The best age to claim depends on your health, how long you expect to live, and whether you need the money now

You can claim Social Security as early as age 62, but your monthly payment will be smaller than if you wait. If you claim at your full retirement age — between 66 and 67 depending on your birth year — you receive your standard benefit. If you delay until 70, your monthly payment grows by about 8 percent for each year you wait past your full retirement age. There is no single "right" answer; the choice depends on your circumstances, not on what other people do.

The trade-off is straightforward: claim early and get smaller checks for more years, or claim later and get larger checks for fewer years. Most people break even somewhere in their mid-80s. If you live longer than that, delaying usually means more total money over your lifetime. If you die before then, claiming early will have paid out more. The decision also depends on whether you are still working, whether you have other income or savings, and your health.

Key Takeaways

  • Claiming at 62 gives you a smaller monthly payment than waiting, but you receive checks for more years.
  • Your full retirement age is 66 or 67 depending on your birth year, and that is when you receive your standard benefit amount.
  • Waiting until 70 increases your monthly payment by roughly 8 percent per year, but only if you live long enough to benefit from the larger checks.
  • If you are still working before your full retirement age, Social Security reduces your benefits if your earnings exceed a yearly limit.
  • Your decision should account for your health, life expectancy, savings, and whether you need the income now.

How your age affects your monthly payment

Social Security calculates your benefit based on your highest 35 years of earnings. Once that amount is set, your age when you claim determines what percentage of that amount you actually receive each month. Claiming at 62 reduces your benefit by roughly 30 percent compared to your full retirement age. The exact reduction depends on your birth year.

If your full retirement age is 67 and you claim at 62, you lose about 30 percent of your benefit. If your full retirement age is 66 and you claim at 62, you lose about 25 percent. These reductions are permanent — they do not increase later. Once you start receiving benefits, your monthly amount stays the same (adjusted only for inflation each year), so the choice you make at 62 locks in a smaller payment for life.

Conversely, each year you delay past your full retirement age increases your benefit. From your full retirement age to 70, your payment grows by about 8 percent per year. At 70, your benefit reaches its maximum. After 70, waiting longer does not increase your payment, so there is no financial reason to delay beyond 70.

When claiming early makes sense

Claiming at 62 is the right choice if you need the money now, if you have health problems that suggest a shorter life expectancy, or if you have little savings and few other sources of income. Early claiming also makes sense if you are no longer working and have no plans to work again — that way you avoid the earnings limit that can reduce your benefits if you work while claiming.

If you have a family history of early death or a diagnosed health condition that affects life expectancy, the math often favors claiming sooner rather than later. You receive more total money over your lifetime if you claim at 62 and die at 75 than if you wait until 70 and die at 75. A financial advisor or your doctor can help you think through your own situation, but the decision is yours to make.

Some people claim early and continue working part-time. Be aware that Social Security reduces your benefit if you earn above a yearly limit — in 2024, that limit is $23,400, though it changes each year. For every $2 you earn above the limit, Social Security withholds $1 from your benefit. This reduction stops once you reach your full retirement age.

When waiting until your full retirement age or later makes sense

If you are in good health, have savings or other income to live on, and expect to live into your 80s or beyond, waiting usually results in more total money over your lifetime. The larger monthly payment also provides a bigger cushion against inflation and unexpected expenses in your later years. If you are married, waiting can also increase the survivor benefit your spouse receives if you die first.

Waiting until 70 is most valuable if you are healthy, have adequate savings, and do not need Social Security to cover basic living expenses right now. The 8 percent annual increase compounds over eight years, so the difference between claiming at 62 and claiming at 70 is substantial — roughly 76 percent more per month at 70 than at 62.

If you are still working and earning a good income, waiting also avoids the earnings limit that reduces benefits for people under full retirement age. Once you reach your full retirement age, you can earn as much as you want without any reduction to your benefit.

How your marital status affects the decision

If you are married, your spouse may be may have access to to a benefit based on your work record — up to 50 percent of your full retirement age benefit if they claim at their full retirement age. Your decision to claim early or late affects not only your own benefit but also what your spouse receives. If you delay and receive a larger benefit, your spouse's benefit based on your record also increases.

If you are divorced and were married for at least 10 years, you may be able to claim based on your ex-spouse's record. The same rules explore: claiming early reduces the benefit, and waiting increases it. You can claim on your own record and your ex-spouse's record separately, which gives you more flexibility in timing.

If you are widowed, you can claim survivor benefits as early as 60 (or 50 if you are disabled). The age you claim affects your monthly payment. Waiting until your full retirement age or later increases the widow or widower benefit, just as it does for retirement benefits.

What happens if you claim early and then change your mind

If you claim before your full retirement age and later decide you want a larger benefit, you have limited options. You can withdraw your claim within 12 months of claiming and repay all the benefits you received. This resets your record as if you never claimed, and you can claim again later at a higher amount. However, you must repay the full amount, including any benefits your family members received based on your claim.

After 12 months, you cannot withdraw your claim. You can request to suspend your benefits once you reach your full retirement age, which allows your benefit to grow until 70. While suspended, you do not receive payments, but your benefit increases by 8 percent per year. This option is available only if you have reached your full retirement age.

How to think through your own situation

Start by finding your full retirement age. The Social Security Administration publishes a chart based on your birth year. Next, get an estimate of your benefit at different ages — you can create a my Social Security account at ssa.gov and view your personalized estimates, or call Social Security at 1-800-772-1213 to request a statement.

Write down your three scenarios: claiming at 62, claiming at your full retirement age, and claiming at 70. Calculate how much total money you would receive by age 80, 85, and 90 under each scenario. Then ask yourself: Do I need the money now? Am I in good health? Do I have other savings or income? Am I still working or planning to work? Your answers to these questions will point you toward the choice that fits your life.

You do not have to decide alone. A financial advisor can help you model different scenarios. Your family doctor can give you an honest assessment of your health outlook. Social Security staff can answer questions about how your specific situation — your earnings record, your family status, your work plans — affects your benefit. The decision is personal, and the information you gather should reflect your circumstances, not general rules.

Frequently Asked Questions

What is my full retirement age?

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, it increases by two months for each year. If you were born in 1960 or later, your full retirement age is 67. The Social Security Administration website has a chart that shows the exact age for your birth year.

If I claim at 62, can I increase my benefit later?

Not automatically. Your benefit amount is set when you claim and does not increase based on age alone. You can request to suspend your benefits once you reach your full retirement age, which allows your benefit to grow until 70. However, you must have reached your full retirement age to suspend, and you will not receive payments during the suspension period.

What happens to my benefits if I keep working after I claim?

If you claim before your full retirement age and earn above the yearly limit, Social Security reduces your benefit. In 2024, the limit is $23,400 per year. For every $2 you earn above that, Social Security withholds $1 from your benefit. Once you reach your full retirement age, you can earn as much as you want without any reduction.

Does my spouse get a benefit if I claim early?

Yes, your spouse may be may have access to to a benefit based on your record. However, if your spouse claims before their full retirement age, their benefit is also reduced. If you claim early and receive a smaller benefit, your spouse's benefit based on your record will also be smaller than it would be if you waited.

What if I think I made a mistake with when I claimed?

If you claimed within the last 12 months, you can withdraw your claim, repay all benefits received, and claim again later. After 12 months, you cannot withdraw. If you have reached your full retirement age, you can suspend your benefits to let them grow until 70, though you will not receive payments during the suspension.