When Should You Claim Social Security? 62 vs 67 vs 70 Explained
One of the most consequential retirement decisions you'll make is when to start claiming Social Security. You can claim as early as 62 or as late as 70, and the difference in monthly benefit is substantial.
How Social Security Benefits Are Calculated
Your benefit is based on your 35 highest-earning years. The Social Security Administration calculates your Primary Insurance Amount (PIA) — the benefit you'd receive at your Full Retirement Age (FRA). For most people born after 1960, FRA is 67.
The Impact of Claiming Age
| Claiming Age | Benefit vs FRA | Example Monthly Benefit |
|---|---|---|
| 62 | -30% | $1,400 |
| 64 | -20% | $1,600 |
| 67 (FRA) | Base amount | $2,000 |
| 68 | +8% | $2,160 |
| 70 | +24% | $2,480 |
The Break-Even Analysis
If you claim at 62 instead of 67, you get 5 more years of payments but at a 30% lower amount. The break-even point — where delaying pays off — is typically around age 78–80. If you expect to live past 80, delaying is usually the better financial choice.
When Claiming Early Makes Sense
- You have health issues and don't expect to live past 78
- You need the income and have no other options
- You're the lower-earning spouse and your partner will claim later
When Delaying Makes Sense
- You're in good health and have longevity in your family
- You have other income sources to bridge the gap
- You're the higher-earning spouse — your survivor benefit protects your partner
- You want to maximize inflation-adjusted lifetime income
The Spousal Strategy
Married couples have more flexibility. A common strategy: the lower earner claims early at 62 to provide income, while the higher earner delays to 70 to maximize the survivor benefit. When the higher earner dies, the surviving spouse receives the larger benefit.
Social Security and Your Retirement Plan
Social Security claiming age significantly affects how much you need to withdraw from your portfolio in early retirement. Our retirement planner lets you model different Social Security start ages to see the impact on your overall plan.
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