Social Security at 62 vs 67 vs 70
Claiming Social Security earlier means a smaller check for life; waiting means a bigger one. Here's exactly how much bigger, at every age from 62 to 70.
Independent Free No sign-up Sources: Social Security Administration (ssa.gov)
For someone with a full retirement age of 67 and a $2,000 monthly benefit at full retirement age (PIA), Social Security pays:
| Claiming age | % of PIA | Monthly benefit |
|---|---|---|
| 62 (earliest) | 70% | $1,400 |
| 67 (full retirement age) | 100% | $2,000 |
| 70 (maximum) | 124% | $2,480 |
Every month you claim before 67 permanently lowers your check; every month you wait past 67 (up to 70) permanently raises it.
Your PIA, from your Social Security statement.
Monthly benefit by claiming age
| Age | % of PIA | Monthly | Annual |
|---|---|---|---|
| 62 | 70.0% | $1,400 | $16,800 |
| 63 | 75.0% | $1,500 | $18,000 |
| 64 | 80.0% | $1,600 | $19,200 |
| 65 | 86.7% | $1,733 | $20,800 |
| 66 | 93.3% | $1,867 | $22,400 |
| 67 | 100.0% | $2,000 | $24,000 |
| 68 | 108.0% | $2,160 | $25,920 |
| 69 | 116.0% | $2,320 | $27,840 |
| 70 | 124.0% | $2,480 | $29,760 |
- Full retirement age from your birth year
- Nominal dollars — no COLA applied
- Educational estimate
How we calculate this
Each age's percentage of PIA comes from the same SSA formulas: 5/9 of 1% reduction per month for the first 36 months before full retirement age, then 5/12 of 1% per month beyond that; and 8% per year in delayed credits after full retirement age, up to age 70. Your full retirement age is looked up from your birth year using the SSA's published table.
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How much at 62
Claiming at the earliest possible age, 62, gives you 70.0% of your PIA. On a $2,000 PIA, that's $1,400 a month — and that reduction is permanent, not temporary.
How much at 65
At 65 — a common "I'm eligible for Medicare" milestone, but usually still before full retirement age — you'd get 86.7% of your PIA: $1,733 a month on a $2,000 PIA.
How much at 67
67 is full retirement age for anyone born 1960 or later, so you'd get 100% of your PIA — the full $2,000 a month, no reduction and no bonus.
How much at 70
70 is the maximum — delayed credits stop accruing after this age, so there's no benefit to waiting any longer. You'd get 124% of your PIA: $2,480 a month on a $2,000 PIA.
How to decide
Health and family longevity. If you're in excellent health and your family tends to live into their late 80s or 90s, waiting usually pays more in total dollars. If you have health concerns, claiming earlier may make more sense.
Working while claiming. If you claim before full retirement age and keep working, the earnings test can temporarily withhold part of your benefit above an annual earnings limit (the withheld amount is credited back later, not lost). This disappears once you reach full retirement age.
Spousal and survivor benefits. Delaying your own claim doesn't just raise your check — if you're married, it can also raise the survivor benefit your spouse would receive after your death. That's a common reason the higher earner in a couple chooses to wait.
To find the exact age where waiting starts paying off in total dollars, try the Social Security break-even calculator. To confirm your own full retirement age first, use the retirement age calculator.
Frequently asked questions
Is it better to take Social Security at 62 or 67?
There's no single right answer — it depends on your health, other income, and how long you expect to live. Claiming at 62 gives you money sooner but permanently reduces your check (30% lower than your full amount, for a 67 full retirement age). Claiming at 67 gives you 100% of your PIA. Use the break-even calculator to see the age where waiting starts winning in total dollars.
How much do I lose by claiming at 62?
If your full retirement age is 67, claiming at 62 gives you 30% less than your full benefit — about 70% of your PIA, permanently, for the rest of your life. On a $2,000 PIA that's $1,400 a month instead of $2,000.
How much more do I get at 70 vs 62?
About 77% more per month. On a $2,000 PIA (born 1960, FRA 67), that's $2,480 at 70 versus $1,400 at 62 — a difference of $1,080 every month, for life.
What if I was born before 1960?
Your full retirement age is a little earlier than 67. If you were born 1943–1954 it's 66; it then rises by two months per birth year through 1959 (66 years and 10 months), reaching 67 for anyone born 1960 or later. Enter your birth year in the calculator above to see your exact percentages at 62, 65, 67, and 70.
Do spousal benefits grow if I wait past my full retirement age?
No. Unlike your own retirement benefit, a spousal benefit earns no delayed retirement credits past full retirement age — it caps at 50% of the worker's PIA at the spouse's FRA. There's no financial reason to delay a spousal claim past your own full retirement age.
This calculator is for educational purposes only and is not financial, tax, or legal advice. Pensora is independent and not affiliated with the SSA, the IRS, or any government agency. For decisions about your own situation, consider a licensed financial advisor.