Should I Take Social Security at 62, 67, or 70?
Waiting raises the monthly check. Claiming early pays for more months. A transparent example shows when the larger benefit catches up—and what that arithmetic leaves out.
Three Ages, Three Permanent Monthly Benefits
For someone born in 1960 or later, Social Security’s full retirement age is 67. The Social Security Administration says claiming at 62 can reduce the retirement benefit by as much as 30%. Waiting until 70 produces delayed retirement credits; for this birth group, the benefit is 124% of the full retirement amount. The adjustment is permanent. SSA’s official age table supplies these percentages.
Amounts are before tax and use the SSA percentages for a worker born in 1960 or later. Your Social Security statement supplies your own estimate.
Waiting from 62 to 70 raises this example’s monthly benefit by $1,080—but gives up eight years of earlier checks.
The Simple Break-Even Ages
A break-even calculation asks when the higher later benefit recovers the checks skipped while waiting. It is useful arithmetic, but it is not a life-expectancy forecast or a claiming recommendation.
| Comparison | Checks forgone | Monthly gain | Break-even |
|---|---|---|---|
| 62 vs. 67 | $84,000 | $600 | Age 78 years, 8 months |
| 67 vs. 70 | $72,000 | $480 | Age 82 years, 6 months |
| 62 vs. 70 | $134,400 | $1,080 | Age 80 years, 4 months |
For 62 versus 70, the worker skips 96 checks of $1,400, or $134,400. The later check is $1,080 larger. Dividing $134,400 by $1,080 gives 124.4 months after age 70: roughly age 80 and four months.
Why Break-Even Is Not the Whole Decision
Longevity changes the value of waiting. A larger lifetime-adjusted payment can matter more when you live well past the break-even age.
Married couples should evaluate survivor benefits together. The higher earner’s claiming decision can affect the benefit that continues after one spouse dies.
Cash needs and portfolio risk matter. Claiming early may reduce withdrawals during a weak market; waiting may buy more longevity protection.
Taxes can change net income. Depending on combined income, part of Social Security may be taxable under federal rules.
Working before full retirement age can temporarily withhold benefits under the earnings test. SSA later recalculates the benefit for withheld months.
Compare claiming ages in your plan
Add each Social Security start date to a separate scenario and see how it changes withdrawals, taxes, and the years your portfolio must support.
Sources: Social Security Administration, retirement age FAQ; SSA, early and delayed retirement percentages; and SSA, delayed retirement. Calculations assume a $2,000 benefit at age 67 for a person born in 1960 or later. They ignore investment returns, inflation timing, taxes, the earnings test, and spousal or survivor adjustments. Benefits do not increase from delayed retirement credits after age 70. This is educational information, not financial advice.