When to claim Social Security: 62, full retirement age or 70

Social Security retirement benefits can begin at any point from age 62 to age 70. The age a person picks changes the size of the monthly payment for the rest of their life, so it is one of the larger financial decisions most retirees make. This article explains how the adjustment works and what tends to matter when people weigh the options.

Full retirement age is the reference point

Every calculation starts from full retirement age, which is the age at which a worker receives 100% of their earned benefit (Social Security calls that base amount the primary insurance amount). Full retirement age depends on the year of birth. The Social Security Administration's full retirement age chart sets it out as follows:

People born on January 1 are treated as if they were born in the previous year. For how the base amount itself is worked out, see how Social Security retirement benefits are calculated.

What claiming early costs

Starting before full retirement age reduces the monthly benefit for each month of early claiming. Under the agency's reduction rules, the benefit is reduced by five-ninths of 1% for each of the first 36 months before full retirement age, and by five-twelfths of 1% for each additional month.

For someone whose full retirement age is 67, claiming at 62 means 60 months of reduction, which works out to a 30% smaller monthly benefit. Claiming at 65 means 24 months of reduction, or about 13.3%.

The reduction is generally permanent. It does not go away when the person reaches full retirement age, with one exception: months in which benefits were withheld because of the earnings test are credited back later. That rule is covered in working while collecting Social Security.

What waiting adds

Delaying past full retirement age earns delayed retirement credits. For anyone born in 1943 or later, the credit is two-thirds of 1% for each month, or 8% for each full year, and credits stop at age 70. Someone with a full retirement age of 67 can earn at most 36 months of credits, a 24% increase. There is no additional credit for waiting past 70.

One detail that surprises people: for someone who starts benefits before 70, some credits are not applied until the following January.

A hypothetical example

Suppose a worker born in 1962 has a benefit of $2,000 a month at a full retirement age of 67. These are round, illustrative numbers that ignore cost-of-living adjustments.

The person who starts at 62 collects smaller checks for more years. The person who waits until 70 collects larger checks for fewer years. Which path pays more in total depends on how long the person lives, which nobody knows in advance.

Annual cost-of-living adjustments apply whichever age is chosen. The Social Security Administration's cost-of-living table shows a 2.8% increase effective December 2025 and a 3.6% increase effective December 2026, payable from January 2027. Because the adjustment is a percentage, it adds more dollars to a larger starting benefit.

Factors people commonly weigh

There is no single right age. Some of the considerations that often come up:

• Health and family history. A larger benefit that starts later generally works out better the longer a person lives. People with serious health concerns often give more weight to starting sooner.
• Other income and savings. Delaying usually means covering expenses from wages, savings or a pension in the meantime. Some people draw on retirement accounts first for that reason. The article on turning savings into retirement income discusses how the pieces fit together.
• Still working. Before full retirement age, earnings above an annual limit cause benefits to be withheld, which can make an early claim less useful for someone with a full-time job.
• A spouse. When one spouse dies, the survivor generally keeps the larger of the two benefits. The claiming age of the higher earner can therefore set the household's income for many years after the first death. See spousal and survivor benefits.
• Taxes. Benefits can be partly taxable depending on other income, as explained in how Social Security benefits are taxed.

Common misunderstandings

"The benefit steps up at full retirement age." A reduced benefit generally stays reduced. Only months withheld under the earnings test are credited back.

"62, 67 and 70 are the only choices." Benefits can start in any month between 62 and 70, and the adjustment is calculated month by month.

"Medicare and Social Security start together." Medicare eligibility generally begins at 65 regardless of when Social Security starts. People who delay Social Security past 65 generally sign up for Medicare separately. See Medicare enrollment periods and late-enrollment penalties.

A personal Social Security statement, available through an online my Social Security account, shows estimated benefits at different claiming ages based on the worker's actual earnings record.

Questions worth asking before filing

• What does the statement show at 62, at full retirement age and at 70?
• If married, which spouse has the larger benefit, and what would the survivor receive under each claiming choice?
• How would expenses be covered during any years of waiting?
• Is there likely to be work income before full retirement age?