Should I Take Social Security at 62, 67, or 70? Complete Guide (2026)

You're approaching one of the most important financial decisions of your retirement: when to claim Social Security. This single choice will affect your monthly income for the rest of your life-and potentially cost or save you over $100,000 depending on what you decide.

Most Americans claim at 62 without understanding what they're giving up. Others wait until 70 but miss out on years of payments they might have enjoyed. The truth is, there's no universal "right" answer-but there is a right answer for YOUR specific situation.

In this guide, you'll learn exactly how much you'll receive at ages 62, 67, and 70, when each claiming age makes sense, and how to make the decision that maximizes your retirement security.

Quick Summary

It depends on your health, work status, and marital situation.

• Claim at 62 if: Poor health, need income now, family history of short lifespans
• Claim at 67 if: Average health, want the "safe" choice, working until then anyway
• Wait until 70 if: Excellent health, married (maximizes survivor benefit), other income until 70

Use our free calculator to see your specific numbers first

The Three Claiming Ages Explained

Age 62: Early Claiming (30% Reduction)

When you claim at 62, you receive your benefits immediately-but they're permanently reduced by 30% compared to your Full Retirement Age amount.

Example:

• Full benefit at 67: $2,500/month
• Early benefit at 62: $1,750/month
• Difference: $750/month less for life

When age 62 makes sense: You have serious health issues (life expectancy under 78) You need income immediately and have no other resources Family history shows short lifespans (parents died in 60s-70s) You want to enjoy money while younger and healthier You're not married (no survivor benefit impact)

Trade-offs of claiming at 62:

• 30% permanent reduction in monthly benefit
• Lower survivor benefit for your spouse (if married)
• Earnings test applies if still working (benefits reduced)
• Smaller Cost-of-Living Adjustments (COLA applied to lower base)
• 8 more years of payments vs waiting until 70
• Money available for current expenses or investment

Age 67: Full Retirement Age (No Reduction or Increase)

Your Full Retirement Age is 67 if you were born in 1960 or later. At this age, you receive your full benefit-exactly what Social Security calculated based on your earnings history.

Example:

• Full benefit at 67: $2,500/month (your baseline amount)
• No penalties, no bonuses

When age 67 makes sense: Average health and life expectancy (expect to live to 80-85) You want the "default" safe choice without overthinking You're working until 67 anyway You prefer certainty over optimization Mixed family health history

Trade-offs of claiming at 67:

• Full benefit amount (no reduction for early claiming)
• Earnings test no longer applies (can work without penalty)
• Reasonable balance between waiting and claiming
• No delayed retirement credits (vs waiting until 70)
• 5 fewer years of payments vs claiming at 62

Age 70: Maximum Benefits (24% Increase)

For every year you delay past Full Retirement Age, your benefit increases by 8% per year. At 70, you've maxed out at 24% above your Full Retirement Age amount.

Example:

• Full benefit at 67: $2,500/month
• Maximum benefit at 70: $3,100/month
• Difference: $600/month MORE than full retirement

When age 70 makes sense: Excellent health (expect to live past 85) You're the higher earner in a marriage (maximizes survivor benefit) You have other income sources to live on until 70 You want maximum guaranteed lifetime income Family history of longevity (parents lived past 85)

Trade-offs of waiting until 70:

• 24% higher monthly benefit for life
• Inflation-protected, government-guaranteed income
• Highest possible survivor benefit for your spouse
• Maximum protection against outliving your money
• Must wait 8 years vs claiming at 62
• Risk of not living long enough to break even
• Miss out on years of payments if you die early

Who Should Claim at Each Age

Claim at 62 If You Are:

Michael, 62, Single, Health Issues

• Diabetes and high blood pressure
• Father died at 72, mother at 69
• Limited savings ($50,000)
• Decision: Claim at 62 to secure payments while healthy enough to enjoy them

Lisa, 62, Divorced, Needs Income

• Ex-husband had higher earnings (can claim on his record)
• Part-time work, struggling financially
• No substantial retirement savings
• Decision: Claim at 62 for immediate income, switch strategies later if needed

Robert, 62, Married, Poor Health

• Recent heart surgery, ongoing health concerns
• Wife has her own substantial benefit
• Break-even age would be 80, unlikely to reach it
• Decision: Claim at 62, wife waits until 70 to maximize her survivor benefit

Claim at 67 If You Are:

