Calculators › Social Security: 62 vs 67 vs 70
Social Security at 62, 67 or 70
Claiming early means smaller checks for life; waiting means bigger ones, starting later. Put in your full-retirement-age amount from ssa.gov to see where the lines cross.
Works in your browser; nothing you type is sent anywhere. Today's dollars. Not financial advice.
Compare claiming ages on your whole planHow the amounts are figured
Before full retirement age the check is reduced 5/9 of 1% for each of the first 36 months early and 5/12 of 1% for each month beyond that: at 62 with a full retirement age of 67, that's 70% of the full amount. After full retirement age it grows 2/3 of 1% a month (8% a year) until 70: 124% at 70. These are the Social Security Administration's rules; totals are in today's dollars because benefits rise with inflation.
What else matters
How long you expect to live, whether you're married (the higher earner's age also sets the survivor's check for life), taxes on benefits, and whether you'd draw down savings to wait. FIRE Mission's Investments & FIRE page compares claiming ages on your whole plan, including taxes.
Questions
How much less is Social Security at 62?
With a full retirement age of 67, claiming at 62 pays 70% of the full amount for life.
How much more is Social Security at 70?
With a full retirement age of 67, waiting to 70 pays 124% of the full amount for life.
What is the break-even age for waiting?
Waiting from 62 to 67 usually pays off in total checks around age 78 to 79; from 67 to 70, around 82 to 83.
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