When Should You Claim Social Security?
Claiming at 62 cuts your benefit to 70% of the full amount if your full retirement age is 67; waiting until 70 raises it to 124%. Enter your full-retirement-age benefit to compare every age from 62 to 70.
Benefit by claiming age (full retirement age 67)
| Age | % of full benefit | If full benefit is $1,500 | If $2,500 |
|---|---|---|---|
| 62 | 70% | $1,050 | $1,750 |
| 63 | 75% | $1,125 | $1,875 |
| 64 | 80% | $1,200 | $2,000 |
| 65 | 86.7% | $1,300 | $2,166 |
| 66 | 93.3% | $1,400 | $2,333 |
| 67 | 100% | $1,500 | $2,500 |
| 68 | 108% | $1,620 | $2,700 |
| 69 | 116% | $1,739 | $2,900 |
| 70 | 124% | $1,860 | $3,100 |
Frequently asked questions
How much is the reduction for claiming early?
5/9 of 1% for each of the first 36 months before full retirement age and 5/12 of 1% for each additional month. With a full retirement age of 67, claiming at 62 means a 30% reduction.
How much do I gain by waiting past full retirement age?
Delayed retirement credits add 2/3 of 1% per month, or 8% a year, until age 70. There is no benefit to waiting beyond 70.
What is the break-even age?
The age at which the larger checks from waiting make up for the checks you skipped. For 62 versus 70 it is usually around age 80; if you expect to live longer, waiting tends to pay more in total.