Claiming Social Security: Should You Start at 62, 67, or 70?

Social Security age: One of the biggest money choices people face after retirement is when to start Social Security. You can begin getting money at age 62, wait until full retirement age (usually 67), or delay all the way to 70.

Each of these ages comes with its own pros and cons. The monthly amount changes depending on when you start, and it can really affect how much you get overall. Some people might want to claim early because they lost a job or have health problems. Others who are still working or feel healthy might wait so they can get bigger checks.

If you choose to start at 62, your payments will be smaller about 30% less than what you’d get at full retirement age. But you’ll get money for more years. That smaller amount is locked in, and it also affects what your spouse or family might get later.

Missed the $1400 Stimulus Payment Deadline? Here’s What It Means

When you wait until age 67, which is the full retirement age for people born in 1960 or after, you get the full amount. This option fits people who are in average health and still working. One big plus of waiting is that there’s no penalty if you keep working you can earn more without losing part of your Social Security money.

If you hold off until 70, your checks go up a lot more. The government adds around 8% for every year after your full retirement age until you turn 70. So if your check at 67 would be $2,000, waiting until 70 could make it go up to $2,480. That’s a big help if you think you’ll live a long time.

Factors that play Role

Your health matters. If you’re not feeling well or your family has a history of dying young, it might make sense to take benefits earlier. But if your health is good and your family tends to live long, waiting could give you more money over your whole lifetime.

Your job is important too. If you work after 62, the government might lower your Social Security payments. In 2025, if you earn more than $23,400 before full retirement age, they might take some money out of your benefits. Once you reach full retirement age, that limit goes away.

SNAP Payment Texas: Who Gets Benefits in the Third Week of June 2025?

If you’re married, timing also affects your spouse’s benefits. If the higher earner waits until 70, the surviving spouse could get more money later. That’s why couples often decide together when each person should start collecting.

If you have other income like savings or a pension, you might be able to wait longer before starting Social Security. Some people even use money from their retirement accounts between ages 62 and 70 just to let their Social Security payments grow. This is called a bridge strategy and can really help later in life.

doing something called a break-even analysis can help you figure out which age works best for you. If you take Social Security at 62, you might need to live into your 80s before waiting until 70 starts to pay off more.