Social Security calculator: start at 62, full retirement age or 70?
Short answer: Starting at 62 cuts your monthly check by up to 30% for life; waiting past full retirement age adds 8% a year until 70. If your full retirement age is 67, the check at 70 is about 77% bigger than at 62. Waiting usually pays more in total if you live past your early 80s.
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Full retirement age by birth year
| Year of birth | Full retirement age | Benefit at 62 |
|---|---|---|
| 1943 to 1954 | 66 | 75% |
| 1955 | 66 and 2 months | 74.2% |
| 1956 | 66 and 4 months | 73.3% |
| 1957 | 66 and 6 months | 72.5% |
| 1958 | 66 and 8 months | 71.7% |
| 1959 | 66 and 10 months | 70.8% |
| 1960 or later | 67 | 70% |
If you were born on January 1, use the previous year. Source: Social Security Administration.
How the check changes with your claiming age
- Before full retirement age: the benefit drops 5/9 of 1% for each of the first 36 months early, and 5/12 of 1% for each month beyond that.
- After full retirement age: it rises 2/3 of 1% a month (8% a year) until 70. There is no gain from waiting past 70.
- Your check also gets cost-of-living increases every year, whenever you start.
What the breakeven age tells you
The breakeven age is when the total paid by waiting catches up with the total from starting at 62. For most people it lands around 78 to 82. If you expect to live past it, waiting tends to pay more over your lifetime. If health or family history point the other way, or you need the income now, starting earlier can make sense.
For married couples
When one spouse dies, the survivor generally keeps the larger of the two checks (less if the survivor claims before their own full retirement age). So the higher earner's claiming age affects both lives, and waiting often protects the surviving spouse. A spouse can also receive up to 50% of the other's full-retirement-age benefit, reduced if taken early.
Working while collecting before full retirement age
In 2026, if you are under full retirement age all year, Social Security holds back $1 of benefits for every $2 you earn above $24,480. In the year you reach full retirement age, it holds back $1 for every $3 above $65,160, counting only earnings before that month. Withheld benefits are not lost: your check is raised at full retirement age to credit them back.
See the whole picture
Claiming age is one decision among many. The free Retirement Check shows how your Social Security age works with your savings, taxes and spending.
Run the free Retirement CheckCommon questions
Is it better to take Social Security at 62 or 70?
Neither is right for everyone. Starting at 70 gives the largest check for life and usually the largest total if you live past your early 80s. Starting at 62 gives more years of checks and can make sense with health concerns or an immediate need. Married couples should weigh survivor benefits.
How much does Social Security go up each year I wait?
After full retirement age, benefits grow 8% a year (2/3 of 1% a month) until 70. Before full retirement age, each year you wait raises the check by about 7% to 8%.
What is the Social Security breakeven age?
It is the age when the total from waiting catches up to the total from starting at 62. For most people it falls around 78 to 82. The calculator shows yours for every claiming age.
Where do I find my benefit at full retirement age?
Sign in at ssa.gov/myaccount and open your Social Security Statement. It lists your estimated monthly benefit at 62, at full retirement age and at 70.
Can I work and collect Social Security?
Yes. Before full retirement age, benefits are reduced if your earnings pass the yearly limit ($24,480 in 2026), and the reduction is credited back later. From full retirement age on there is no earnings limit.
Sources
- SSA: Retirement age and benefit reduction
- SSA: Delayed retirement credits
- SSA: Early or late retirement calculator (Office of the Chief Actuary)
- SSA: 2026 retirement earnings test exempt amounts