Guide · Use with the Retirement Runway Calculator
When to Claim Social Security: 62, 67 or 70
If you were born in 1960 or later, you can claim Social Security at any age from 62 to 70. Claiming at 62 gives you 70% of your full benefit for life; waiting until 70 gives you 124%. If you live beyond about 79 to 83, waiting usually pays more in total, but the right age depends on your health, your savings, whether you are still working and whether a spouse relies on your benefit.
How your claiming age changes the benefit
Your full benefit, called the primary insurance amount, is what you get at your full retirement age. For anyone born in 1960 or later, that age is 67 (SSA). Claiming earlier reduces the benefit; claiming later adds delayed retirement credits of 8% a year until 70. These changes are permanent (SSA).
| Claiming age | Share of your full benefit |
|---|---|
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | 86⅔% |
| 66 | 93⅓% |
| 67 (full retirement age) | 100% |
| 68 | 108% |
| 69 | 116% |
| 70 | 124% |
Source: SSA, Effect of Early or Delayed Retirement on Retirement Benefits, for people born in 1960 or later. The figures for 68 and 69 apply the 8% yearly credit.
Worked example
The Retirement Runway Calculator's own example produces a full benefit at 67 of $2,665.88 a month, using the 2026 benefit formula. Here is the same person claiming at each of the three common ages, in today's dollars:
| Claim at | Monthly benefit | Total received by 80 | By 85 | By 90 |
|---|---|---|---|---|
| 62 | $1,866.12 | $403,081 | $515,048 | $627,015 |
| 67 | $2,665.88 | $415,877 | $575,830 | $735,783 |
| 70 | $3,305.69 | $396,683 | $595,024 | $793,366 |
The totals leave out yearly cost-of-living increases, tax and any interest you could earn on early payments. Cost-of-living increases raise every option by the same percentage, so they don't change which one comes out ahead.
Break-even ages
Claiming early gives you a head start; claiming later gives you bigger cheques. The break-even age is when the later claimer's total catches up.
| Comparison | Head start of the earlier claim | Extra per month for the later claim | Catches up at about |
|---|---|---|---|
| 62 vs 67 | 60 × $1,866.12 = $111,967 | $799.76 | 78 and 8 months |
| 67 vs 70 | 36 × $2,665.88 = $95,972 | $639.81 | 82 and 6 months |
| 62 vs 70 | 96 × $1,866.12 = $179,147 | $1,439.58 | 80 and 4 months |
Because every option is a fixed percentage of the same full benefit, these break-even ages are the same whatever your benefit is. For comparison, the SSA's period life table (2023 data, used in the 2026 Trustees Report) gives a 62-year-old man an average of 20.3 more years (to about 82) and a 62-year-old woman 23.1 more (to about 85) (SSA). About half of people live longer than the average.
What matters more than break-even
Your health and family history
Break-even is a bet on how long you will live. Someone in poor health has good reason to claim earlier. Someone healthy, from a long-lived family, gets insurance against a long life by waiting.
A spouse who may outlive you
When a worker dies, a widow or widower at full retirement age can receive 100% of the worker's benefit, including any delayed retirement credits (SSA Handbook, section 407). If you are the higher earner, waiting raises the benefit your spouse could live on. A spouse claiming their own spousal benefit at 62 gets 32.5% of the worker's full benefit (SSA).
Whether you are still working
If you claim before full retirement age and keep working, the earnings test can hold back part of your benefit (SSA):
| Situation | 2026 limit | 2027 limit | Withheld |
|---|---|---|---|
| Under full retirement age all year | $24,480 | $25,560 | $1 for every $2 above the limit |
| The year you reach full retirement age (months before it) | $65,160 | $67,920 | $1 for every $3 above the limit |
Withheld benefits aren't lost: at full retirement age, your monthly benefit is permanently increased to account for them. But they can make an early claim much less useful while you are still earning.
Whether your savings can bridge the gap
Waiting until 70 means living on savings, or work, for longer. In the calculator's example, with retirement at 67, claiming at 62 leaves a monthly gap of −$939.14, claiming at 67 −$164.17, and claiming at 70 a surplus of $443.01. The calculator counts Social Security from your retirement age even if you claim later, so if you retire at 67 and claim at 70, plan to cover those three years from savings.
Tax on your benefit
Up to 50% of your benefit can be taxable if your income plus half your benefit is above $25,000 (single) or $32,000 (married filing jointly), and up to 85% above $34,000 or $44,000 (IRS Publication 915, 2025 edition; these thresholds are set in law and are not adjusted for inflation). Your claiming age and your savings withdrawals together decide how much is taxed.
Figures for 2026 and 2027
| Figure | 2026 | 2027 |
|---|---|---|
| Cost-of-living adjustment | 2.8% | 3.6% |
| Maximum benefit at full retirement age | $4,152 a month | $4,188 a month |
| Maximum earnings taxed for Social Security | $184,500 | $192,300 |
| Benefit formula bend points | $1,286 and $7,749 | $1,340 and $8,077 |
Sources: SSA COLA fact sheets for 2026 and 2027, and SSA bend points. In 2026, the maximum benefit for someone claiming at 62 is $2,969 a month and at 70 $5,181 (SSA). The calculator currently uses the 2026 formula; see its page for details.
Common mistakes
- Treating break-even as the whole answer. It ignores your spouse, your health and the value of a bigger income if you live a long time.
- Claiming early while still earning well. The earnings test can withhold much of the benefit until full retirement age.
- Forgetting the reduction is permanent. Claiming at 62 locks in 70% of your full benefit for life, plus future cost-of-living increases on that smaller amount.
- Relying on an estimate from contributions. The calculator estimates your full benefit from your savings contributions. Your real figure is in your my Social Security account at ssa.gov, based on your earnings record.
Questions people ask
Can I change my mind after claiming?
Changing a claim has strict limits and time windows set by the SSA. Check with the SSA before relying on it.
Does waiting past 70 increase my benefit?
No. Delayed retirement credits stop at 70, so there is no reason to wait longer.
How do I test this in the calculator?
Change the Social Security Claim Age and watch the Monthly Income Gap. Use Compare to set a second retirement age side by side, and remember that the calculator starts benefits at your retirement age.
Related tools and guides
- Retirement Runway Calculator: try different claiming and retirement ages.
- The 4% rule: how much your savings can supply each year.
- The ACA premium tax credit for 2027: health cover if you retire before Medicare at 65.
Sources
- SSA, Effect of Early or Delayed Retirement on Retirement Benefits
- SSA, Retirement benefits for people born in 1960 or later
- SSA, At what age should I start receiving my benefits?
- SSA Handbook, section 407: amount of widow(er)'s benefit
- SSA, Exempt amounts under the earnings test (2026 and 2027)
- SSA COLA fact sheets for 2026 and 2027
- SSA, Benefit formula bend points
- SSA, Maximum Social Security benefit (2026)
- SSA, Period life table, 2023 (2026 Trustees Report)
- IRS Publication 915 (2025 edition)
The example benefit comes from the calculator's simplified estimate, not from anyone's earnings record. Social Security rules are detailed; check your own figures with the SSA before deciding. This guide is not financial or tax advice. How we check our calculations.