When you claim Social Security is one of the most consequential financial decisions you will make. The difference between claiming at 62 versus 70 can represent more than $100,000 in lifetime benefits, depending on how long you live.

2026 key figures: Full Retirement Age is 67. Maximum benefit at 70 is $5,108/month. Average benefit is $2,071/month. Claiming at 62 permanently reduces your benefit by up to 30%.

62 (earliest)70% of FRA$1,400/mo on $2,000 FRA
67 (FRA)100%$2,000/mo
70 (latest)124%$2,480/mo

Break-even analysis

Claim 62 vs 67: break-even ~78.5 years. 67 vs 70: break-even ~80.5 years. 62 vs 70: break-even ~81 years. Average life expectancy for a 65-year-old is 83.5 (men) and 86.1 (women) — most people live past the break-even for delaying.

When to claim early vs delay

Claim early if: poor health, life expectancy below 78, immediate financial need. Delay to 70 if: good health with family longevity, you are the higher earner in a marriage (survivor inherits the higher benefit), or you have savings to bridge the 3-year gap.

Use our Retirement Planner to model this.

Frequently asked questions

At what age should I take Social Security?
Depends on health, life expectancy, and marital status. Healthy individuals with family longevity should generally delay to 70.
What is the break-even age?
62 vs 67: ~78.5 years. 67 vs 70: ~80.5 years. 62 vs 70: ~81 years.
How much does delaying increase benefits?
8% per year from FRA to 70 — a guaranteed 24% increase for waiting three years.
Can I work while claiming before FRA?
Yes, but earning above $22,320 (2026) reduces your benefit by $1 for every $2 over the limit.
What happens if I die early?
Your spouse can claim survivor benefits equal to 100% of your benefit at their FRA.