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

Use the Social Security Calculator to compare your specific monthly benefits and breakeven ages at 62, 67, and 70.

The Three Standard Claiming Ages

You can claim Social Security as early as 62 and as late as 70. Between those extremes lies your full retirement age (FRA) — 66 for those born 1943–1954, and 67 for those born in 1960 or later. Claim before FRA and your benefit is permanently reduced. Wait past FRA and it grows by 8% per year until 70.

Here's what each strategy looks like for someone with a $2,000/month FRA benefit (FRA of 67):

The Breakeven Analysis

To compare strategies, you calculate the "breakeven age" — the point at which the cumulative payments from waiting equal the cumulative payments from claiming early. After the breakeven, the person who waited comes out ahead every month for the rest of their life.

• Claiming 62 vs. 67: Breakeven around age 79. If you live past 79, waiting to 67 yields more lifetime income.
• Claiming 67 vs. 70: Breakeven around age 82–83. If you live past 83, waiting to 70 yields more lifetime income.
• Claiming 62 vs. 70: Breakeven around age 80–81.

The Social Security Administration reports the average life expectancy for a 65-year-old today is approximately 84 for men and 87 for women. For couples, there is a high probability at least one spouse lives into the late 80s or 90s. This math strongly favors delaying.

The Case for Claiming Early at 62

Early claiming makes financial sense in specific situations:

• Poor health or reduced life expectancy: If your health history suggests you're unlikely to live past 77–79, claiming at 62 maximizes lifetime income.
• Pressing financial need: If you have no other income and need to cover living expenses, you claim when you need the money.
• High investment return potential: If you invest the early Social Security payments in equities earning 7–8%, the investment returns shift the breakeven later — sometimes past 85. This is theoretically valid but requires the discipline to actually invest (not spend) the payments.
• Lower earner in a married couple: The lower earner can claim early while the higher earner waits to maximize the survivor benefit.

The Case for Delaying to 70

Delaying to 70 is the mathematically optimal strategy for most people with average or above-average life expectancy, particularly because:

• 8% per year is a guaranteed return. No investment product offers a risk-free 8% annual increase in income for life. The delayed retirement credit (DRC) is one of the best deals in financial planning.
• Inflation protection: Social Security is inflation-adjusted for life. A higher base benefit provides more protection against decades of inflation than portfolio withdrawals.
• Lower portfolio withdrawal rate: Every dollar of additional Social Security income is a dollar you don't need to withdraw from savings — extending portfolio life and reducing sequence-of-returns risk.
• Longevity insurance: If you live to 90 or beyond, the extra $480/month at 70 vs. 67 compounds to an enormous lifetime difference.

The Most Important Rule for Married Couples

For married couples, the higher earner's benefit becomes the survivor benefit — the monthly payment the surviving spouse receives after the first death. Because women live longer on average, and because the surviving spouse typically receives only the higher of the two benefits (not both), maximizing the higher benefit is critical.

What Most People Get Wrong

The most common mistake is treating Social Security as a decision about "when to get money" rather than "how to maximize a lifetime income stream." People claim at 62 because they feel entitled to their money, distrust the system's solvency, or simply don't run the numbers. The SSA's own data shows that most people (about 55%) claim before their full retirement age, leaving significant lifetime income on the table.

Note: even if Congress were to reduce future Social Security benefits by 20–25% (the level needed under current law if no changes are made by ~2033), the calculus of delaying to 70 typically still holds — a 24% delayed credit on a 20% reduced benefit still produces a higher payment than a 30% reduced early benefit.

Use the Social Security Calculator to see the exact monthly benefits and breakeven ages for your specific FRA benefit and life expectancy. Then use the Retirement Withdrawal Calculator to see how your Social Security income affects how long your portfolio lasts.