When to Claim Social Security: What Changes at 62, 67, and 70

The basic difference: claiming early, at full retirement age, or late

You can claim Social Security as early as 62, but the month you claim determines how much you receive each month for the rest of your life. Claiming at 62 gives you a smaller monthly payment. Waiting until your full retirement age (which is 66, 67, or 68 depending on your birth year) gives you your standard payment. Waiting until 70 gives you the largest monthly payment — about 24% more than at full retirement age, and roughly 76% more than at 62.

The choice is not about which age is "right" — it is about your health, how long you expect to live, whether you need the money now, and what other income you have. Someone who needs money immediately and has health concerns may claim at 62. Someone in good health with savings might wait until 70 to maximize lifetime income.

Key Takeaways

• Claiming at 62 reduces your monthly payment by roughly 30% compared to your full retirement age, and the reduction is permanent.
• Your full retirement age depends on your birth year: people born in 1943–1954 have a full retirement age of 66, those born 1955–1959 have ages between 66 and 67, and those born 1960 or later have a full retirement age of 67.
• Waiting until 70 increases your monthly payment by 8% per year after your full retirement age, for a total increase of about 76% compared to claiming at 62.
• If you claim before your full retirement age and continue working, your benefit will be reduced by $1 for every $2 you earn above a certain threshold (about $23,400 in 2024, though this changes yearly).
• Your spouse and ex-spouse may be able to claim benefits based on your record, and the age you claim affects what they can receive.

Claiming at 62: the earliest option and its trade-offs

At 62, you can claim Social Security immediately. The monthly payment will be roughly 30% lower than what you would receive at your full retirement age. If your full retirement age is 67 and your full benefit would be $2,000 per month, claiming at 62 would give you about $1,400 per month instead.

Claiming at 62 makes sense if you need the money now, have serious health concerns, or do not expect to live into your mid-80s. It also makes sense if you have already stopped working and have no other income. However, if you claim at 62 and continue working, Social Security will reduce your benefit by $1 for every $2 you earn above the annual threshold. In 2024, that threshold is about $23,400. This earnings test stops once you reach your full retirement age.

One important detail: if you claim at 62 and later change your mind, you can withdraw your claim within 12 months and claim again later at a higher rate. After 12 months, you cannot withdraw, but you can still delay claiming further — your benefit will grow by about 8% per year until age 70.

Claiming at your full retirement age: the middle ground

Your full retirement age is when Social Security considers you old enough to receive your standard, unreduced benefit. For people born in 1943–1954, that age is 66. For those born 1955–1959, it ranges from 66 and 2 months to 66 and 10 months. For those born in 1960 or later, it is 67. You can find your exact full retirement age on the Social Security Administration website or by calling 1-800-772-1213.

Claiming at your full retirement age means no reduction to your benefit, and no earnings test — you can work as much as you want without losing any benefit. This is the middle ground: you receive your standard payment without the penalty of claiming early, and without the wait to claim at 70.

This age makes sense if you are in average health, need to work a few more years but want to claim soon after you stop, or want to balance the benefit of waiting with the benefit of claiming while you are still young enough to enjoy retirement. It is also the age at which your spouse becomes able to claim a spousal benefit based on your record.

Claiming at 70: the delayed option and maximum payment

If you wait until 70 to claim, your monthly payment grows by 8% per year after your full retirement age. If your full retirement age is 67 and your full benefit is $2,000 per month, waiting until 70 gives you about $2,480 per month — a 24% increase. Compared to claiming at 62, the difference is dramatic: $1,400 per month versus $2,480 per month.

Claiming at 70 makes sense if you are in good health, have other income or savings to live on, and expect to live into your mid-80s or beyond. The longer you live, the more you benefit from the higher monthly payment. It also makes sense if you want to maximize what your surviving spouse or ex-spouse can receive based on your record.