Sandra, 65, Average Health, Working

• Plans to work until 67 (earnings test would reduce benefits if claimed early)
• Good health but not exceptional
• Wants the "safe" choice without complexity
• Decision: Claim at 67 when earnings test no longer applies

Tom, 66, Married, Balanced Approach

• Wife is same age with similar benefit
• Both have average health and longevity expectations
• Want to start benefits soon but not at maximum reduction
• Decision: Both claim at 67 for full benefits

Jennifer, 64, Single, Cautious

• Family health history is mixed (some lived long, some didn't)
• Doesn't want to risk waiting too long
• Has modest retirement savings to bridge gap
• Decision: Claim at 67 for certainty

Wait Until 70 If You Are:

David, 67, Married, High Earner

• Excellent health, runs marathons
• Wife is 3 years younger with lower benefit
• Has substantial 401(k) to live on until 70
• Decision: Wait until 70 to maximize survivor benefit for wife

Barbara, 68, Single, Excellent Health

• Parents both lived past 90
• She's healthier than most 50-year-olds
• Substantial investment income
• Decision: Wait until 70 for maximum longevity protection

Richard, 66, Married, Strategic

• Wife claimed her smaller benefit at 62
• He's the higher earner
• Both expect to live into their 90s
• Decision: He waits until 70 while she already has income flowing

5 Key Factors to Consider

1. Health and Life Expectancy

Your health is the most important factor because Social Security is longevity insurance.

Break-even ages (when waiting pays off):

• 62 vs 67: Break-even around age 78
• 62 vs 70: Break-even around age 80
• 67 vs 70: Break-even around age 82

Consider your health honestly:

• Excellent health: Very likely to live past 85 → Consider waiting until 70
• Good health: Likely to live to 80-85 → Age 67 or 70 depending on other factors
• Fair/poor health: May not reach break-even → Consider claiming at 62

Family history matters: If your parents lived past 85, you probably will too. If they died in their 60s-70s, factor that into your decision.

2. Current Work Status

If you're still working, the earnings test significantly affects your claiming decision.

2026 earnings test rules:

• Under Full Retirement Age: If you earn over $22,320/year, you lose $1 in benefits for every $2 over the limit
• Year you reach FRA: Higher limit of $59,520, but only applies to months before your FRA month

Example impact:

• You claim at 62: $1,750/month benefit
• You earn $50,000/year
• Penalty: ($50,000 - $22,320) ÷ 2 = $13,840/year = $1,153/month withheld
• You'd only receive $597/month instead of $1,750

If you're working: Usually better to wait until Full Retirement Age when the earnings test disappears.

3. Marital Status and Survivor Benefits

If you're married, your claiming decision affects your spouse-potentially for decades after you're gone.

Survivor benefit rules:

• The surviving spouse receives the higher of: their own benefit OR 100% of the deceased spouse's benefit
• Your claiming age determines what your spouse inherits

Example impact on survivor benefits:

• Husband claims at 62: $2,000/month → Wife inherits $2,000/month
• Husband waits until 70: $3,100/month → Wife inherits $3,100/month
• Difference: $1,100/month for potentially 15-20 years = $200,000-$250,000

Best practice for married couples:

• Higher earner should usually wait until 70 (maximizes survivor benefit)
• Lower earner can claim earlier (gets income flowing)

4. Other Retirement Income

Your other income sources affect both the timing and tax implications of claiming.

If you have substantial other retirement income:

• 401(k), IRA, pensions, investments
• You can afford to wait for higher Social Security benefits
• Consider the tax impact (up to 85% of Social Security may be taxable)

If Social Security will be your primary income:

• You may need to claim earlier for cash flow
• The guaranteed nature becomes more important
• Waiting until 70 provides maximum security

Tax considerations:

• Higher Social Security benefits = more subject to taxation
• But the after-tax amount is usually still higher
• Consider coordinating with IRA/401(k) withdrawals

5. Family Financial Responsibilities

Your obligations to others can influence your claiming decision.

If you're supporting others:

• Spouse who didn't work or has low benefits
• Adult children with disabilities
• Elderly parents
• Consider claiming earlier for cash flow

If you want to leave an inheritance:

• Claiming Social Security later allows other assets to grow
• Social Security can't be inherited (except survivor benefits)
• Balance your security with legacy goals

Break-Even Analysis: When Does Waiting Pay Off?

