The earliest age at which most people can take Social Security retirement benefits is typically 62, but those payments are normally reduced because most people usually aren’t entitled to 100% of their benefits until 67. People who wait until 70 to claim Social Security can receive up to 124% of their full benefits. Claiming later means fewer total payments, though, so the right age depends on your situation.
Should I retire at 62, 67 or 70?
In order for you to decide what might be best for you, be sure to remember some important rules about claiming Social Security retirement benefits.
The earliest you can start taking Social Security retirement benefits is 62. However, the Social Security Administration reduces benefits by 30% for people who retire at 62, meaning they receive just 70% of their full retirement benefit each month for life.
For people born in 1960 or later, full retirement age is 67. This is the age at which you are entitled to 100% of your Social Security retirement benefit.
The Social Security Administration pays people to delay taking retirement benefits. After age 67, you can receive an 8% bump in your benefits for each year you wait. If you wait until age 70, you can get 124% of your retirement benefit. You do not get additional bumps after age 70. Of course, delaying also means you'll collect fewer monthly payments overall.
Age at which you claim benefits | Percentage of your full benefit paid |
|---|---|
62 | 70%. |
63 | 75%. |
64 | 80%. |
65 | 86.7%. |
66 | 93.3%. |
67 | 100%. |
68 | 108%. |
69 | 116%. |
70 | 124%. |
NerdWallet Wealth Partners created a free calculator to estimate your financial independence number, see where you stand, and find out how much you might need to close the gap.
Key questions to ask yourself
What is my break-even point?
Although the notion of bigger monthly checks might make delaying seem like the best choice, waiting to receive bigger benefits also means receiving fewer payments over the course of your life.
Accordingly, it’s important to find the age at which the cumulative amount of money you may receive if you file later equals the cumulative amount of money you may receive if you file early. This is your break-even point, or the point at which it "pays off" to wait.
For example, a person entitled to $1,500 per month at age 67 may only receive $1,050 per month if they retire at age 62. Waiting until age 67 means missing out on five years of those $1,050-per-month payments, or $63,000, but it also means gaining an extra $450 a month for life. So, how long would it take in order to come out ahead financially? Dividing $63,000 by that $450 indicates that the answer is 140 months past age 67 – meaning age 78.7 is the age at which the total number of dollars you receive if you claim benefits at age 67 begins to exceed the total number of dollars you'll receive if you claim benefits at 62.
What is my life expectancy?
If you expect that you will live a long time, then you might decide that it’s better to wait and get a higher monthly benefit rather than taking a smaller monthly amount sooner. If you have health concerns, claiming sooner may make sense.
Am I still working?
If you are working and haven't reached full retirement age, the Social Security Administration reduces your benefits if your annual earnings from work exceed a certain limit. The limit is $24,480 in 2026 and $25,560 in 2027. If you wait until you reach age 67, then that limit no longer applies.
Are other family members eligible for benefits on my record?
If you have a spouse or dependent children, they may be eligible for benefits on your Social Security record, but only if you are already receiving your monthly retirement benefit (there are some exceptions for divorced spouses). Your household may receive a higher total amount in some cases if you begin taking benefits at an earlier age, even if the amount that you personally receive is slightly lower.
How much Social Security will you get at 62?
The average monthly Social Security retirement benefit for a retiree at age 62 is $1,424.40. People who retire at age 62 typically receive only 70% of their full retirement benefit, so consider the trade-offs.
When it might make sense to take Social Security at 62
You need the money now.
You have health issues that may shorten your life expectancy, or you don’t expect to live past your break-even point.
You’re receiving early retirement from an employer and the benefits end at age 62.
You have dependent children or an eligible spouse who may receive a monthly benefit of up to one-half of your full retirement amount, but they cannot begin receiving these benefits until you begin receiving your own retirement payments.
You’re eligible for survivors benefits on someone else’s record and want to apply for these at 62, then switch to your own Social Security retirement benefits when or after you reach full retirement age.
How much Social Security will you get at 67?
The average monthly Social Security retirement benefit for a retiree at age 67 is $2,016.48. Someone who files for retirement at age 67 typically receives 100% of their full benefit.
When it may make sense to take Social Security at age 67
You plan to continue working while receiving benefits. At this point, your employment earnings will no longer affect your benefits, as there is no annual earnings limit (benefits can be taxable depending on your income, though).
You were able to wait until age 67 but can no longer afford to forgo the income.
You don’t expect to live beyond the break-even point for taking benefits at age 67 versus age 70.
How much Social Security will you get at 70?
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 70 was $2,274.68. People who claim benefits at age 70 typically receive 124% of their full benefit.
When it may make sense to take Social Security at age 70
You have other sources of income and don’t need your benefits before 70.
You expect to live a long time. Delaying means you collect fewer payments in total if you don't live past your break-even age.
You understand that your benefits do not continue to grow if you wait past 70 to claim your retirement benefits.
When did the full retirement age change to 67?
Will I get Social Security credit for any work that I perform while receiving retirement benefits?
How do I know if my children qualify as dependents?
- Unmarried.
- Under age 18.
- 18-19 years old and a full-time high school student.
- 18 or older and have a disability that started before age 22.
Writer Davin Dearth contributed to this article.
Article sources
- 1.SSA.gov. Starting Your Retirement Benefits Early. Accessed Oct 14, 2026.
- 2.SSA.gov. Social Security. Accessed Oct 14, 2026.
- 3.SSA.gov. How Your Social Security Benefit Is Reduced. Accessed Oct 14, 2026.
- 4.SSA.gov. Do You Qualify for Social Security Spouse's Benefits?. Accessed Oct 14, 2026.
- 5.SSA.gov. What happens if I work and get Social Security retirement benefits?. Accessed Oct 14, 2026.
