Should You Take Social Security at 62, 67 or 70?
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The earliest age at which most people can take Social Security retirement benefits is typically 62, but those payments are normally reduced because people usually aren’t entitled to 100% of their benefits until 67. People who wait until 70 to retire can receive 124% of their benefits.
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 Social Security retirement benefits, and then ask yourself some important questions.
Important Social Security rules to remember at age 62, 67 and 70:
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.
Age at retirement | 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%. |
Key questions to ask yourself
What is my break-even point?
Although the promise of bigger monthly checks might make delaying retirement seem like the best choice, it’s important to realize that 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 retire at age 67 begins to exceed the total number of dollars you'll receive if you retire 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.
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 $22,320 in 2024. It will rise to $23,400 in 2025. 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. Therefore, your household may receive a higher total amount 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 payment
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 62 is $1,274.87.
The percentage of potential benefits
People who retire at age 62 typically receive only 70% of their full retirement benefit.
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 payment
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 67 is $1,844.83.
The percentage of potential benefits
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 more annual earnings limit.
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?
The average payment
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 70 was $1,963.48.
The percentage of potential benefits
People who retire 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.
You understand that your benefits do not continue to grow if you wait past 70 to claim your retirement benefits.
