When Should I Take Social Security: Age 62, 67, or 70?

Published: August 24, 2026
Last Reviewed: August 24, 2026
Author: Christian West, CFP®, RSSA®

Quick Answer

There is no single “best” age to claim Social Security.

Retirement benefits can generally begin as early as age 62. Claiming before full retirement age permanently reduces the monthly benefit, while delaying beyond full retirement age can increase the monthly benefit until age 70. For someone born in 1960 or later, full retirement age is 67, and claiming at age 70 generally produces 124% of the full-retirement-age benefit.

The appropriate claiming age depends on factors including health, longevity expectations, employment, marital status, survivor benefits, other retirement income, taxes, and how Social Security fits into the overall retirement plan.

Key Takeaways

• Social Security retirement benefits can generally begin as early as age 62.
• For people born in 1960 or later, full retirement age is 67.
• Claiming at 62 can reduce a worker's retirement benefit by as much as 30% compared with waiting until full retirement age.
• Delaying beyond full retirement age increases the monthly benefit until age 70.
• For someone with a full retirement age of 67, starting at 70 generally provides 124% of the full-retirement-age benefit.
• Waiting until 70 does not automatically make sense for everyone.
• Married couples should consider the potential effect of claiming decisions on survivor benefits, not simply each spouse's individual benefit.
• Working, taxes, Medicare, available savings, and expected longevity can all influence the decision.

What Happens If You Claim Social Security at Age 62?

Age 62 is generally the earliest age at which a worker can begin receiving Social Security retirement benefits. The tradeoff is that starting early results in a permanently lower monthly benefit. For someone born in 1960 or later, whose full retirement age is 67, claiming at age 62 can reduce the retirement benefit by as much as 30% compared with waiting until full retirement age.

For example, suppose a retiree is entitled to a hypothetical $3,000 monthly benefit at age 67. If the retiree claimed at age 62 and the full 30% reduction applied, the initial benefit would be approximately: $3,000 × 70% = $2,100 per month. That lower starting amount generally continues for life, although future cost-of-living adjustments may increase the dollar amount.

Why might someone claim at 62?

Claiming early may be considered when someone:

• Needs Social Security income to meet living expenses.
• Has stopped working and does not want to draw as heavily from other assets.
• Has health or longevity concerns.
• Has limited alternative income or savings.
• Has a coordinated household strategy in which one spouse claims earlier while another delays.

The important question is not simply, “Can I claim at 62?”

It is:

“What are the consequences of claiming at 62 compared with the alternatives?”

What Is Full Retirement Age?

Full retirement age, or FRA, is the age at which a person becomes eligible for 100% of their calculated primary Social Security retirement benefit. Full retirement age depends on year of birth. For people born in 1960 or later, full retirement age is 67. People born earlier may have an FRA between ages 66 and 67. Reaching full retirement age is important for several reasons.

At FRA:

• The worker is eligible for 100% of their calculated retirement benefit.
• The Social Security retirement earnings test no longer reduces current benefits because of employment income.
• The worker can continue delaying retirement benefits and earn delayed retirement credits until age 70.

Full retirement age should not be confused with age 65. Age 65 remains important for Medicare, but it is no longer Social Security full retirement age for most people approaching retirement today.

What Happens If You Wait Until Age 70?

Social Security rewards workers who delay retirement benefits beyond full retirement age by providing delayed retirement credits.

For someone born in 1960 or later:

• Age 67 = approximately 100% of the full retirement benefit
• Age 68 = approximately 108%
• Age 69 = approximately 116%
• Age 70 = approximately 124%

There is generally no additional increase from delaying retirement benefits beyond age 70. Using our hypothetical $3,000 full-retirement-age benefit: $3,000 × 124% = $3,720 per month at age 70

Compare the three starting points:

*These amounts are simplified illustrations. Actual Social Security benefits depend on an individual's earnings history, birth date, claiming month, and applicable Social Security rules.

Is Waiting Until 70 Always Better?

Not always. Waiting until 70 maximizes the worker's monthly retirement benefit, but maximizing the monthly check is not necessarily the same thing as maximizing overall financial well-being. Someone who delays Social Security gives up several years of payments in exchange for a larger payment later.

That creates an important tradeoff: Claim earlier and receive smaller payments for more years, or delay and receive larger payments for fewer years. Longevity plays a significant role.

Someone who lives well into their 80s or 90s may benefit substantially from having a larger inflation-adjusted income stream later in retirement. Someone with a materially shorter life expectancy may reach a different conclusion. The decision should generally be evaluated in the context of the entire retirement plan rather than by Social Security benefits alone.

A Hypothetical Example: Age 62 vs. 67 vs. 70

Consider John, who was born in 1960 and has a projected Social Security retirement benefit of $3,000 per month at age 67.

