When to claim Social Security: 62, 67 or 70?

What claiming early costs and waiting earns

You can start Social Security as early as 62, but your check is permanently smaller than it would be at full retirement age. If you were born in 1960 or later, full retirement age is 67. Claiming at 62 pays about 70% of the full amount. Waiting past 67 earns delayed retirement credits of about 8% a year until age 70, so a 70-year-old claimer gets about 124%.

Your own statement at ssa.gov/myaccount shows all three amounts, so you do not need to work out the percentages yourself.

A worked example: Linda's three checks

In Case File No. 1, Linda's statement shows $1,400 a month at 62, $2,000 at 67, and $2,480 at 70. These are example numbers. Here is what each choice adds up to, before cost-of-living increases and taxes:

The early claimer leads until the late 70s. The age-67 claimer takes the lead by 80. The age-70 claimer leads from the mid 80s on. The crossover points are called break-even ages.

The break-even ages

For Linda's numbers, waiting from 62 to 67 pays for itself at about 78.7. Waiting from 62 all the way to 70 pays for itself at about 80.4. Waiting from 67 to 70 pays for itself at about 82.5. Live past those ages and the bigger check has come out ahead. Die before them and the early claimer did better.

Nobody knows which case they are. That is why this decision is about more than the math: health, family history, and whether you can comfortably cover the waiting years all matter.

Five questions to ask before you choose

1. Can I cover the waiting years?

Waiting only works if you have another way to pay your bills until you claim. Work, savings, a pension, or a spouse's income all count. Do not wait on a hope. Count the months of cash.

2. Am I still working?

If you claim before full retirement age and keep working, Social Security can hold back part of your check once your earnings pass a limit ($24,480 a year in 2026). The money is not lost, but it surprises people. See how the earnings limit works.

3. Who is the higher earner?

If you are the higher earner, a later claim protects your spouse. If you are the lower earner, your own claiming age matters less to the household than your spouse's.

4. What will the tax be?

Part of your benefit can be taxed once other income passes certain thresholds. Find out how.

5. What do my health and family history say?

If you have a serious health problem, claiming earlier can make sense. If your family tends to live into their 90s, waiting looks stronger. Be honest with yourself and, if you like, with a doctor.

Can I change my mind?

Sometimes. Social Security has rules that let you withdraw an application in the first 12 months, but you must repay what you received. After full retirement age you may be able to suspend benefits to earn credits. The rules have conditions, so ask SSA before you act.

What the Case File decided

For Linda's facts, the verdict is to aim for 67. Waiting from 62 to 67 makes her check $600 a month bigger, and the larger check is the one Tom would live on if Linda goes first. A verdict like that is for Linda's facts, not yours. That is why there is a free tool: put in your own three numbers and see what your choices pay.