital status, and overall financial picture.

How Claiming Age Changes Your Benefit

For people born in 1960 or later, full retirement age is 67. Claiming earlier permanently reduces your benefit; delaying past FRA increases it through delayed retirement credits.

Approximate percentages of your full benefit (Primary Insurance Amount) if your FRA is 67:

• Age 62: about 70%
• Age 67: 100%
• Age 70: 124%

In other words, waiting from 62 to 70 can increase your monthly benefit by roughly 76–77%. Delayed retirement credits stop accruing at age 70, so there is no additional increase for waiting longer.

If you claim before FRA and continue working, the retirement earnings test may temporarily withhold some benefits if your earnings exceed annual limits ($24,480 in 2026 if you are under FRA all year; a higher limit applies in the year you reach FRA). Once you reach FRA, you can earn any amount without reduction. Withheld benefits are not permanently lost—they are factored into a later adjustment.

Claiming at 62: Immediate Income with a Permanent Reduction

Pros

• Provides cash flow right away if you need it for living expenses, health costs, or to avoid drawing down savings.
• Makes sense if you have a shorter life expectancy due to health issues or family history.
• Can coordinate with a spouse’s benefits or other early retirement income.

Cons

• Locks in a permanently lower monthly payment (up to ~30% less than at FRA).
• Earnings test restrictions apply if you keep working.
• Leaves less income later in life and a smaller survivor benefit for a spouse.

Claiming at 67 (Full Retirement Age): The Balanced Middle Ground

Pros

• You receive 100% of the benefit you earned.
• No earnings test—you can work as much as you want without benefit reductions.
• Avoids the steep early-claiming penalty while still starting benefits at a reasonable age for many people.

Cons

• You forgo five years of payments compared with claiming at 62.
• You miss the additional 24% boost available by waiting until 70.
• May not maximize lifetime benefits if you live well into your 80s or beyond.

Claiming at 70: Maximum Monthly Income

Pros

• Highest possible monthly benefit (124% of your FRA amount).
• Provides stronger longevity insurance—higher guaranteed income that lasts as long as you do.
• Maximizes the survivor benefit a spouse may receive.
• Delayed retirement credits effectively offer a guaranteed increase that is hard to match risk-free in the markets.

Cons

• Requires bridging eight years without Social Security income (or drawing more from savings/portfolio).
• If you die earlier than expected, you (and potentially your survivors) may collect less in total lifetime benefits.
• Not practical if you lack other resources to cover expenses in the interim.

Key Factors That Influence the Decision

• Health and longevity: Break-even ages (when the higher monthly payments from delaying surpass the cumulative benefits of claiming early) typically fall in the late 70s to early 80s, depending on the ages compared. If you expect to live past those points, delaying often produces higher lifetime income.
• Marital status and survivor benefits: Delaying can be especially valuable for the higher-earning spouse because it boosts the survivor benefit.
• Other income and savings: Sufficient pensions, investments, or part-time work can make delaying feasible. Immediate cash needs push toward earlier claiming.
• Taxes and overall retirement plan: Social Security interacts with required minimum distributions, Medicare premiums, and taxable income.
• Working status: The earnings test matters only before FRA.

Studies of actual versus optimal claiming behavior have repeatedly found that many people claim earlier than would maximize expected lifetime benefits, while a substantial share would have done better by waiting until 70—assuming average or better longevity.

There Is No One-Size-Fits-All Answer

The “right” age is personal. A healthy couple with solid savings and a family history of longevity may benefit from waiting. Someone facing health challenges or immediate income needs may reasonably claim at 62. Your decision should also consider inflation adjustments (benefits receive annual COLAs regardless of claiming age), potential future legislative changes, and how Social Security fits into your complete retirement income plan.

Ready to find the answer that fits your situation?
Every person’s circumstances—health, savings, marital status, tax picture, and goals—are unique. Generic rules of thumb can only take you so far.

If you’d like a more personalized perspective, contact our team. In a meeting with one of our advisors, we’ll review your Social Security statement, run personalized projections (including break-even and survivor-benefit analysis), and consider how your claiming decision fits into your broader retirement strategy.

Frequently Asked Questions

Does claiming early permanently reduce my benefit?
Yes. The reduction for claiming before full retirement age is permanent. You do not “catch up” later except through cost-of-living adjustments that apply to everyone.

What if I change my mind after claiming?
Within 12 months of first receiving benefits you can withdraw your application, repay all benefits received, and reapply later. After that window, options are more limited (you can suspend benefits after FRA to earn delayed credits).

How does my spouse’s benefit fit in?
A spouse can claim a spousal benefit based on your record (up to 50% of your FRA benefit). Survivor benefits are based on the deceased worker’s actual benefit amount, so delaying can increase what a surviving spouse receives.

Should I worry about Social Security running out of money?
Trustees’ reports project that without legislative changes, benefits could be reduced in the future. Claiming decisions should still prioritize your personal cash-flow needs, health, and longevity rather than trying to “beat” possible future cuts.

Can I work and collect Social Security?
Yes, but the earnings test applies before full retirement age. After FRA there is no limit on earnings.

Sources

Social Security Administration. “Retirement Age and Benefit Reduction.” Social Security, www.ssa.gov/planners/retire/retirechart.html. Accessed 3 Sept. 2026.

Social Security Administration. “Delayed Retirement Credits.” Social Security, www.ssa.gov/benefits/retirement/planner/delayret.html. Accessed 3 Sept. 2026.

Social Security Administration. “Exempt Amounts Under the Earnings Test.” Social Security, www.ssa.gov/oact/cola/rtea.html. Accessed 3 Sept. 2026.

Social Security Administration. “2026 Cost-of-Living Adjustment (COLA) Fact Sheet.” Social Security, www.ssa.gov/news/en/cola/factsheets/2026.html. Accessed 3 Sept. 2026.