Guide on Taking Social Security: 62 vs. 67 vs. 70

Your full retirement age (FRA) is the age at which you're eligible to receive your full Social Security benefit. Eligibility is based on your year of birth.¹

If you choose to take your own Social Security benefit before your full retirement age, your monthly payments will be permanently reduced. The earlier you claim them, the larger the reduction.

In general, claiming at 62 can reduce your benefit by as much as 30% compared to waiting until your full retirement age.

This chart shows how your monthly benefit is reduced based on the age you begin claiming Social Security.

If you retire sometime between your full retirement age and age 70, you typically earn a delayed retirement credit (DRC) for your own benefits (but not spousal benefits). The higher baseline would last for the rest of your retirement and serve as the basis for future increases linked to inflation. In no situation should you postpone benefits past age 70.

For example, say you were born in 1960, and your full retirement age is 67. If you start your benefits at age 69, you would receive a credit of 8% per year multiplied by two (the number of years you waited). This means your benefit amount would be 16% higher than the amount you would have received at age 67. (This doesn't include any potential additional cost of living adjustments for inflation from age 67 to 69.)

This chart shows how your monthly benefit increases based on the age you begin claiming Social Security.

Several factors can help determine the best time to start Social Security payments, including your cash needs, life expectancy, marital status, and employment situation.

If you're considering early retirement and you have sufficient resources (such as retirement savings, investments, or a pension), you may have more flexibility about when to claim Social Security. If you'll need your Social Security payments to make ends meet, you may have fewer options. You may want to consider postponing retirement or working part-time until you can receive your full benefit.

If you plan to retire before becoming eligible for Medicare, you'll also need to consider how you'll cover health insurance costs and potential long-term care expenses. Both of those can be major expenses in retirement and should be factored into a decision on when to begin claiming Social Security.

Claiming Social Security earlier results in smaller monthly payments paid over a longer period, while delaying benefits means fewer checks but a higher monthly amount. Life expectancy plays a key role in this decision: The longer you live, the more you may benefit from waiting to claim.

According to the Social Security Administration, the average life expectancy for a 65‑year‑old is about 84 for men and 87 for women, and for married couples, there's a strong likelihood that one spouse will live into their 90s.

To estimate your own life expectancy, you can use the SSA's life expectancy calculator.

If you're married, your spouse's age, health, and earnings history may affect when you claim—especially if one spouse is the higher earner. At full retirement age, you can generally receive either your own full retirement benefit or up to 50% of your spouse's benefit, whichever is higher.

If you're divorced and were married for at least 10 years, you may be eligible for benefits based on your ex‑spouse's record without affecting their benefits or those of their current spouse. Coordinating personal, spousal, and survivor benefits can be complex, so working with a financial planner may help.

Earning a wage (or even self-employment income) can reduce your benefit temporarily if you collect Social Security. If you haven't reached your full retirement age, $1 in benefits will be deducted for every $2 you earn above the annual earnings limit ($24,480 in 2026). In the year you reach your full retirement age, the reduction falls to $1 in benefits for every $3 you earn above a higher limit ($65,160 in 2026).

However, the month you hit your full retirement age, your benefits are no longer reduced, no matter how much you earn. In fact, the SSA will recalculate your Social Security payments to include the deducted amounts, resulting in higher benefits.

Don't use the reduction as the sole reason to cut back on working or worry about earning too much. That said, if you're still working, you may want to postpone Social Security either until you reach your full retirement age or until your earned income is less than the annual limit.

The best age to claim Social Security depends on your financial situation, health, and how long you expect to live. Claiming early provides income sooner but reduces your monthly benefit, while waiting can increase your retirement income for the rest of your life.

• You're no longer working and can't make ends meet without your benefits.
• You have health issues and don't expect the surviving member of the household to make it to average life expectancy.
• You're the lower-earning spouse, and your higher-earning spouse can wait to file for a higher benefit.

• You're still working and make enough to impact the taxability of your benefits. (At least wait until your normal retirement age so benefits aren't further reduced due to earnings.)
• Either you or your spouse are in good health and expect to exceed average life expectancy.
• You're the higher-earning spouse and want to be sure your surviving spouse receives the highest possible benefit.

For many people the break-even point (the point where delaying results in more lifetime income) falls in the late 70s or early 80s. If you expect to live beyond that point, waiting to claim may result in the maximum benefit.

Before deciding when to claim Social Security, it's also important to understand how your timing can affect Medicare enrollment.

If you have a choice and are in good health, consider waiting as long as you can to claim Social Security benefits (but no later than age 70). A long retirement coupled with uncertainty about markets and inflation are the biggest risks. Delaying Social Security, if you can, is effectively an insurance policy against those challenges. But you should also consider getting professional advice: a financial advisor can help you determine the role Social Security will play in your overall retirement planning.