For simplicity, assume:

• Age 62 benefit: $2,100 per month
• Age 67 benefit: $3,000 per month
• Age 70 benefit: $3,720 per month
• We ignore cost-of-living adjustments, investment returns, taxes, and other planning variables.

If John claims at 62, he receives benefits for eight years before the person waiting until 70 receives their first payment.

That is approximately: $2,100 × 12 × 8 = $201,600 in benefits received between ages 62 and 70.

The age-70 claimant, however, would then receive approximately: $1,620 more per month than John receives under the simplified example.

Eventually, the larger benefit can make up for the payments that were forgone by waiting. This concept is commonly called the Social Security break-even age.

But break-even analysis is only one factor. It does not fully capture survivor benefits, taxes, investment returns, portfolio withdrawals, longevity risk, or the value of maintaining a larger guaranteed income stream later in life.

How Does Working Affect the Decision?

Continuing to work can make claiming before full retirement age more complicated. In 2026, if someone is under full retirement age for the entire year, Social Security's annual earnings limit is $24,480. Social Security generally withholds $1 of benefits for every $2 of earned income above that limit.

For someone reaching full retirement age during 2026, the higher limit is $65,160 for earnings received before the month FRA is reached, and Social Security generally withholds $1 for every $3 above the limit. Beginning with the month full retirement age is reached, the earnings limit no longer applies.

Importantly, benefits withheld under the earnings test are not necessarily permanently “lost.” Social Security can recalculate the benefit at full retirement age to account for months in which benefits were withheld because of excess earnings. For someone still working in their early 60s, this rule should be considered before claiming.

Does Working Longer Increase My Social Security Benefit?

It can. Social Security retirement benefits are generally based on a worker's highest 35 years of earnings. If a person has fewer than 35 years of earnings, years without earnings may be included as zeros.

Even someone who already has 35 years of earnings may increase their benefit by continuing to work if current earnings replace lower-earning years in the calculation. This means the claiming decision and the retirement-from-work decision are related, but they are not necessarily the same decision.

Someone can:

• Retire and delay Social Security.
• Continue working and claim Social Security.
• Continue working and delay Social Security.
• Retire and immediately claim Social Security.

Each choice has different planning implications.

Why Married Couples Should Think About Social Security Differently

For married couples, Social Security should generally be evaluated as a household decision, not simply as two independent claiming decisions. One important consideration is survivor income.

When one spouse dies, the household may move from receiving two Social Security benefits to one benefit. Depending on the circumstances and Social Security rules, the surviving spouse may be eligible for a survivor benefit based on the deceased spouse's record. That can make the higher earner's claiming decision particularly important.

Delaying the higher earner's benefit may provide a larger monthly benefit while both spouses are alive and potentially a larger survivor benefit for the surviving spouse.

This can be particularly meaningful when:

• One spouse earned substantially more.
• One spouse is expected to live significantly longer.
• There is a large age difference.
• One spouse has limited retirement savings of their own.

We will cover survivor-benefit strategies in more detail later in this series.

What About Taxes?

Social Security claiming decisions can also interact with income taxes. Depending on a taxpayer's income and filing status, a portion of Social Security benefits may be subject to federal income tax.

Claiming Social Security can therefore affect the timing of other retirement-planning strategies, including:

• IRA and 401(k) withdrawals
• Roth conversions
• Capital gains
• Required minimum distributions
• Pension income
• Charitable giving

For example, someone who delays Social Security may choose to fund early retirement from taxable or retirement accounts. In some circumstances, those lower-income years can create opportunities for strategic Roth conversions or other tax planning. That does not mean delaying Social Security automatically produces a better tax outcome. The appropriate strategy depends on the individual's broader circumstances.

Don't Forget Medicare at Age 65

Delaying Social Security until age 67 or 70 does not necessarily mean Medicare should also be delayed. Medicare eligibility generally begins at age 65. Someone who is not already receiving Social Security may need to enroll in Medicare separately. Depending on employment and employer health coverage, delaying certain parts of Medicare could potentially lead to gaps in coverage or late-enrollment penalties.

There can also be important HSA considerations because Medicare enrollment can affect eligibility to make HSA contributions. Social Security claiming and Medicare enrollment should therefore be coordinated, but they should not be treated as the same decision.

What Factors Should You Consider Before Claiming Social Security?

Rather than beginning with “62, 67, or 70?”, it can be more useful to start with a broader set of planning questions:

1. How is your health?

Someone with a long family history of longevity may view delaying differently from someone with significant health concerns.

2. How long might your retirement last?

Social Security is one of the few retirement-income sources designed to continue for life and receive cost-of-living adjustments. A larger Social Security benefit can become increasingly valuable during a long retirement.

3. Are you married?

The decision may affect not only your income, but potentially your spouse's future survivor income.

4. Are you still working?

Claiming before full retirement age while earning wages or self-employment income can trigger the retirement earnings test.

