How it works
Your full benefit is what Social Security pays if you start at your full retirement age, 67 for anyone born in 1960 or later. Start earlier and it's permanently reduced; wait longer and it grows until 70.
- Claiming early: the benefit drops by 5/9 of 1% for each of the first 36 months before 67, and 5/12 of 1% for each month beyond that. At 62 you get 70%.
- Waiting: each month after 67 adds 2/3 of 1%, or 8% a year, up to 124% at 70. There's no gain from waiting past 70.
Break-even age = (later benefit × later age − earlier benefit × earlier age) ÷ (later benefit − earlier benefit)
Worked example
Your statement says $2,000 a month at 67. Claim at 62 and you get $1,400; wait until 70 and it's $2,480.
Waiting from 62 to 67 costs five years of checks, but the bigger payments catch up at about 78 and 8 months. Waiting from 67 to 70 catches up at about 82 and 6 months. Live past those ages and waiting pays more in total; die before them and claiming early would have.
Things to weigh
- Health and family history. The longer you expect to live, the more waiting is worth.
- Married couples. A surviving spouse can keep the larger of the two benefits, so the higher earner waiting can protect the survivor.
- Working before 67. If you claim early and keep working, benefits can be temporarily withheld above an earnings limit. The earnings test calculator shows how much.
- Other savings. Drawing on savings to delay Social Security buys a bigger, inflation-adjusted income for life. See the retirement calculator.
- Raises every January. Benefits rise each year with the cost-of-living adjustment, whenever you claim. The COLA calculator shows next year's increase on your benefit.
Questions people ask
What is my full retirement age?
67 if you were born in 1960 or later. It's a little lower for earlier birth years, down to 66 for people born from 1943 to 1954.
Where do I find my benefit estimate?
In your my Social Security account at ssa.gov. It shows estimates at 62, your full retirement age and 70, based on your actual earnings record.
Sources
- Social Security Administration: retirement age and benefit reduction
- Social Security Administration: delayed retirement credits
- Social Security Administration: born in 1960 or later (full retirement age 67)
- Code of Federal Regulations, 20 CFR 404.410 (reduction for early retirement)
Reviewed September 26, 2026 by The Dollars World team. How we build and check our calculators · Our data and formulas. This is general information, not financial advice.