When to Claim Social Security: The Complete Guide

The difference between claiming Social Security at 62 and at 70 can exceed $100,000 in lifetime income. For married couples, the gap can be even larger when you factor in survivor benefits. Yet most Americans make this decision with almost no analysis.

This guide walks you through the mechanics — how your benefit changes at each age, the break-even math, and the factors that actually matter for your situation. No generic advice. Just the framework you need to run the numbers yourself.

What is Full Retirement Age?

Your Full Retirement Age (FRA) is the age at which you are entitled to receive 100% of your Social Security retirement benefit, also called your Primary Insurance Amount (PIA). Your FRA depends on the year you were born:

How Benefits Change Based on Claiming Age

You can start receiving Social Security retirement benefits as early as age 62 or as late as age 70. The age you choose to start has a significant impact on your monthly benefit amount.

Claiming Before Full Retirement Age

If you claim before your FRA, your benefit takes a permanent cut. Not a temporary reduction that goes away at FRA — a reduction that lasts the rest of your life. The only adjustments after that are annual cost-of-living increases (COLAs). The reduction is:

• 5/9 of 1% per month for each of the first 36 months before FRA
• 5/12 of 1% per month for each additional month beyond 36 months

For someone with an FRA of 67, claiming at 62 (60 months early) results in a 30% permanent reduction in benefits:

• First 36 months: 36 x 5/9% = 20% reduction
• Additional 24 months: 24 x 5/12% = 10% reduction
• Total reduction: 30%

Delaying Benefits Past Full Retirement Age

For every month you delay past FRA, you earn Delayed Retirement Credits of 2/3% per month (8% per year) until age 70. In a world of 4-5% savings account rates, an 8% guaranteed annual increase on an inflation-adjusted income stream is remarkable. There is nothing else like it in personal finance.

For someone with an FRA of 67, delaying until 70 (36 months) results in a 24% permanent increase in benefits.

Key Factors to Consider

There is no universally correct claiming age — anyone who tells you otherwise is oversimplifying. The right age depends on your health, your finances, your work plans, and your family situation. Here are the factors that actually move the needle:

Health and Life Expectancy

Your expected lifespan is the biggest variable in the claiming equation. Social Security is roughly designed to pay the same total amount regardless of when you claim, assuming you live to average life expectancy. The break-even point — where delaying starts to pay off — typically falls between ages 78 and 82.

Put simply: if you have reason to believe you will live past 82, delaying is almost certainly the right move. If you have serious health issues that make reaching 78 unlikely, claiming early makes mathematical sense.

Your Financial Situation

Your current financial resources play a major role in whether you can afford to delay:

• Need income now: If you have stopped working and have limited savings, you may need to claim earlier to cover expenses.
• Have other resources: If you have a pension, substantial savings, or a working spouse, you may be able to delay and maximize your benefit.
• Tax considerations: Social Security benefits may be taxable. Consider how your claiming strategy affects your overall tax situation.

Your Work Plans

If you plan to continue working, this can significantly impact your claiming decision:

• Working before FRA: If you claim benefits before FRA and continue to work, you may be subject to the Social Security earnings test. In 2025, $1 in benefits is withheld for every $2 you earn above $23,400 (2025 limit).
• Working at or after FRA: There is no earnings test once you reach FRA. You can earn any amount without affecting your benefits.

Spousal and Survivor Considerations

If you are married, divorced, or widowed, your decision affects more than just your own benefits:

• Spousal benefits: Your spouse may be eligible for benefits based on your work record. These can be up to 50% of your PIA if claimed at their FRA.
• Survivor benefits: When you pass away, your surviving spouse can receive the higher of their own benefit or yours. Delaying your benefit can provide your spouse with a larger survivor benefit.
• Divorced spouses: If you were married for at least 10 years, your ex-spouse may be eligible for benefits on your record without affecting your benefit.

Common Claiming Strategies

There is no single best strategy — the right one depends on your circumstances. But after analyzing hundreds of scenarios, these are the four strategies that cover most situations:

Mistakes to Avoid

When deciding on your claiming strategy, avoid these common pitfalls:

Your Next Steps

Now that you understand the factors involved in your Social Security claiming decision, here is what to do next:

1. Get your Social Security statement at ssa.gov to see your estimated benefits at different ages.
2. Use our Social Security Calculator to model different scenarios based on your specific situation.
3. Consider your complete financial picture including pensions, savings, and other income sources.
4. Discuss with your spouse if married, as your decisions are interconnected.
5. Consult a financial advisor if you have a complex situation or want personalized guidance.