Claiming at 62 reduces your benefit by up to 30% for life compared to your FRA benefit. Claiming at 67 gives you your full, unreduced Primary Insurance Amount. Waiting until 70 earns Delayed Retirement Credits worth approximately 8% per year beyond FRA, resulting in a benefit 24% higher than if you had claimed at 67. These are not temporary adjustments whichever amount you lock in at the time of claiming is the base from which all future cost-of-living adjustments are calculated. The right age depends on your health, life expectancy, other income sources, and household strategy. Understanding what each age means for your specific benefit is the starting point for building a Social Security plan.

Related Topics

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 vs. 70: Which Is Better?

Claiming at 62 brings income sooner; waiting until 70 can lock in a benefit up to 77% higher—with break-even often around age 80 to 82.

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, 67, and 70: What's the Difference?

Related Topics