5. What other assets do you have?

Delaying Social Security often means spending from another source first.

That could include:

• Cash
• Brokerage accounts
• IRAs
• 401(k)s
• Pensions
• Rental income

Using those assets has its own investment and tax consequences.

6. What is your tax situation?

The timing of Social Security can influence opportunities for Roth conversions, capital-gain realization, and retirement-account withdrawals.

7. How much guaranteed income do you already have?

A retiree with a pension may view Social Security differently from someone whose retirement income depends primarily on an investment portfolio.

Potential Advantages and Disadvantages of Each Claiming Age

Claiming Around Age 62

Potential advantages

• Income begins sooner.
• May reduce withdrawals from investments.
• May be appropriate when longevity expectations are shorter.
• Can provide cash flow after an early retirement.

Potential disadvantages

• Permanently reduced monthly retirement benefit.
• May reduce future survivor-income opportunities in certain situations.
• Earnings test may apply while continuing to work before FRA.
• Provides less guaranteed monthly income later in retirement.

Claiming Around Full Retirement Age

Potential advantages

• Receive 100% of the calculated full retirement benefit.
• No retirement earnings test after FRA.
• Provides a middle ground between early and delayed claiming.

Potential disadvantages

• Gives up benefits that could have been collected earlier.
• Gives up additional delayed retirement credits available through age 70.

Claiming at Age 70

Potential advantages

• Maximizes the worker's monthly retirement benefit under current rules.
• Provides a larger inflation-adjusted income base later in life.
• May improve survivor protection for certain married couples.
• Can help manage longevity risk.

Potential disadvantages

• Requires foregoing benefits between eligibility and age 70.
• May require larger withdrawals from investments during the delay period.
• May be less advantageous for someone with a shorter lifespan.
• Delaying Social Security does not eliminate the need to independently address Medicare enrollment at 65.

Frequently Asked Questions

Is 67 always full retirement age?

No. Full retirement age depends on year of birth. For people born in 1960 or later, it is 67. People born earlier may have a full retirement age between 66 and 67.

How much do I lose if I take Social Security at 62?

For someone born in 1960 or later with a full retirement age of 67, starting retirement benefits at 62 can reduce the benefit by as much as 30% compared with claiming at full retirement age.

Does Social Security increase 8% every year I wait?

For many workers approaching retirement, delayed retirement credits after FRA effectively increase the retirement benefit by about 8% per year until age 70. The precise amount depends on birth year and the number of months benefits are delayed. This should not be confused with an investment return. It is an adjustment to the Social Security benefit calculation under current law.

Is there any reason to wait beyond age 70?

Generally, there is no additional delayed-retirement-credit increase for waiting beyond age 70 to begin retirement benefits.

Should the higher-earning spouse wait until age 70?

Sometimes, but not always. Delaying the higher earner's benefit can be valuable because it may increase both the worker's lifetime monthly benefit and the potential survivor benefit. However, health, age differences, cash-flow needs, taxes, other assets, and expected longevity should all be considered.

Bottom Line

The Social Security claiming decision should not start with a rule such as “always take it at 62” or “always wait until 70.” Age 62 provides income sooner but generally results in a permanently smaller monthly benefit. Full retirement age provides the worker's full calculated retirement benefit. Waiting until age 70 generally provides the largest monthly retirement benefit available based on delayed claiming.

But the best decision can depend on much more than the size of one Social Security check.

A comprehensive analysis should consider: Social Security + longevity + spouse + survivor benefits + taxes + Medicare + investments + pensions + retirement spending. The Social Security rules may be the same for everyone.

The appropriate claiming strategy is personal.

Sources

Social Security Administration

• At What Age Should I Start Receiving My Social Security Retirement Benefits?
• Delayed Retirement — Born in 1960 or Later
• You Can Receive Benefits Before Your Full Retirement Age
• Receiving Benefits While Working
• 2026 Cost-of-Living Adjustment Fact Sheet
• Your Retirement Age and When You Stop Working
• When to Sign Up for Medicare

Internal Revenue Service

• Publication 915 — Social Security and Equivalent Railroad Retirement

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Important Disclosure

This material is provided for general educational and informational purposes only and should not be construed as individualized investment, tax, legal, or Social Security advice or as a recommendation to take any particular action. The examples are hypothetical, simplified, and provided solely for illustrative purposes. They do not reflect the circumstances of any specific individual and do not include all factors that could affect a Social Security claiming decision.

Social Security laws, tax laws, benefit amounts, earnings limits, Medicare rules, and related regulations can change. Information is believed to be accurate as of the date shown but should be confirmed with the Social Security Administration, Internal Revenue Service, Medicare, and other appropriate professionals before making decisions.

Rigden Capital Strategies is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. Advisory services are provided only pursuant to an appropriate advisory agreement. Past performance is not indicative of future results, and no financial-planning strategy can guarantee a particular outcome.