Social Security at 62, 67 or 70? Here's the Math
Waiting can add over $1,000 to your monthly check — but only if you live long enough. Find your break-even age in 5 minutes.
The headline tradeoff
Claiming at 62 locks in roughly 70% of your full benefit. Claiming at 70 locks in 124%. For someone with a full-retirement-age (FRA) benefit of $2,500/month, that's the difference between $1,750 and $3,100 — for life.
The break-even calculation
Each year you delay claiming, your benefit grows about 8%. The breakeven point (where waiting starts beating claiming early) is typically age 78–82.
- Claim at 62 vs 70: breakeven near age 80.
- Claim at 67 vs 70: breakeven near age 82.
If you live past the breakeven, waiting wins. If you don't, claiming early wins.
When claiming early makes sense
- Serious health issues or short family-history longevity.
- You need the income to avoid drawing down investments in a down market.
- You're the lower earner in a couple and your spouse will delay.
When delaying makes sense
- You're in good health with longevity in the family.
- You can comfortably live on other income until 70.
- You're the higher earner — your benefit becomes the surviving spouse's benefit too.
The spousal strategy
For couples, the highest-earner's benefit usually becomes the survivor benefit. Delaying the higher earner to 70 maximizes lifetime household income, even if the lower earner claims at 62.
Bottom line
Most healthy people in a couple should have the higher earner delay to 70 if at all possible. The decision is one of the most consequential of your retirement — model it with the SSA's calculator and a fiduciary before you file.