Social Security claim age comparison

Social Security claiming — when to start, how much it costs to wait

The key tradeoff: claim early at a permanently reduced benefit, or wait for a larger monthly check that takes longer to accumulate. The math turns on expected longevity.

The benefit schedule

For people whose Full Retirement Age (FRA) is 67:

• 62: 70% of FRA benefit (30% reduction, permanent)
• 65: ~87% of FRA
• 67 (FRA): 100%
• 68: 108%
• 69: 116%
• 70: 124% (8% delayed retirement credit per year past FRA)

Each year you wait between FRA and 70 adds 8% to your monthly benefit for life. After 70, no further increase.

The crossover years

• Claim at 62 vs 67: lifetime benefits equal around age 78-79
• Claim at 67 vs 70: lifetime benefits equal around age 82-83

So if you live past 79, claiming at 67 beats 62. If past 83, claiming at 70 beats 67.

Average US life expectancy at age 65: ~84 (men), ~87 (women). The math leans toward delayed claiming for most people, especially women and those with longevity in the family.

When to claim early anyway

• Health issues suggesting shorter expected lifespan
• No other income + can't physically work to 67/70
• Spousal optimization: lower-earning spouse claims early, higher-earning spouse delays to 70 to maximize survivor benefit
• Big tax-deferred balances to draw down: claiming SS later lets you spend down 401(k)/IRA in lower brackets

When delayed claiming wins big

• Family longevity (parents lived past 85)
• Married, primary earner: your benefit becomes the survivor benefit — delaying maximizes your spouse's lifetime income
• Continuing to work: you'd have earnings test reductions if you claim at 62 while still working; delaying avoids this

What this calc shows

• Monthly benefit at each claim age
• Cumulative lifetime benefit at three claim ages, assuming COLA
• Crossover ages where waiting beats early claiming