When to claim Social Security: 62, full retirement age, or 70

When you claim Social Security is one of the most consequential — and permanent — retirement decisions you'll make. The gap between claiming early and claiming late is larger than most people expect.

The three key ages

You can claim as early as age 62, at your full retirement age (FRA — 66 to 67 depending on birth year; 67 for anyone born in 1960 or later), or as late as age 70. Claiming at 62 permanently reduces your monthly benefit by roughly 25–30% compared to your FRA amount. Delaying past FRA increases your benefit by about 8% per year up to age 70, after which there's no further benefit to waiting.

The break-even math

Claiming later means a smaller number of larger checks; claiming earlier means a larger number of smaller checks. The typical break-even point — where cumulative lifetime benefits from delaying overtake early claiming — tends to fall in your late 70s to early 80s, depending on the exact ages compared. If you expect a longer-than-average lifespan or have longevity in your family history, delaying tends to pay off; if not, claiming earlier can make sense.

Spousal and survivor benefits complicate the math

A lower-earning spouse can claim a spousal benefit worth up to 50% of the higher earner's full retirement age benefit. Survivor benefits let a widow or widower step into the higher of the two benefits after a spouse's death — which means the higher earner delaying their own claim can meaningfully increase what a surviving spouse eventually receives, even if it doesn't seem optimal for that person alone.

It's rarely just a math problem

Health, other income sources, whether you're still working (which can temporarily reduce benefits before FRA), and household cash-flow needs all factor in. This is a case where running your specific numbers — rather than following a generic rule — matters more than almost any other retirement decision.