When Is the Best Age to Take Social Security?

62 vs. Full Retirement Age vs. 70

Deciding when to start Social Security is one of the most important financial choices you’ll make in retirement. The timing affects not only your monthly check but also your lifetime income, your spouse’s potential benefits, and your long-term financial stability.

The right answer isn’t the same for everyone. But you can make a smart, confident choice once you understand how the system works and how it fits your situation. Here’s a practical guide to the trade-offs of claiming at 62, Full Retirement Age (FRA), and 70—and how to think through what’s best for you.

How Social Security Benefits Are Calculated

Before comparing ages, you need the framework:

• Your monthly benefit is based on your highest 35 years of earnings.

• You have a Full Retirement Age (FRA)—typically 66 to 67 depending on your birth year.

• Claiming before FRA permanently reduces your monthly benefit.

• Claiming after FRA increases your benefit through “delayed retirement credits,” up to age 70.

The system is designed so that, on average, lifetime benefits are roughly equal regardless of when you claim. But your health, income needs, family situation, and life expectancy change that calculus.

Claiming at Age 62: The Earliest—and Most Popular—Option

About a third of Americans take Social Security right at 62. Here’s why—and why it might or might not be wise for you.

The Advantages

1. You get money earlier.
If you need income immediately—because of job loss, health issues, or limited savings—62 may be the realistic choice.

2. You protect your investments.
Drawing Social Security earlier can reduce how much you withdraw from your portfolio during down markets.

3. You may benefit if your life expectancy is shorter.
If you expect a shorter-than-average lifespan due to health history or family patterns, collecting earlier could maximize lifetime income.

4. Some want the psychological benefit.
For some people, having guaranteed income sooner simply increases peace of mind.

The Drawbacks

1. Permanent reduction of 25–30%.
Claiming at 62 locks in the lowest possible monthly amount for life.

2. Working while receiving benefits means limits.
If you claim at 62 and keep working, Social Security may temporarily withhold part of your benefit if you earn above certain limits—until you reach FRA.

3. Lower survivor benefits for your spouse.
If you’re the higher earner, claiming at 62 reduces what your spouse may receive if you pass away.

Bottom Line for Age 62

Take at 62 only if you need the income immediately, have health issues, or expect a shorter lifespan.
If you’re still working or can cover expenses without Social Security, 62 is generally not the optimal point.

Claiming at Full Retirement Age (FRA): The Middle-Ground Strategy

FRA—usually 66–67—is the point where you get your full, unreduced benefit.

The Advantages

1. No reduction, no penalty.
You get your full benefit as calculated by your earnings record.

2. No earnings limit.
You can work as much as you want without having benefits withheld.

3. Good balance of risk and reward.
Waiting until FRA boosts your monthly amount significantly compared with 62, without requiring you to wait all the way to 70.

The Drawbacks

1. You miss out on income for several years.
For someone who needs income earlier, waiting until FRA may strain your cash flow.

2. You give up the higher lifetime benefit of waiting to 70.
Delaying from FRA to 70 increases your benefit by roughly 8% per year—a substantial raise.

Bottom Line for FRA

Claim at FRA if you’re marginal on cash flow, don’t want the reduced benefit at 62, and don’t want to wait for the maximum benefit at 70.
It’s a pragmatic, middle-of-the-road choice.

Claiming at Age 70: The Maximum Benefit

Waiting until 70 gives you the highest possible monthly Social Security check.

The Advantages

1. 24–32% more than at FRA.
Delayed retirement credits add roughly 8% per year from FRA to 70. This is effectively a guaranteed return that’s hard to beat in safe investments.

2. You maximize survivor benefits.
If you are (or were) the higher earner, this significantly boosts what your spouse may receive after you pass away.

3. Strong protection against outliving your money.
Social Security is inflation-adjusted and lasts for life. A higher benefit is especially valuable if you live into your late 80s or 90s.

4. Strategically ideal for many retirees with savings.
If you can cover early-retirement expenses through investments or part-time income, delaying Social Security often leads to higher lifetime income.

