Social Security
Claiming Social Security at 62 vs. 70 can differ by up to 77% per month — permanently. Every year you delay past your Full Retirement Age adds a guaranteed 8% growth to your benefit, up until age 70.
Enter your estimated Full Retirement Age benefit below to instantly see every claiming age from 62 to 70, with break-even analysis so you can make the most informed decision.
Age 62 is the earliest you can collect. Your benefit is permanently reduced based on months before your FRA: 5/9% per month for the first 36 months, then 5/12% per month beyond that.
FRA is 66 (born 1943–1954), 66 + 2–10 months (born 1955–1959), or 67 (born 1960+). Claiming at FRA means 100% of your PIA — no reduction, no bonus.
Every year past FRA earns 8% more (Delayed Retirement Credits) — that's 2/3% per month. Credits stop at 70, so there's no benefit to waiting longer.
There is no single "best" age — it depends on your health, other income sources, and break-even analysis. If you expect to live past ~80, delaying to FRA or 70 typically yields more cumulative income. If you have health concerns or no other income, claiming earlier may make sense. This calculator shows your specific numbers so you can decide.
FRA is the age at which you receive 100% of your calculated Social Security benefit. It is set by the SSA based on your birth year: age 66 for those born 1943–1954, gradually rising to age 67 for those born in 1960 or later.
The SSA reduces your benefit by 5/9 of 1% for each of the first 36 months you claim before your FRA, and by 5/12 of 1% for each additional month beyond 36. For example, if your FRA is 67 and you claim at 62 (60 months early): 36 × (5/9)% + 24 × (5/12)% = 20% + 10% = 30% total reduction.
After reaching FRA, your benefit grows by 2/3 of 1% per month (8% per year) for every month you delay collecting, up to age 70. Credits stop accruing at 70, so there is no benefit to waiting longer.
This calculator provides a pre-tax comparison. Up to 85% of Social Security benefits may be taxable depending on your total income. For a comprehensive after-tax retirement plan that factors in your full income picture, consider using NestBridge.