Should You Take Social Security at 62 or 70?
The three main claiming ages, side by side
| Claim age | Relative monthly benefit | Best if… |
|---|---|---|
| 62 (earliest) | ~30% less than full | You need income now, are in poor health, or want to protect other savings |
| Full retirement age (66 to 67) | Your full "100%" benefit | You're done working and want your unreduced check |
| 70 (latest) | About 24 to 32% more than full | You're healthy, still working, or want the biggest survivor benefit for a spouse |
Figures are illustrative; your exact percentages depend on your birth year and full retirement age. Run yours below.
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Why waiting adds about 8% per year
Social Security rewards patience. For each year you delay claiming past your full retirement age (up to age 70) the Social Security Administration adds roughly 8% in "delayed retirement credits." Over four years that compounds to about a 24 to 32% larger monthly check, for life. Go the other direction and claim at 62, and the same formula works in reverse: your benefit is cut by roughly 30% and stays reduced permanently. There's no bonus for waiting beyond 70, so 70 is the practical ceiling.
The break-even age and the survivor benefit
An early claimer collects smaller checks for more years; a late claimer collects bigger checks for fewer. The break-even age, where the totals cross, usually lands around 80 to 82. Live past it and waiting wins; don't, and claiming early collected more. But there's a second factor many couples overlook: the survivor benefit. When one spouse dies, the survivor keeps the larger of the two checks. Delaying the higher earner's benefit to 70 helps that person, and it also locks in a bigger income floor for whichever spouse lives longer, often for many years.
Find the claiming age that fits your life
Enter your age, health outlook, and spouse's situation. Our free calculator estimates your lifetime benefit at 62, full retirement age, and 70 so you can compare them side by side.
Find my best claiming age →Frequently asked questions
Should I take Social Security at 62 or 70?
Claiming at 62 permanently cuts your monthly check by about 30% versus full retirement age; waiting to 70 grows it by roughly 24 to 32% (about 8% per year of delay). Take it early if you need the income, are in poor health, or want to preserve savings; wait if you're healthy, still working, or want the largest survivor benefit for a spouse.
What is the break-even age for waiting?
Usually around 80 to 82. That's the point where the larger delayed checks catch up to the total an early claimer already collected. If you expect to live past it, waiting generally pays more over your lifetime.
How much does my benefit grow each year I wait?
About 8% per year between full retirement age and 70, added as delayed retirement credits. Claim before full retirement age and it shrinks instead, to roughly 30% less at 62. There's no additional increase after age 70.
Want to run these numbers for your own situation?
The Retirement Literacy Foundation runs free retirement classes across Southern California on Social Security timing, taxes in retirement, and how to turn savings into income. No products are sold at our classes.
The Retirement Literacy Foundation is a 501(c)(3) non-profit. This guide is general financial education, not individualized investment, tax, or insurance advice. Figures are illustrative and depend on your birth year, earnings record, and personal situation. Consider speaking with a licensed professional or the Social Security Administration before making decisions.
Hans Goldstein
Founder & Executive Director · Retirement Literacy Foundation, a 501(c)(3) non-profit
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