Social Security at 62 vs 67 vs 70: When to Claim (2026 Calculator)

Compare monthly benefits, break-even ages, and find your optimal claiming strategy

Home › Social Security › 62 vs 67 vs 70

The short answer

Claim at 62 if you need cash now or have serious health concerns — you get fewer checks but more years of them. Claim at 67 (your Full Retirement Age) if health is average and you have other income — break-even vs. 62 is around age 79–80, and 100% of your earned benefit beats the 70% you get at 62. Delay to 70 only if you're in excellent health, have a spouse relying on survivor benefits, and don't need the money — you earn 132% of your FRA, and that becomes the survivor's guaranteed floor for life.

  • Age 6270% of FRA benefitMost checks, lowest amount
  • Age 67100% of FRA benefitRational middle ground
  • Age 70132% of FRA benefitMaximum, delayed credits

2026 Social Security Benefit Comparison

Based on 2026 SSA bend points: First Bend Point = $1,305 (90% rate), Second = $7,854 (32% rate), above = 15% rate. COLA = 3.2%. Average retired worker benefit = $2,071/mo. Source: SSA.gov bend points — accessed June 10, 2026.

Factor Claim at 62 Claim at 67 (FRA) Claim at 70 (Max)
Monthly benefit (on $2,071 FRA) $1,450–30% $2,071100% FRA $2,596+32%
Annual benefit (on $2,071 FRA) $17,400/yr $24,852/yr $31,152/yr
Delayed retirement credits None (early reduction) 0% (baseline) +32% (8%/yr × 4 yrs)
Break-even vs. 62 Baseline Age ~79–80 Age ~79–80
COLA protection starts Immediately At 67 At 70
Best if health is... Below average Average to good Excellent / family longevity
Cash flow need at claiming High need Moderate / flexible Low need
Survivor benefit optimization Lower survivor floor Good survivor coverage Highest survivor floor

Find Your Best Claiming Age

Enter your estimated FRA (Full Retirement Age) benefit — find it on your Social Security statement at ssa.gov/myaccount.

5 Factors That Determine Your Best Age

  1. #1: Break-Even Age — The Most Misunderstood Number
    The 62 vs. 70 break-even is roughly 79–80 years old. But this number is misleading in two ways. First, it ignores the time value of money — the $1,100/month you skip investing at 62 vs. 70 could grow at 5% real returns, which meaningfully shifts the break-even. Second, and more importantly: break-even assumes you only care about total dollars. It ignores that a $2,596/month benefit at 80 is longevity insurance — you can't buy a $2,596/month guaranteed inflation-adjusted income at age 80 for any price. If your health is excellent and longevity runs in your family, delay. If you're uncertain, 67 is the rational default.
  2. #2: Spousal and Survivor Coordination
    For married couples, the survivor optimization is the single most valuable strategy. The higher earner should strongly consider delaying to 70 — not for themselves, but for their spouse. When one spouse dies, the survivor receives the higher of the two benefits. If the higher earner claims at 62 ($1,500) and the lower earner at 67 ($1,200), the survivor gets $1,500/month. If the higher earner delayed to 70 ($2,600) and the lower earner claimed at 62 ($900), the survivor gets $2,600/month — an extra $1,100/month, $13,200/year, potentially for decades. This strategy alone can be worth $100,000+ in lifetime survivor income. Source: SSA.gov — Benefits for Spouses
  3. #3: Your FERS Pension Offset — Government Employees Read This
    If you have a FERS pension from federal service where you didn't pay Social Security, the Government Pension Offset (GPO) reduces any spousal or survivor benefit by 2/3 of your FERS pension. If you get $2,000/month from FERS, your spousal SS would be reduced by ~$1,333 — potentially eliminating it entirely. This changes the math significantly: spousal SS becomes less relevant, so maximizing your own SS benefit (via delay to 70) becomes the priority. The Windfall Elimination Provision (WEP) may also reduce your own SS if you have 21+ years of non-covered service. Run your numbers with our FERS calculator before deciding.
  4. #4: Financial Need vs. Optimization — There's No Wrong Answer
    If you need $4,000/month and SS covers $2,500 of it at age 67, you need $1,500/month from savings. If you claim at 62 and SS only covers $1,750, you now need $2,250 from savings — and you may deplete the portfolio faster. The "optimal" claiming strategy only works if you have the assets to bridge the gap. If you're cash-constrained at 62, claiming early isn't a mistake — it's math. Consider a SPIA (Single Premium Immediate Annuity) to bridge any income gap: $100,000 can buy ~$550/month guaranteed income that begins immediately and lasts for life, regardless of market conditions. See SPIA rates in our annuity marketplace.
  5. #5: The COLA Compound Effect — Why Waiting Wins Long-Term
    Social Security benefits are fully inflation-protected — every year you delay, not only does the base benefit grow (by 8% per year from FRA to 70), but the cost-of-living adjustments compound on a higher base. A $2,071 benefit in 2026 will be worth ~$2,400 in 10 years at 2% COLA — and that COLA applies to the higher benefit, not the lower one. Claiming at 62 locks in a permanently lower base with smaller COLA increases. Delaying to 70 means your first check is $2,596 and it compounds from there. Over a 25-year retirement, the compounding advantage of a higher starting benefit can exceed $100,000 in inflation-adjusted lifetime income.
Need more guaranteed income? If Social Security doesn't cover your monthly needs, a Single Premium Immediate Annuity (SPIA) can bridge the gap with lifetime guaranteed income — independent of market performance. Our SPIA marketplace shows current rates from top-rated insurers.

