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Explainer · 3 min

When should you claim Social Security?

A hypothetical example: full retirement age 67 (born 1960 or later) and a $2,000 monthly benefit at full retirement age. See how claiming anywhere from 62 to 70 changes the picture.

Scene 1

The dial

Claim at 62

$1,400/month

70% of full benefit

Move the dial from 62 to 70. In this example, claiming at 62 pays $1,400 a month (70%), at 67 pays $2,000 (100%), and at 70 pays $2,480 (124%). Benefits drop 5/9 of 1% per month for the first 36 months early and 5/12 of 1% per month beyond that, and grow 8% per year after full retirement age, up to 70.

Scene 2

The monthly check

Three bars: claiming at 62 pays $1,400 a month, at 67 pays $2,000 a month, and at 70 pays $2,480 a month.

Scene 3

The lifetime total

Running totals from age 62 to 95. Claiming earlier starts sooner; claiming later pays more each month. Ignoring cost-of-living adjustments, claiming at 67 catches up with claiming at 62 around age 78½, claiming at 70 catches up with 62 around age 80½, and 70 catches up with 67 around age 82½.

Scene 4

Try it

Full retirement age: 67

Find your real estimate on your statement at ssa.gov/myaccount.

Claim at 67

$2,000/month

100% of full benefit

Break-even ages (no cost-of-living adjustments): 62 vs 67: about 78½ · 62 vs 70: about 80½ · 67 vs 70: about 82½

Enter your birth year and your benefit at full retirement age. The dial, the three monthly bars and the break-even ages update as you type. For your real figure, check your statement at ssa.gov/myaccount.

Scene 5

Things to weigh

Health and family longevity

How long you and your family tend to live changes which claiming age pays more over a lifetime.

Other income

Savings, pensions or annuities may cover the years before you claim, or may not.

Still working?

Whether you're still earning affects how and when a benefit fits into your plans.

Spouse and survivor benefits

When the higher earner claims affects the survivor benefit.

Four things people often weigh: health and family longevity, other income, whether they're still working, and spouse and survivor benefits. When the higher earner claims affects the survivor benefit.

Scene 6

Takeaway

Claiming age is a lifetime decision. It's worth looking at your whole picture.

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Claiming age is a lifetime decision. It's worth looking at your whole picture.

Simplified example. Excludes cost-of-living adjustments, taxes, the earnings test and spousal benefit rules. Figures are hypothetical. Not affiliated with or endorsed by the Social Security Administration.

General education only, not individual insurance, financial, tax or legal advice. Examples are hypothetical and don't represent any specific product.