Social Security: when to claim (age 62, full retirement age, or 70)
Your monthly Social Security benefit depends on the age you start. Here is how claiming at 62, 67 or 70 changes it for people born in 1960 or later.
Sourced from official pages · Updated September 30, 2026💡 Key takeaways
- For people born in 1960 or later, full retirement age is 67.
- Claiming at 62 lowers your monthly benefit by about 30% for life; waiting until 70 raises it to 124% of the full benefit.
- The earnings test can temporarily withhold benefits if you claim early and keep working.
- Spousal and survivor benefits can affect the best claiming age for a couple.
Full retirement age (FRA)
If you were born in 1960 or later, your full retirement age is 67. Your full retirement benefit is the amount you get if you claim at that age.
How the claiming age changes your benefit (born 1960 or later)
| Claim at | Effect on monthly benefit |
|---|---|
| Age 62 (earliest) | About 30% lower than the full benefit, for life |
| Age 67 (full retirement age) | 100% of the full benefit |
| Age 70 (latest that adds credits) | 124% of the full benefit — delayed retirement credits of 8% for each year you wait past FRA (about 0.667% a month) |
Benefits are adjusted for cost of living each year; the 2026 cost-of-living adjustment is 2.8%.
Working while you collect
If you claim before your full retirement age and keep working, the earnings test can temporarily withhold benefits: in 2026 the limit is $24,480 for people younger than full retirement age, and $65,160 in the year you reach full retirement age. After you reach full retirement age there is no earnings limit.
Things to weigh
- How long you expect to live and your health — waiting pays more per month but starts later.
- Whether you have other income or savings to bridge the gap.
- Your spouse’s benefits — claiming choices can affect survivor benefits.
Get your personal estimate from your my Social Security account at ssa.gov.
What the percentages mean in dollars (hypothetical)
| Claim at | Share of full benefit | If your full benefit is $2,000 a month |
|---|---|---|
| 62 | About 70% | About $1,400 |
| 67 (full retirement age) | 100% | $2,000 |
| 70 | 124% | $2,480 |
These figures follow the SSA percentages for people born in 1960 or later; your own estimate is in your my Social Security account.
A break-even way to think about it
Waiting pays more each month but you collect for fewer months. Roughly, the total you receive by claiming later catches up with claiming earlier some years into retirement, and health, family longevity and other income change the answer. It is a personal decision, not a formula.
Checklist before you claim
- Log in to your my Social Security account and check your earnings record.
- Get your estimated benefit at 62, 67 and 70.
- Decide how you will cover expenses until you claim.
- If married, consider spousal and survivor benefits.
- Learn how Medicare enrollment fits in.
🔤 Key terms
| Term | Meaning |
|---|---|
| Full retirement age (FRA) | The age at which you can claim your full benefit; 67 for those born in 1960 or later |
| Delayed retirement credits | Increases for waiting past FRA, up to age 70 |
| Earnings test | A limit on earnings before FRA that can temporarily withhold benefits |
| COLA | Cost-of-living adjustment applied to benefits each year |
| Primary insurance amount (PIA) | Your benefit at full retirement age |
Scenarios
| Situation | What to consider |
|---|---|
| You need income at 62 and have no other savings | Claiming early gives a smaller lifelong benefit; look at other options first |
| You are healthy and can bridge the gap | Waiting increases the monthly benefit |
| You are the higher earner in a couple | Your claim age can affect the survivor benefit |
⚠️ Common mistakes to avoid
- Claiming at 62 automatically without comparing options.
- Ignoring the earnings test when working before full retirement age.
- Not checking the earnings record for errors.
- Overlooking the impact on a surviving spouse.
- Assuming benefits are untaxed — check IRS rules for taxation of benefits.
🛠️ Try it yourself
❓ Frequently asked questions
What is full retirement age if I was born in 1960 or later?
67.
Does waiting past 70 increase my benefit?
No; delayed retirement credits stop at 70.
Is there a benefit reduction if I keep working?
Before full retirement age the earnings test can temporarily withhold benefits.
Where do I get my estimate?
In your my Social Security account at ssa.gov.
Do benefits get taxed?
Some benefits can be taxable depending on income; see IRS guidance.
Can I change my mind after claiming?
There are limited options; check SSA rules.
📚 Sources
This guide is general information, not financial, tax or legal advice. Rules and limits change; confirm with the sources above or a licensed professional.