Not enough SS? Bridge the income gap with a SPIA

A Single Premium Immediate Annuity converts a lump sum into guaranteed monthly income — starting immediately. Unlike market-based investments, a SPIA pays regardless of market conditions, providing a fixed income floor for life.

Compare SPIA Rates — Free

Frequently Asked Questions

Should I take Social Security at 62, 67, or 70?

It depends on your health, financial need, spouse's benefits, and savings. 62 is best if you need the money now and health is a concern — you'll get 30% less than your FRA amount but collect 5–8 more years of checks. 67 (your FRA) is the rational middle ground for most people — you get 100% of your earned benefit, the break-even vs. 62 is around age 79–80, and you avoid the opportunity cost of waiting. 70 is optimal only if you're in excellent health, have a spouse who'll receive survivor benefits, and don't need the cash flow — you'll earn 132% of your FRA benefit (the maximum delayed credit). Use our calculator above to model your specific numbers.

How much less is Social Security at 62 vs 67?

Claiming at 62 vs 67 reduces your monthly benefit by approximately 30%. For a $2,071/month FRA benefit (average 2026), that's $1,450 at 62. For a $3,000/month FRA benefit, it's $2,100 at 62. The reduction is permanent — it applies to your base benefit AND to any cost-of-living adjustments thereafter. Every year you delay past your FRA (up to 70), you earn 8% more in delayed retirement credits. SSA.gov publishes bend point tables annually — the 2026 First Bend Point is $1,305 and the Second Bend Point is $7,854, affecting PIA calculations for anyone reaching 62 after 2025.

What is the break-even age for delaying Social Security?

The break-even for 62 vs 70 is approximately age 79–80 (assuming a 5% discount rate on deferred income). At 62 vs 67, the break-even is approximately age 79–80 as well. This means: if you live past 79–80, delaying produces more lifetime income; if you die before then, claiming early produced more. The break-even calculation is sensitive to your assumed discount rate and expected COLA — use the calculator above to run your specific numbers. Note: break-even ignores longevity insurance value and survivor benefits, which favor delaying.

Does delaying Social Security affect my spouse's benefits?

Yes — and it's one of the strongest arguments for delaying. When one spouse dies, the survivor receives the higher of the two benefit amounts. If the higher earner claimed at 62 ($1,500/month) and the lower earner claimed at 67 ($1,200/month), the survivor receives $1,500/month. If instead the higher earner delayed to 70 ($2,596/month) and the lower earner claimed at 62 ($900/month), the survivor receives $2,596/month — a difference of $1,100/month or $13,200/year in survivor income. This 'longevity insurance' aspect of delaying is particularly valuable for couples where one spouse has significantly higher earnings.

How does SS claiming interact with a FERS pension?

FERS employees have two critical considerations: the Government Pension Offset (GPO) can reduce spousal/survivor SS by two-thirds of your FERS pension amount, and the Windfall Elimination Provision (WEP) may reduce your own SS if you have 21+ years of non-covered service. These provisions make spousal SS less valuable for career FERS employees, shifting the optimization toward maximizing your own SS benefit — which means delaying to 70 may be more attractive. Use our FERS calculator to model these interactions before deciding.

What are the 2026 SS bend points and COLA?

The 2026 COLA is 3.2%, bringing the average retired worker benefit to $2,071/month. The 2026 PIA bend points: First Bend Point at $1,305 (90% replacement), Second Bend Point at $7,854 (32% replacement), above Second (15% replacement). IRMAA thresholds: $103,500/year for single filers ($206,000 married) trigger higher Medicare Part B and D premiums deducted from SS. Source: SSA.gov COLA history — accessed June 10, 2026.

Related Tools & Resources