You can work as much as you want after your full retirement age without any reduction to your benefit, so there is no earnings test penalty. However, you do have to wait until 70 to receive the maximum payment — there is no way to speed up the growth after your full retirement age.

How your choice affects your spouse and ex-spouse

If you are married, your spouse may be able to claim a spousal benefit based on your record. The amount depends on your full retirement age benefit and the age at which your spouse claims. Your spouse can claim as early as 62, but the benefit will be reduced. At their full retirement age, they can receive up to 50% of your full retirement age benefit.

The age you claim affects when your spouse can claim their full spousal benefit. If you claim before your full retirement age, your spouse's spousal benefit is also reduced. If you wait until your full retirement age or later, your spouse can claim their full spousal benefit once they reach their full retirement age, regardless of when you claimed.

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 apply: you can claim as early as 62, but your benefit will be reduced. Your ex-spouse does not have to claim first, and your claim does not affect their benefit. If you are unmarried at the time you claim, you can claim based on an ex-spouse's record even if they have not claimed yet.

Comparing lifetime income across the three ages

The total amount you receive over your lifetime depends on how long you live. If you claim at 62 and live to 80, you will have received more total money than if you waited until 70 and died at 80. But if you live to 90, the person who waited until 70 will have received significantly more total money, even though they started later.

The "break-even" age — the point at which waiting until 70 pays off compared to claiming at 62 — is usually around 80 to 82. If you are in good health and your family has a history of longevity, waiting until 70 is likely to pay off. If you have health concerns or a family history of shorter lifespans, claiming at 62 may result in more total lifetime income.

This calculation is personal and depends on your health, your family history, and your financial situation. There is no single "correct" answer. Some people also consider the value of having more money now versus more money later — claiming at 62 gives you money to spend while you are younger and more able to travel or enjoy activities, even if the total is less.

What to do before you claim

Before you claim, create a my Social Security account on the Social Security Administration website. This account shows your earnings history, estimates of what you would receive at different ages, and lets you manage your benefits once you claim. You can also call 1-800-772-1213 to speak with someone who can answer questions about your specific situation.

If you are still working, ask your employer whether claiming Social Security will affect any pension or other benefits you receive through work. Some pensions have rules about how they interact with Social Security. If you are receiving disability benefits, understand that your benefit amount will change to a retirement benefit once you reach your full retirement age, but the amount stays the same.

Think through your health, your family history, your other income, and how long you expect to live. Write down the monthly amounts you would receive at 62, your full retirement age, and 70. Then think about which scenario fits your life best. You do not have to decide immediately — you can claim whenever you are ready between 62 and 70.

Frequently Asked Questions

Can I change my mind after I claim?

Yes, but only within 12 months of claiming. If you claim at 62 and change your mind within a year, you can withdraw your claim, repay what you received, and claim again later at a higher rate. After 12 months, you cannot withdraw, but you can still delay claiming further and your benefit will grow by 8% per year until 70.

What happens if I claim at 62 but keep working?

Social Security will reduce your benefit by $1 for every $2 you earn above the annual threshold (about $23,400 in 2024). This earnings test stops once you reach your full retirement age. After that, you can work as much as you want without any reduction.

Does my spouse have to claim when I claim?

No. Your spouse can claim at any age between 62 and 70, and their choice does not affect your benefit. However, the age they claim affects the amount they receive. If they claim before their full retirement age, their benefit will be reduced.

What if I was born outside the United States?

You can still claim Social Security if you have a valid Social Security number and have worked long enough to earn credits. You will need to provide proof of citizenship or legal residency. Contact Social Security directly at 1-800-772-1213 to discuss your specific situation.

How do I know my full retirement age?

Your full retirement age depends on your birth year. People born 1943–1954 have a full retirement age of 66. Those born 1955–1959 have ages between 66 and 2 months and 66 and 10 months. Those born 1960 or later have a full retirement age of 67. You can confirm your exact age on the Social Security Administration website or by calling 1-800-772-1213.