The Drawbacks

1. You need income from elsewhere until 70.
This could mean drawing down your savings more aggressively, which may or may not be ideal depending on market conditions.

2. If you have a shorter life expectancy, it may reduce total benefits.
Those who pass earlier may not reap the full payoff of delaying.

Bottom Line for Age 70

Claiming at 70 is generally the best choice for high earners, healthy individuals, and married couples (especially if one spouse earns more).
It maximizes long-term security and provides substantial survivor benefit advantages.

Comparing Lifetime Break-Even Points

A lot of retirees want to understand when delaying “pays off.”
Generally speaking, the break-even ages look like this:

• Claiming at 62 vs. FRA: Break-even is around 78–80.

• Claiming at FRA vs. 70: Break-even is around 82–83.

• Claiming at 62 vs. 70: Break-even is around 79–81.

If you expect to live past your early 80s, delaying usually leads to higher lifetime income.
If not, earlier claiming may make sense.

How Your Personal Situation Should Shape the Decision

Here are the practical factors that should drive your timing.

1. Your Health and Life Expectancy

This is the biggest factor.

• Excellent health / long-lived parents → Lean toward delaying.

• Serious health conditions / shorter family life spans → Consider earlier claiming.

Don’t base this on fear or guesswork—be honest and objective.

2. Your Financial Resources

Ask yourself:

• Do you have enough savings to cover the gap until FRA or 70?

• Would withdrawing from your investments hurt your long-term plan?

If your savings are solid, delaying often makes sense.
If you’re tight on money, claiming earlier might be necessary.

3. Are You Still Working?

If you’re under FRA and earning above Social Security's earnings limit, benefits may be withheld.
This makes claiming at 62 far less appealing if you intend to keep working full-time.

4. Relationship Status and Spousal Benefits

For married couples:

• The higher earner delaying to 70 generally benefits the household.

• The lower earner’s claiming date is less impactful.

For widows/widowers:

• Survivor benefits introduce additional strategy—you may claim one benefit early and switch to a higher one later.

For divorced individuals:

• If the marriage lasted 10+ years, you may qualify for benefits based on your ex-spouse’s record.

5. Tax Considerations

Social Security interacts with:

• Your Required Minimum Distributions (RMDs)

• Capital gains from taxable accounts

• Pension income

Sometimes claiming early helps smooth taxes; other times delaying keeps you in a lower bracket.
If taxes matter heavily in your plan, run the numbers or work with a professional.

Common Scenarios and What Typically Works Best

Scenario 1: You have a strong pension and long life expectancy

Best choice: Delay to 70
You don’t need early income and benefit from the longevity boost.

Scenario 2: You’re still working full-time at 62

Best choice: Wait until at least FRA
Claiming early would reduce benefits and trigger earnings penalties.

Scenario 3: You need income immediately due to job loss or health issues

Best choice: Claim at 62
Cash flow matters more than optimization.

Scenario 4: Married couple, one high earner, one low earner

Best choice:

• Lower earner: 62–FRA (depends on health)

• Higher earner: Delay to 70
  This maximizes survivor benefits and long-term income.

Scenario 5: You have great health and longevity runs in the family

Best choice: Delay to 70
Strong payoff across decades.

Scenario 6: You want to retire early but have savings

Best choice: Use savings first, claim at 70
Often produces the highest lifetime benefit while giving the portfolio time to grow.

Which Age Is Best Overall? The Practical Summary

If you want the short answer:

• 62 → Best for people who need the income, have health issues, or expect shorter lifespans.

• FRA → Best for people who want balance and flexibility.

• 70 → Best for people who want maximum lifetime income, who are healthy, or who have longer life expectancy.

Most financially secure people with average or better health get the highest lifetime value by waiting until 70, especially if they’re the higher earner in a marriage.

Final Thoughts

Choosing when to take Social Security is part math, part health assessment, and part personal philosophy about risk, longevity, and lifestyle. The system gives you choices because your situation is unique. Make this a deliberate decision—not an automatic one.

If you weigh your health, your finances, and your goals honestly, you’ll land on a claiming age that supports both your present comfort and your long-term security.