Social Security: Claim at 62, 67, or 70?
A Simple Guide to Making One of Retirement's Biggest Decisions
Estimated reading time: 10 minutes
One of the biggest financial decisions you'll make in retirement is when to start collecting Social Security benefits. While many people claim benefits as soon as they're eligible at age 62, waiting until your Full Retirement Age—or even age 70—can significantly increase your monthly income.
There isn't one "right" answer for everyone. The best choice depends on your health, financial situation, work plans, marital status, and long-term goals.
This guide will help you understand the advantages and disadvantages of claiming benefits at ages 62, 67, and 70 so you can make a more informed decision.
🦉 Wise Tip:
Before deciding when to claim benefits, create a free My Social Security account. You'll see your personalized benefit estimate based on your actual earnings history, which is much more accurate than relying on averages.
Go to Social Security Website
🦉 Quick Take
There isn't one "best" age to claim Social Security. The right choice depends on your health, income needs, marital status, life expectancy, and retirement goals.
Quick Comparison
| Claim Age | Monthly Benefit | Best For |
|---|---|---|
| 62 | Lowest | Those needing income immediately or with shorter life expectancy |
| 67 | 100% of Full Retirement Benefit (for those whose FRA is 67) | Many retirees seeking balance |
| 70 | Highest (up to 24% more than FRA if FRA is 67) | Healthy retirees expecting a longer retirement |
Understanding Full Retirement Age (FRA)
Your Full Retirement Age is determined by your birth year. For many current retirees and those nearing retirement, it is 67.
Claiming before your Full Retirement Age permanently reduces your monthly benefit.
Waiting beyond your Full Retirement Age earns Delayed Retirement Credits until age 70, increasing your monthly payment.
Claiming at Age 62
Age 62 is the earliest most people can begin collecting Social Security retirement benefits.
Advantages
- Receive income sooner.
- Helpful if you've retired early.
- Can reduce withdrawals from savings.
- Provides flexibility if health concerns exist.
Disadvantages
- Benefits are permanently reduced.
- Survivor benefits for a spouse may also be lower.
- Working before Full Retirement Age can temporarily reduce benefits if your earnings exceed the annual earnings limit.
Best For
Claiming at 62 may make sense if you:
- Need income immediately.
- Have health concerns that may shorten life expectancy.
- Have limited retirement savings.
- Want to reduce pressure on investment accounts during market downturns.
Claiming at Full Retirement Age 67
For many people, age 67 offers a balanced approach.
At Full Retirement Age:
- You receive your full earned retirement benefit.
- There is no earnings limit reduction if you continue working.
- Survivor benefits are generally stronger than if you claimed early.
Best For
This option often works well for retirees who:
- Have enough savings to bridge the gap.
- Expect an average life expectancy.
- Want predictable retirement income.
Waiting Until Age 70
For many healthy retirees, waiting until age 70 provides the highest guaranteed lifetime benefit.
Each year you delay after Full Retirement Age increases your benefit through Delayed Retirement Credits.
By age 70, benefits can be about 24% higher than at age 67 (for someone whose FRA is 67).
Advantages
- Highest monthly benefit.
- Better inflation-adjusted income over time.
- Larger survivor benefit for a spouse.
- Greater protection against outliving savings.
Disadvantages
- Requires other income while waiting.
- Delays receiving Social Security checks.
- If you have a shorter-than-average lifespan, you may receive less in total lifetime benefits.
Best For
Waiting until 70 is often a strong choice for people who:
- Are in good health.
- Have sufficient retirement savings.
- Have longevity in their family.
- Want to maximize lifetime guaranteed income.
What About Married Couples?
Married couples have additional planning opportunities.
The higher-earning spouse's claiming decision can significantly affect:
- Survivor benefits.
- Household retirement income.
- Long-term financial security.
Many couples benefit from coordinating their claiming strategy rather than making independent decisions.
Don't Forget Taxes
Many retirees are surprised to learn that Social Security benefits may be taxable.
Whether benefits are taxed depends on your:
- Social Security income
- Pension income
- IRA withdrawals
- 401(k) distributions
- Investment income
- Other taxable income
Planning withdrawals carefully during retirement may help reduce taxes.
Medicare Considerations
Although Social Security and Medicare are separate programs, they often work together.
Your Medicare premiums may increase if your income exceeds certain thresholds due to the Income-Related Monthly Adjustment Amount (IRMAA).
Planning when to claim Social Security, withdraw retirement funds, and convert traditional IRAs to Roth IRAs can sometimes reduce future Medicare costs.
Questions to Ask Yourself
Before deciding, consider these questions:
✔ How long do I expect to work?
✔ Do I need income immediately?
✔ What other retirement savings do I have?
✔ Is my health good?
✔ What is my family history of longevity?
✔ Am I married?
✔ How important is maximizing survivor benefits?
✔ Do I expect to live into my 80s or beyond?
🦉 Wise Takeaway
Social Security isn't just about getting your first check—it's about creating reliable income that could support you for decades.
If you're healthy and have other income available, waiting can significantly increase your lifetime monthly benefit. If you need income sooner or have health concerns, claiming earlier may be the right choice.
The best decision is the one that fits your retirement plan—not someone else's.
Frequently Asked Questions
Can I work while collecting Social Security?
Yes. If you claim before your Full Retirement Age, your benefits may be temporarily reduced if your earnings exceed the annual earnings limit. Once you reach Full Retirement Age, that limit no longer applies.
Does Social Security increase every year?
Yes. Benefits may increase through annual Cost-of-Living Adjustments (COLAs), although the amount varies from year to year.
Is waiting until 70 always the best choice?
No. Waiting increases your monthly benefit, but it's not the right decision for everyone. Health, finances, life expectancy, and personal goals all matter.
Can I change my mind after claiming?
In limited circumstances, yes. Social Security has rules that may allow withdrawal of an application or suspension of benefits, depending on your situation.
🦉 Wise Reminder
The information in this article is provided for educational purposes only and should not be considered financial, tax, legal, or investment advice. Every person's financial situation is different, and Social Security claiming decisions can have long-term consequences. Before making a decision, consider consulting a qualified financial advisor, tax professional, or the Social Security Administration to discuss your specific circumstances.
Getting Old Is for the Birds strives to provide accurate, up-to-date information, but rules and regulations may change over time.
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