Is there a break-even age?
People often compare how many years it takes for the larger delayed checks to make up for the checks skipped. It is a useful idea, but it ignores inflation adjustments, taxes and survivor benefits.
Social Security and pensions
When Should I Claim Social Security?
You can claim Social Security retirement benefits anytime from age 62 to 70. Claiming early gives you a permanently smaller monthly check. Waiting past full retirement age adds delayed retirement credits of 8% per year until 70. The best age depends on your health, other income, whether you are married, and how long you expect to need income.
Written and reviewed by Dan Hopwood, Retirement Income Specialist · Retirement Income Knowledge Center · Last reviewed
How the age changes your check
Illustrative benefit with $2,000 at full retirement age 67
- Claim at 62
- About $1,400 / month (30% less)
- Claim at 67
- $2,000 / month
- Claim at 70
- About $2,480 / month (24% more)
Illustration only, using Social Security's published reduction and delayed-credit rules for someone with a full retirement age of 67. Check your own estimate on ssa.gov.
Reasons some people claim earlier
- They need the income and have little else to live on.
- They have health concerns that suggest a shorter life.
- Claiming earlier lets them leave other savings untouched.
Reasons some people wait
- A larger check for life, which also receives yearly cost-of-living adjustments.
- Protection against outliving savings if they live a long time.
- For married couples, the higher earner waiting can mean a larger survivor benefit.
Look at it as part of the whole plan
Delaying Social Security often means drawing more from savings in the meantime. Claiming early means less lifetime income later. Comparing both paths with your other income, taxes and spouse's benefits gives a clearer picture than looking at Social Security alone.
Claiming age trade-offs (full retirement age 67)
| Claim at | Monthly check vs. full amount | Trade-off |
|---|---|---|
| 62 | About 70% | Smaller checks, paid for more years |
| 67 | 100% | Full benefit |
| 70 | About 124% | Larger checks, paid for fewer years |
Based on SSA reduction and delayed-credit rules for people born 1960 or later. Your exact amounts are on your SSA statement.
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Common questions
Do I get anything for waiting past 70?
No. Delayed retirement credits stop at 70, so there is no increase for waiting longer.
Can I change my mind after claiming?
Social Security allows you to withdraw an application within 12 months of first becoming entitled, but you must repay the benefits you received. Other options are limited.
Should I claim Social Security at 62 or wait?
Claiming at 62 gives a permanently smaller check, while waiting raises it each year up to age 70. The better choice depends on your health, other income, whether you are married and how long you expect to need income. For married couples, the higher earner's decision also affects survivor income.
Can I use my 401(k) so I can delay Social Security?
Some people draw from savings in their 60s so they can wait for a larger Social Security check later. This trades a smaller balance now for more lifetime, inflation-adjusted income. Whether it fits depends on your savings, taxes and health.
How much more do I get by waiting from full retirement age to 70?
For people born in 1943 or later, benefits grow by 8% for each year you delay past full retirement age, up to age 70. Waiting from 67 to 70 raises the check by about 24%. Cost-of-living adjustments are added on top.
Should the higher earner in a married couple delay Social Security?
Many couples look at having the higher earner delay, because the larger check usually becomes the survivor's benefit. That can protect whichever spouse lives longer. The right choice still depends on health, savings and income needs.
What happens if I claim at 62 and keep working?
Before full retirement age, Social Security may withhold some benefits if your earnings are above a yearly limit. Those withheld amounts are generally accounted for later when your benefit is recalculated at full retirement age. SSA publishes the current limits.
Does claiming early reduce my spouse's survivor benefit?
It can. A survivor benefit is based on what the deceased spouse was receiving or entitled to, so a permanently reduced early benefit can mean a smaller survivor check. This is a key reason couples coordinate claiming ages.
Authoritative sources
This page is educational and general in nature. RetirementLeverage™ and Retirement Planning Store, Inc. do not provide individualized investment, securities, tax, or legal advice; please consult a qualified tax professional or attorney about your own situation. Insurance products and services may not be available in every state, and any guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.