When to claim Social Security: 62, full retirement age or 70

Full retirement age by year of birth

• Born 1943 to 1954: 66.
• Born 1955: 66 and 2 months; 1956: 66 and 4 months; 1957: 66 and 6 months.
• Born 1958: 66 and 8 months; 1959: 66 and 10 months.
• Born 1960 or later: 67.

What each starting age does

Start early and your benefit is reduced by 5/9 of 1% for each of the first 36 months before full retirement age, and 5/12 of 1% for each month beyond that. Start late and each month after full retirement age adds 2/3 of 1%, 8% a year, until 70.

With a full retirement age of 67 and $1,000 at that age, a check is $700 at 62, $750 at 63, $800 at 64, $866 at 65 and $933 at 66. It is $1,080 at 68, $1,160 at 69 and $1,240 at 70. Amounts are rounded down to the dollar and do not include cost-of-living increases.

When waiting pays off

Waiting means giving up checks now for bigger checks later. Counting the totals, and ignoring cost-of-living increases, taxes and what the money could earn, a person with full retirement age 67 who waits from 62 to 67 comes out ahead after about age 78 and 8 months. Waiting from 67 to 70 pays more after about age 82 and 6 months, and 70 beats 62 after about 80 and 5 months.

Those ages are the break-even, not a prediction. If your health or family history points to a shorter life, an early start can make sense; if it points to a long one, or if you want to protect a spouse, waiting buys more monthly income for life.

If you keep working

You can work and get benefits, but before full retirement age there is a limit. In 2026, if you are under full retirement age all year, $1 is withheld for every $2 you earn above $24,480. In the year you reach full retirement age the limit is $65,160, with $1 withheld for every $3, counting only the months before you reach it.

The money is not lost: when you reach full retirement age, Social Security recalculates your benefit to credit the months it withheld. Only wages and net self-employment profit count, not pensions or investment income.

Taxes and Medicare

Depending on your other income and filing status, up to 85% of your benefits can be included in your taxable income. The taxable benefits calculator works it out from your benefits and your other income.

If you delay your benefits past 65, still sign up for Medicare within 3 months of your 65th birthday: if you wait longer, Part B and Part D may cost you more.

Common mistakes

• Starting at 62 only because you can, without comparing the lifetime totals.
• Forgetting that working before full retirement age can withhold part of the check.
• Waiting past 70: benefits stop growing at 70.
• Assuming Medicare waits for Social Security: you sign up for it separately at 65.
• Using a rough number: take the benefit from your Social Security Statement.