Claiming at 62 provides income eight years sooner, which can be valuable if you have health concerns, need the cash flow, or have limited life expectancy. However, it permanently reduces your monthly benefit by as much as 30% compared to your Full Retirement Age amount. Waiting until 70, by contrast, locks in a benefit that is up to 77% higher than your age-62 amount. The break-even point where total lifetime benefits from waiting surpasses total benefits from claiming early typically falls around age 80 to 82. Given rising life expectancy, many retirees who are in good health come out ahead by waiting. At Moore Invested, we model both scenarios alongside your full retirement income picture to help determine which approach fits your situation.

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What Are Social Security Benefits?

Social Security benefits are monthly federal payments that replace part of your pre-retirement income—usually alongside savings and workplace accounts, not as your only retirement source.

How Is Social Security Calculated?

Your benefit is based on your 35 highest-earning years, adjusted for inflation, then run through a progressive formula that produces your Primary Insurance Amount at Full Retirement Age.

Social Security at 62, 67, and 70: What’s the Difference?

You can claim as early as 62, at Full Retirement Age (67 for most workers today), or as late as 70—and the age you choose permanently shapes your monthly payment.

When Should I Take Social Security?

The best claiming age depends on your health, work status, other income, spousal benefits, and taxes—not a one-size-fits-all rule.

Benefits of Delaying Social Security

Each month you delay past Full Retirement Age up to 70 adds about two-thirds of one percent to your benefit—roughly 8% per year for life.

What Is the Social Security Earnings Limit?

If you claim before Full Retirement Age and keep working, the earnings test can temporarily reduce benefits until you reach FRA.

Will Social Security Run Out in 20 Years?

Trust fund depletion would not end Social Security—ongoing payroll taxes would still fund most benefits, but planning should not rely on benefits alone.

How Do I Find Out My Social Security Benefit Amount?

Create a free my Social Security account at SSA.gov to view earnings history and personalized estimates at ages 62, Full Retirement Age, and 70.

What Is a Social Security Strategy?

A Social Security strategy is a deliberate plan for when and how to claim so you maximize lifetime income—not just filing at the earliest eligible age.

How Does Retiring Early Affect Social Security?

Stopping work before 62 can lower your benefit by adding zero-earnings years and skipping high-earning years that could replace lower ones in your 35-year average.

Social Security and IRA Withdrawals

Traditional IRA withdrawals count toward combined income and can trigger federal tax on up to 85% of your Social Security benefits.

Social Security at 62 vs. 70: Which Is Better?

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