When to Claim Social Security: 62 vs 67 vs 70, in Real Dollars
Claiming at 62 pays about $1,642 a month on $60,000 average earnings; waiting until 70 pays $2,908. Here's when waiting pays off.
By the MoneyBackKit team · Updated October 17, 2026 · 7 min read
A few years before retirement, almost everyone asks the same question: do I start Social Security at 62, wait until my full retirement age, or hold out until 70? There's no single right answer, but there are numbers, and once you see them the decision gets a lot less abstract.
For this article we'll use one real-looking case: someone born in 1966 (full retirement age 67) who earned an average of $60,000 a year over their 35 best years, in today's dollars. Every figure below comes from our calculator, using the 2026 benefit formula.
What you'd get each month, by claiming age
Estimated monthly benefit ($60,000 average earnings)
The gap is big. Claiming at 62 pays about $1,642 a month; at 67 it's $2,345; at 70 it's $2,908. Waiting from 62 to 70 raises the check by more than 75%, and that bigger check lasts for life, with yearly cost-of-living increases on top.
Why the numbers move so much
- Claim before full retirement age and your benefit is cut for good: 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 age of 67, that's a 30% cut.
- Wait past full retirement age and you earn delayed retirement credits of 8% for each full year, up to 70. After 70 it stops growing, so there's no reason to wait longer.
The break-even point: when does waiting pay off?
Claiming early means more checks, but smaller ones. The real question is at what age the person who waited catches up in total. In our example:
- Waiting from 62 to 67 catches up at about age 79.
- Waiting from 67 to 70 catches up at about age 82.
| If you live to | Total if you claim at 62 | At 67 | At 70 | Best choice |
|---|---|---|---|---|
| 75 | $256,152 | $225,120 | $174,480 | 62 |
| 80 | $354,672 | $365,820 | $348,960 | 67 |
| 85 | $453,192 | $506,520 | $523,440 | 70 |
| 90 | $551,712 | $647,220 | $697,920 | 70 |
| 95 | $650,232 | $787,920 | $872,400 | 70 |
If you make it to your mid-80s or beyond, waiting usually wins. If your health is poor or you need the money now, claiming earlier can make sense. Keep in mind that a 62-year-old today has a good chance of living past 85, especially women, which tilts things toward waiting.
Other things that should shape your decision
- If you're married. Survivor benefits are based on the higher earner's check. If that spouse waits until 70, the surviving spouse can keep a much bigger check for the rest of their life.
- If you're still working. Before full retirement age, SSA holds back part of your benefit if your earnings are above a yearly limit. That money isn't lost (your benefit is recalculated later), but it does cut the cash you get now.
- Taxes. Up to 85% of your benefit can be subject to federal income tax, depending on your other income.
- Your other savings. Living on your 401(k) or IRA for a few years so you can delay Social Security works a lot like buying a bigger, inflation-protected pension.
Everything above uses $60,000 average earnings. Your real benefit depends on your exact work record, which you can see in your my Social Security account. For a quick estimate with your own numbers, try our calculator:
Social Security Calculator 2026See your benefit at 62, full retirement age and 70.