Understanding break-even helps you see when the extra payments from waiting surpass what you gave up by not claiming early.

How Break-Even Works

62 vs 70 example:

• Claim at 62: $1,750/month for 8 years = $168,000 by age 70
• Wait until 70: $0 received, but then $3,100/month
• Break-even calculation: $168,000 ÷ ($3,100 - $1,750) = 124.4 months
• Break-even age: 70 + 10.4 years = Age 80.4

If you live past 80.4, waiting until 70 gives you more money. If you die before 80.4, claiming at 62 was better.

Typical Break-Even Ages

Why Break-Even Isn't Everything

1. Longevity Risk Most people underestimate how long they'll live. If you're 65 today:

• Men have a 50% chance of living past 84
• Women have a 50% chance of living past 87
• For couples, there's a 50% chance at least one spouse lives to 92

2. Inflation Protection Higher benefits = bigger Cost-of-Living Adjustments each year. The gap widens over time.

3. Quality of Life $3,100/month at age 85 (when health costs rise) may be more valuable than extra money at age 62.

Calculate your specific break-even age with our free tool

Real Examples: Three Decision Stories

Case Study 1: Early Claimer - Margaret, 62, Health Issues

Situation:

• Age 62, recently diagnosed with diabetes
• Estimated benefit: $2,200/month at FRA
• Single, limited family support
• Savings: $75,000
• Father died at 71, mother at 68

Analysis:

• Benefit at 62: $1,540/month
• Break-even vs waiting to 70: Age 80
• Given family history and health, unlikely to live past 80

Decision: Claimed at 62

Outcome: Receives $1,540/month starting immediately. Even if she only lives to 75, she'll receive $240,240 total. If she had waited until 70 and lived to 75, she'd only receive $164,400.

Key lesson: When life expectancy is limited, claiming early protects against the risk of receiving nothing.

Case Study 2: Full Retirement Age - Jim, 65, Steady Plan

Situation:

• Age 65, good health, working until 67
• Estimated benefit: $2,800/month at FRA
• Married, wife has similar benefit
• Combined savings: $500,000
• Both parents lived to early 80s

Analysis:

• Currently earning $60,000/year (earnings test would reduce benefits significantly)
• Break-even for waiting to 70: Age 82
• Life expectancy: early 80s based on family history

Decision: Both will claim at 67

Outcome: They'll receive $5,600/month combined starting at 67. This represents a balanced approach-they get full benefits without the risk of waiting too long given their family history.

Key lesson: Sometimes the "middle ground" is the right choice, especially when working until FRA anyway.

Case Study 3: Maximum Benefits - Patricia, 68, Longevity Strategy

Situation:

• Age 68, excellent health, widow
• Estimated benefit: $2,600/month at FRA
• Currently receiving survivor benefits from late husband
• Substantial investments providing income
• Mother lived to 96, father to 91

Analysis:

• Can switch from survivor benefit to her own benefit at any time
• Her own benefit at 70: $3,224/month (delayed credits)
• Strong longevity genetics and excellent health
• Has investment income, doesn't need Social Security immediately

Decision: Wait until 70 to switch to her maximized benefit

Outcome: At 70, she'll switch from survivor benefits to $3,224/month on her own record. If she lives to 90 (likely given her genetics), the extra $624/month = $149,760 more than claiming at 67.

Key lesson: When you have longevity advantages and other income, maximizing Social Security provides the best protection against outliving your money.

Common Mistakes That Cost Thousands

Mistake #1: Claiming at 62 "Because It's Available"

The thinking: "I've paid into it my whole life, I deserve to take it as soon as possible."

The problem: This ignores the 30% permanent reduction and potential for much higher lifetime benefits.

Example cost: For someone with a $2,500 FRA benefit:

• Claim at 62: $1,750/month
• Wait until 70: $3,100/month
• If they live to 85: $351,000 difference in lifetime benefits

Better approach: Consider your health and financial need, not just availability.

Mistake #2: Both Spouses Claiming at 62

The thinking: "We both want our money now while we're healthy."

The problem: This locks in a low survivor benefit for the rest of the surviving spouse's life.

Example cost:

• Both claim at 62: Combined $3,500/month, survivor gets $1,750
• Coordinate (one at 62, one at 70): Lower total initially, but survivor gets $3,100
• Survivor benefit difference over 15 years: $243,000

Better approach: Higher earner waits to maximize survivor benefit, lower earner can claim earlier.

