Your Claiming Age Changes Your Check for Life
You can start Social Security retirement benefits as early as 62, but the amount is permanently adjusted by the age you start. Your full retirement age (FRA) is the age at which you receive 100% of your calculated benefit. It is 67 for everyone born in 1960 or later, and between 66 and 66 and 10 months for people born from 1943 to 1959.
- Before full retirement age: the benefit is reduced by 5/9 of 1% for each of the first 36 months early, and 5/12 of 1% for each month beyond that. With an FRA of 67, claiming at 62 means 60 months early, a 30% reduction.
- After full retirement age: you earn delayed retirement credits of 2/3 of 1% for each month you wait, which is 8% a year, until age 70. With an FRA of 67, waiting to 70 raises the benefit by 24%.
- After 70: there is no further increase, so there is no reason to delay past 70.
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What Each Claiming Age Pays: A $70,000 Earner
These figures assume 35 years of earnings averaging $70,000 a year in today's dollars and an FRA of 67, using the 2026 Social Security formula. They are shown in today's dollars, before future cost-of-living adjustments.
| Claim at Age | Share of Full Benefit | Monthly Benefit | Yearly Benefit |
|---|---|---|---|
| 62 | 70.0% | $1,828 | $21,936 |
| 63 | 75.0% | $1,959 | $23,508 |
| 64 | 80.0% | $2,089 | $25,068 |
| 65 | 86.7% | $2,264 | $27,168 |
| 66 | 93.3% | $2,438 | $29,256 |
| 67 (full) | 100% | $2,612 | $31,344 |
| 68 | 108.0% | $2,821 | $33,852 |
| 69 | 116.0% | $3,030 | $36,360 |
| 70 | 124.0% | $3,239 | $38,868 |
Swipe sideways to see all columns. The gap between claiming at 62 and at 70 is $1,411 a month, or about $16,900 a year, for the rest of your life.
How the Benefit Is Calculated
Social Security looks at your 35 highest-earning years, adjusts them for wage growth, and averages them into a monthly figure called AIME. A formula then converts it into your primary insurance amount (PIA), the benefit at full retirement age:
- 90% of the first $1,286 of AIME,
- plus 32% of AIME between $1,286 and $7,749,
- plus 15% of AIME above $7,749 (2026 figures for people reaching 62 this year).
The formula favors lower earners: they get back a larger share of their pay. Here is how it works out for five different workers (35 years of earnings, FRA 67):
| Average Yearly Earnings | Benefit at 62 | Benefit at 67 | Benefit at 70 | Share of Earnings Replaced at 67 |
|---|---|---|---|---|
| $40,000 | $1,268 | $1,812 | $2,247 | 54.4% |
| $55,000 | $1,548 | $2,212 | $2,743 | 48.3% |
| $70,000 | $1,828 | $2,612 | $3,239 | 44.8% |
| $100,000 | $2,319 | $3,313 | $4,108 | 39.8% |
| $150,000 | $2,756 | $3,938 | $4,883 | 31.5% |
Only earnings up to the taxable maximum ($184,500 in 2026) count each year, so the benefit stops rising for very high earners.
The Break-Even Question: How Long Do You Need to Live?
Claiming earlier gives you smaller checks for more years. Claiming later gives you larger checks for fewer years. The break-even age is where the total money received from waiting catches up. Ignoring cost-of-living adjustments and investment returns:
| Comparison | Waiting Overtakes At |
|---|---|
| Claim at 67 instead of 62 | about age 78 and 8 months |
| Claim at 70 instead of 67 | about age 82 and 6 months |
| Claim at 70 instead of 62 | about age 80 and 4 months |
These break-even ages are about the same for every earner, because the percentages are fixed. If you live beyond them, waiting would have paid more in total. If you do not, claiming early would have paid more. Nobody knows their lifespan, which is why this is a decision about risk as much as about math: a larger check for life is a form of longevity insurance.
Five Factors That Decide the Best Age for You
1. Your health and family longevity
Good health and long-lived parents tilt the decision toward waiting. Serious health problems tilt it toward claiming earlier. Many people who reach 65 live into their 80s, which is past most of the break-even ages above.
2. Whether you are still working
If you claim before full retirement age and keep working, the earnings test temporarily withholds benefits when your pay is above an annual limit. The withheld amount is not lost forever, because your benefit is recalculated at full retirement age, but it makes claiming early while working a poor choice for many people.
3. Your spouse
When one spouse dies, the survivor keeps the larger of the two benefits. So when the higher earner delays, it raises the check the surviving spouse will receive, which can matter for a spouse who is likely to live longer.
4. Your other savings
If you can cover your living costs from savings or work until 67 or 70, delaying can raise your guaranteed lifetime income. If you need the money now, or would otherwise run up debt, claiming earlier can be the right call. For a plan to bridge the gap with savings, read our guide on Roth IRA vs. 401(k).
5. Taxes and Medicare premiums
Up to 85% of your benefit can be taxable depending on your other income, and Medicare Part B premiums are generally deducted from your check. The calculator shows the benefit before both, so plan on receiving somewhat less.
What If You Have Fewer Than 35 Years of Earnings?
Years with no earnings count as zero in the 35-year average, which lowers your benefit. For a worker with $70,000 average earnings in the years worked and an FRA of 67:
| Years Worked | AIME | Benefit at 67 |
|---|---|---|
| 35 | $5,833 | $2,612 |
| 30 | $5,000 | $2,345 |
| 25 | $4,166 | $2,079 |
| 20 | $3,333 | $1,812 |
Each missing year costs roughly $50 a month at this income. Working a few more years to replace zeros, or a low-earning year with a higher one, can raise your benefit.
Frequently Asked Questions
What is the best age to claim Social Security?
There is no single best age. Claiming at 62 gives the most checks but the smallest; waiting until 70 gives the largest check. The best choice depends on your health, your other income, whether you are still working and your spouse's situation.
Can I get Social Security and keep working?
Yes. Before full retirement age, benefits are reduced if your earnings exceed an annual limit, and the withheld amount is accounted for later. After you reach full retirement age, there is no limit on how much you can earn.
How many years do I need to work to qualify?
You need 40 work credits, which most people earn with about 10 years of covered work. The amount of your benefit, however, is based on your 35 highest-earning years.
Is Social Security going to run out?
The Social Security trust funds are projected by the program's trustees to be able to pay scheduled benefits for a number of years, after which incoming payroll taxes would cover a large but not complete share. The trustees update their projections every year, so check the latest report on ssa.gov. Congress can change the law, and this calculator uses the benefit rules as they stand today.
Where can I see my exact benefit?
Create a my Social Security account at ssa.gov. It shows your real earnings record and your benefit estimates at different ages, which are more accurate than any general calculator.
Conclusion & Recommended Next Steps
Claiming at 62 trades a permanently smaller check for more years of payments, while waiting until 70 buys a larger, inflation-adjusted check for life. For many people with average or better health, waiting to at least full retirement age is the stronger choice, but it is a personal decision. Run your own earnings and birth year through the calculator, compare the three ages, and check the figures against your statement at ssa.gov. Then plan how you will cover the years before you claim.
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Disclaimer: This guide is intended solely for educational and informational purposes and does not constitute personalized financial, investment, legal, or tax advice. Social Security rules, bend points and benefit amounts are set by law and the Social Security Administration and change over time; the figures above are estimates based on stated assumptions. Check your own record at ssa.gov and consult a qualified financial planner before you decide when to claim.