Social Security is the backbone of retirement income for millions of Americans. Yet the total amount you receive depends heavily on when you start claiming your benefits. The three most common ages to claim are 62, 67, and 70. Each comes with advantages and trade-offs that can impact your lifetime income. Understanding these choices can help you make the smartest decision for your financial future.
Claiming at Age 62
Age 62 is the earliest you can start claiming Social Security benefits. Many people choose this option when they retire early or need immediate income. However, claiming early comes with a cost.
- Your monthly benefits are reduced by about 25–30% compared to waiting until full retirement age (FRA).
- If you continue working, your benefits could be further reduced depending on your earnings.
- This option is best suited for those with health issues or shorter life expectancy who may not benefit from delaying.
Claiming at Full Retirement Age (67)
For most people retiring today, the full retirement age is around 67. Claiming at this point means you receive your full monthly benefit without reductions.
- A balanced choice for retirees who want to start benefits relatively early without penalties.
- Works well for those with moderate health and average life expectancy.
- Ensures steady income without the long wait until 70.
Claiming at Age 70
Waiting until 70 maximises your Social Security benefits. Thanks to delayed retirement credits, your benefit increases by about 8% for each year you wait past FRA.
- Claiming at 70 can give you 24–32% higher monthly payments than at 67.
- Ideal for healthy individuals with longer life expectancy.
- Provides the highest guaranteed lifetime income for retirement.
Choosing the Right Age
The right age to claim depends on your:
- Health and life expectancy
- Financial needs and savings
- Employment status
- Retirement lifestyle goals
Using a Social Security calculator can help you compare scenarios and see which claiming strategy maximises your lifetime benefits.
Quick Benefit Comparison
| Claiming Age | Benefit Level | Best For |
|---|---|---|
| 62 | 25–30% reduced | Early retirees, immediate income needs, shorter life expectancy |
| 67 | Full benefit | Balanced option, average health and savings |
| 70 | 24–32% higher | Healthy individuals, longer life expectancy, maximising lifetime income |
FAQs About Social Security Benefits
Q1: Can I work while claiming Social Security at 62?
Yes, but your benefits may be reduced if your income exceeds the earnings limit.
Q2: Is waiting until 70 always the best option?
Not always. It depends on your health, financial needs, and life expectancy.
Q3: What happens if I claim at 67 but keep working?
You will still receive full benefits, and working could increase your future benefit if your earnings are high enough.
Q4: Do Social Security benefits increase after age 70?
No, benefits stop growing once you reach 70.
Q5: How do I know my exact benefit amount?
You can create a my Social Security account on the SSA website to view your personalised benefit estimate.
Conclusion
The age you choose to claim Social Security—62, 67, or 70—has a lasting impact on your retirement income. Claiming early provides quick access to money but at a reduced rate. Waiting until full retirement age ensures full benefits, while delaying to 70 maximises income for those who can afford to wait. Carefully assess your health, financial situation, and long-term goals before deciding, and consider using an online calculator or financial advisor to plan your best strategy.