When to Claim Social Security: 62, Full Retirement Age or 70?

The age you start Social Security retirement benefits can change the size of your monthly check for the rest of your life.

Deciding when to claim Social Security is one of the biggest money choices many people make near retirement. You can start as early as 62 or wait as late as 70. The age you pick generally locks in a smaller or larger monthly payment for life.

There is no single right answer. The best timing depends on your health, your job, your savings and your family. This guide explains how the rules work so you can weigh your options with clear eyes.

The three ages that matter most

Social Security retirement claiming centers on three milestones.

Age 62: the earliest age. The Social Security Administration (SSA) says you can start retirement benefits as early as 62. But claiming before your full retirement age means a permanent reduction in your monthly payment.

Full retirement age (FRA): your "100%" age. Your full retirement age is when you can get your full benefit, sometimes called your primary insurance amount. For anyone born in 1960 or later, the SSA lists full retirement age as 67. People born from 1943 through 1959 have a full retirement age of 66 or somewhere between 66 and 67, depending on birth year. One quirk: if you were born on January 1, the SSA says to use the previous year to find your full retirement age.

Age 70: the latest age that pays off. For each month you wait past full retirement age, your benefit grows. That growth stops at 70, so there is no benefit increase for waiting longer.

How much claiming early or late changes your check

Here is how the SSA's rules work for someone whose full retirement age is 67.

Claiming at 62. The SSA says your benefit is reduced by 30% if you start at 62 with a full retirement age of 67. That means you would get 70% of your full amount, every month, for life.

Claiming at 67. You get 100% of your full benefit.

Claiming at 70. The SSA adds delayed retirement credits for people born in 1943 or later. These credits raise your benefit by two-thirds of 1% for each month you wait past full retirement age, or 8% per year. Waiting three full years, from 67 to 70, adds 24%. So your monthly benefit would be 124% of your full amount.

Put side by side, the same worker could get:

• Start at 62 — about 70% of the full benefit
• Start at 67 — 100% of the full benefit
• Start at 70 — about 124% of the full benefit

The gap between the earliest and latest choice is large. For every $1,000 you would get at 67, that is about $700 a month at 62 or about $1,240 a month at 70. These are example figures to show the math, not a prediction of your benefit. You can see your own estimates by creating a my Social Security account at ssa.gov.

Why some people claim early

Waiting is not right for everyone. Some people may consider claiming earlier because:

• They need the income now. If you have stopped working and have little savings, an earlier check may help cover basic bills.
• Health or family history. The SSA notes that your own health, family history and lifestyle are worth considering, since how long you live affects whether waiting pays off.
• Other family reasons. Some households coordinate claiming between spouses, with one person starting earlier and the other waiting.

The tradeoff is that a smaller check lasts for life. If you live a long time, the total you receive may be less than if you had waited.

Why some people wait

Others consider delaying because:

• A bigger check for life. Each year of waiting past full retirement age can raise your monthly benefit until 70.
• Protection against outliving savings. A larger monthly benefit can help if you live into your 90s.
• A bigger survivor benefit. According to the SSA, if a worker earned delayed retirement credits, a surviving widow or widower is entitled to the same increase. For married couples, the higher earner's claiming age may affect the surviving spouse for years.
• They are still working. If you work while getting benefits before full retirement age, the SSA may hold back some of your payments if your earnings go over a yearly limit. Starting at full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. The SSA also recalculates your benefit at full retirement age to credit you for months when payments were held back. Check ssa.gov for the current earnings limit.

How marriage affects the decision

If you are married, your choice can affect your spouse too.

Spousal benefits. The SSA says a spouse's benefit can be up to half the amount the worker is eligible for at full retirement age. To qualify, the spouse generally must be at least 62, or caring for a qualifying child, and the worker must already be receiving benefits.

Claiming spousal benefits early. If a spouse starts spousal benefits before their own full retirement age, the payment is permanently reduced. The SSA's chart shows a 35% reduction for a spouse who claims at 62 with a full retirement age of 67.

Delay does not boost spousal benefits. The maximum spousal benefit stays at 50% of the worker's full retirement age amount. It does not grow when the worker earns delayed retirement credits. But as noted above, the survivor benefit can.

Survivor options. The SSA says a surviving spouse may be able to take survivor benefits first while letting their own retirement benefit keep growing with delayed credits, which could mean a higher payment later.

Don't forget Medicare

Social Security and Medicare are linked but not the same. Medicare eligibility starts at 65, even though full retirement age is later for many people. The SSA says you can apply for just Medicare at 65 and start retirement benefits later. If you are not getting Social Security by then, you may need to sign up for Medicare on your own, and missing your window could lead to late enrollment penalties that can last for life.

Questions to ask yourself

Before you decide, consider:

1. What is my full retirement age? Check your birth year on ssa.gov.
2. What do my personal benefit estimates on ssa.gov show at 62, my full retirement age and 70?
3. Do I plan to keep working, and how much?
4. What other income or savings can I live on if I wait?
5. How is my health, and what is my family history?
6. If I am married, how does my choice affect my spouse now and as a possible survivor?

A fee-only financial planner or the SSA itself can help you understand the numbers for your situation.

This article is for education only and is not financial advice. Everyone's situation is different.