Claiming at 62 pays about 70% of your full retirement age benefit. Waiting to full retirement age — 67 for most people retiring now — pays 100%. Waiting to 70 pays about 124%.S36 On a simple cumulative basis with no investment growth, 67 overtakes 62 around age 79, and 70 overtakes 67 around age 83.S36
The three ages, illustrated
To make the math concrete, assume a full-retirement-age (67) benefit of $2,400/month — a clean illustrative number, not a specific claim about the maximum or average benefit. The percentages below apply regardless of your actual benefit amount.
Monthly benefit by claiming age
Illustrative example: $2,400/month at full retirement age (67)
Your actual benefit may differ substantially from this illustration. The 2026 maximum benefit for someone claiming at 62 is about $2,969/month; the maximum for someone claiming at 70 is about $5,181/month.S37 Your own figures depend on your earnings history — check your actual estimate at ssa.gov. The 70/100/124% relationship between claiming ages, however, applies to everyone.
Lifetime totals: how the math shifts over time
A bigger check isn't automatically "more money" — it depends how long you collect it. Using the $2,400/month illustrative example and simple cumulative totals (no investment growth, no cost-of-living adjustments, for comparison purposes only):
| Age reached | Total if claimed at 62 | Total if claimed at 67 | Total if claimed at 70 |
|---|---|---|---|
| 75 | $262,080 | $230,400 | $178,560 |
| 80 | $362,880 | $374,400 | $357,120 |
| 85 | $463,680 | $518,400 | $535,680 |
| 90 | $564,480 | $662,400 | $714,240 |
Simple cumulative totals, no COLA or investment growth applied — illustrative comparison only.S36
Where each claiming age crosses ahead
Breakeven ages, simple cumulative comparison
The pattern: earlier claiming wins if you don't live past the late 70s to early 80s. Later claiming wins if you do — and it keeps winning by a wider margin the longer you live, since the larger check compounds every month for the rest of your life.
What actually should drive the decision
Your health and family longevity
The breakeven math only matters relative to how long you expect to live. Family history and current health are the most personal, most important input here — more so than any chart.
Whether you're still working
Claiming before full retirement age while still earning wages can temporarily reduce your benefit under SSA's earnings test, though withheld amounts are credited back later. This makes early claiming less attractive if you plan to keep working.
Whether you're married
A higher earner delaying to 70 locks in a larger benefit for a surviving spouse for the rest of their life, which can matter more than the breakeven math for the individual claimer alone.
Your other income sources
If you have a pension, rental income, or a large enough portfolio to delay comfortably, waiting is easier to afford. If Social Security is your primary income and you need it at 62, that need outweighs the optimization math.
Related questions
What age do most people actually claim? Age 66 is now the most common claiming age, chosen by roughly 34% of new claimants, while only about 23–29% claim at 62 — down sharply from roughly 60% in the late 1990s and mid-2000s.S38 Claiming behavior has shifted meaningfully toward waiting over the past two decades.
Is Social Security running out of money? The SSA's 2026 Trustees Report projects the retirement trust fund (OASI) would be depleted in 2032, after which incoming payroll taxes would still cover about 78% of scheduled benefits; the combined retirement-and-disability funds are projected to last until 2034 at about 83% payable, absent Congressional action.S39 This affects long-range planning assumptions but does not mean benefits stop — it means a reduction in scheduled payouts if no legislative change occurs first.
Can I change my mind after claiming? Within 12 months of claiming, you can withdraw your application once, repay what you've received, and reclaim later at a higher rate. After 12 months, you can suspend benefits between full retirement age and 70 to earn delayed credits going forward, but you can't undo payments already received.