Retirement income · comparison
Claiming Social Security at 62 vs. Waiting Until 70
Updated 2026-10-21 · Gregory Garone, CEPA®
Short answer: For someone with a full retirement age of 67, claiming at 62 pays about 70% of the full benefit for life, and waiting until 70 pays about 124%. Waiting usually comes out ahead if you live past your early 80s, and it matters most for the higher earner in a married couple because their benefit becomes the survivor’s benefit.
Claim at 62 vs. Wait until 70, side by side
| Question | Claim at 62 | Wait until 70 |
|---|---|---|
| Monthly benefit (full retirement age 67) | About 70% of the full benefit, permanently | About 124% of the full benefit, permanently |
| Cost-of-living increases | Applied to the smaller base | Applied to the larger base |
| Survivor benefit for a spouse | Locks in a smaller check for the surviving spouse | The surviving spouse can step up to the larger check |
| Working while collecting | Benefits can be withheld under the earnings test before full retirement age | No earnings test after full retirement age |
| Portfolio withdrawals | Smaller withdrawals needed in your 60s | Larger withdrawals needed until 70, which may suit Roth conversions |
| Breaks even | Ahead in total dollars if you die before roughly 80 to 83 | Ahead in total dollars if you live beyond roughly 80 to 83 |
When each one tends to fit
Claim at 62 may fit when
- Your health or family history suggests a shorter life expectancy.
- You need the income and have no other assets to bridge to a later age.
- You are the lower earner in a couple and the higher earner plans to wait.
Wait until 70 may fit when
- You are the higher earner in a married couple.
- You have savings to cover spending between retirement and 70.
- You want more inflation-adjusted income that lasts for life.
An example
Illustration only: with a $3,000 full-retirement-age benefit, claiming at 62 pays about $2,100 a month and waiting until 70 pays about $3,720, before cost-of-living increases. Waiting means giving up about $201,600 of checks between 62 and 70, which the larger check makes up after roughly 10 more years, around age 80. Taxes, investment returns on the early checks and inflation adjustments move that age in either direction.
Questions to bring to your CPA or advisor
- What is each spouse’s estimated benefit at 62, 67 and 70 on their my Social Security account?
- Which spouse’s benefit would the survivor keep?
- Can we fund spending from savings until the later claiming age?
- How do the years before 70 fit with Roth conversions or other low-income planning?
Common questions
How much do you gain each year you wait past full retirement age?
Delayed retirement credits add 8% a year for people born in 1943 or later, until age 70. There is no benefit to waiting past 70.
What is full retirement age?
It is 67 for anyone born in 1960 or later, and between 66 and 67 for people born from 1955 to 1959.
Is Social Security taxed?
Up to 85% of benefits can be included in federal taxable income, depending on your other income. Some states also tax benefits.
Can I change my mind after claiming?
You can withdraw an application within 12 months by repaying the benefits received, once per lifetime. After full retirement age you can also suspend benefits to earn delayed credits.
Sources and limitations
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