When Should You Claim Social Security?

Claiming at 62 permanently reduces your benefit (about 30% lower than at an FRA of 67). Waiting past FRA earns delayed retirement credits of 8% per year until age 70, so claiming at 70 can be about 24% higher than at 67 — and roughly 77% higher than claiming at 62. These changes are permanent for the rest of your life.

It is the age at which the higher monthly benefit from claiming later catches up to and overtakes the total benefits you would have collected by claiming earlier. Live past the break-even age and waiting wins; pass away before it and claiming early collected more in total. For 62 vs 70 the break-even is typically around age 80–82.

Yes. If you have serious health concerns or a shorter life expectancy, need the income to cover essential expenses, or have no other way to bridge the gap to a later claim, taking benefits at 62 can be the right call. It is also sometimes used by a lower-earning spouse while the higher earner delays.

Delaying is essentially buying inflation-adjusted longevity insurance: a larger, guaranteed, COLA-protected check that you cannot outlive. It is most valuable for the higher earner in a couple (it also raises the survivor benefit), for people in good health, and for those with other assets to live on in the meantime.

If you claim before your full retirement age and keep working, Social Security temporarily withholds $1 of benefits for every $2 you earn above an annual limit (a higher limit applies in the year you reach FRA). Those withheld benefits are not lost forever — your monthly amount is recalculated upward once you reach FRA.

No — it models your own retirement benefit only. Spousal benefits, survivor benefits, and the interaction between two earners can significantly change the optimal strategy. Couples should run a dedicated analysis or consult an advisor before deciding.