Mistake #3: Not Factoring in the Earnings Test

The thinking: "I'll claim Social Security and keep working-more income is better."

The problem: The earnings test can reduce your benefits to almost nothing if you earn over the limit.

Example cost:

• Claim at 64 while earning $70,000/year
• Benefit before earnings test: $2,133/month
• After earnings test penalty: $217/month
• You lose $1,916/month ($22,992/year) until you reach 67

Better approach: If you're working and earning over $22,320/year, usually better to wait until Full Retirement Age.

Mistake #4: Ignoring Tax Implications

The thinking: "Social Security isn't taxed" or "I'll figure out taxes later."

The problem: Up to 85% of Social Security benefits are taxable, depending on your other income.

Example impact:

• Single person with $35,000 Social Security + $40,000 IRA withdrawals
• 85% of Social Security ($29,750) becomes taxable
• Total taxable income: $69,750 instead of $40,000

Better approach: Consider coordinating Social Security claiming with other retirement income to minimize taxes.

Mistake #5: Following Bad Advice

Common myths that lead to poor decisions:

• "Social Security is going broke, claim early before it's gone"
• "Always claim at 62 and invest the difference"
• "The break-even age means it doesn't matter when you claim"
• "Everyone should wait until 70 to maximize benefits"

Reality check:

• Social Security faces challenges but won't disappear (worst case: ~77% of scheduled benefits)
• Investing requires discipline and returns most people don't achieve
• Break-even assumes you die right at break-even-living past it means waiting wins big
• The "right" age depends on your individual situation

Better approach: Base your decision on evidence, your specific situation, and official SSA rules.

Your Next Steps: Making the Decision

Step 1: Get Your Numbers

Before you can make an informed decision, you need to know your estimated benefits at each claiming age.

Use our free Social Security calculator to see your specific benefits at 62, 67, and 70

If you don't know your estimated benefit, get it from SSA.gov/myaccount.

Step 2: Assess Your Situation

Use these questions to guide your thinking:

Health Assessment:

• How is your current health compared to others your age?
• How long did your parents live?
• Do you have any chronic conditions?
• What does your doctor say about your life expectancy?

Financial Assessment:

• Are you still working? How much do you earn?
• Do you have other retirement income (401k, IRA, pension)?
• What are your monthly expenses?
• Do you need Social Security income immediately?

Family Assessment:

• Are you married? What's your spouse's Social Security situation?
• Do you have dependents who rely on your income?
• Are you concerned about leaving inheritance vs maximizing your own security?

Step 3: Run the Scenarios

Calculate the impact of each claiming age:

Use our tools:

• Basic calculator for individual benefits
• Break-even calculator for timing analysis
• Spousal calculator for married couples

Consider these scenarios:

• What if you live to 75? 80? 85? 90?
• What if you become disabled and can't work?
• What if your spouse dies first vs you die first?
• What if you need long-term care?

Step 4: Make Your Decision

Based on your analysis, choose the claiming age that:

• Aligns with your health and life expectancy
• Meets your immediate financial needs
• Maximizes your family's long-term security
• Feels right given your risk tolerance

Step 5: Create Your Action Plan

Once you've decided:

• 12 months before claiming: Finalize your decision, review your earnings record
• 6 months before: Plan coordination with spouse (if married)
• 3 months before: Apply for Social Security at SSA.gov

Step 6: Stay Informed

Social Security rules change. Key updates to watch:

• Annual COLA adjustments (announced each October)
• Earnings test limits (updated each January)
• Tax threshold changes
• Any legislative changes to benefits

Related Resources

Continue learning:

• Social Security Earnings Test Guide - If you're still working
• How Social Security Benefits Are Calculated - Understanding the formula
• Married Couples Strategy Guide - Spousal benefit optimization
• Break-Even Calculator & Analysis - Detailed timing analysis

Official resources:

• SSA.gov - Official Social Security Administration website
• SSA.gov/myaccount - Your personal Social Security account

Need Complete Decision Support?

While our free calculator and articles provide a solid foundation, making the optimal Social Security claiming decision involves many interconnected factors specific to your situation.

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This article provides educational information about Social Security claiming strategies. It is not financial, legal, or tax advice. For personalized guidance, consult qualified professionals. Benefora is not affiliated with the Social Security Administration.

Last updated: February 2026 with current COLA and earnings test limits.