When to Take Social Security: Ages 62, FRA, and 70

When to Take Social Security: 62, Full Retirement Age, or 70?

Key takeaways

• You can claim retirement benefits as early as age 62, but the monthly check is permanently reduced. For people born in 1960 or later, claiming at 62 cuts a $1,000 full benefit to about $700 (a 30% reduction).[1]
• Full retirement age (FRA) is 67 for people born in 1960 or later (and for people turning 62 in 2026).[1][2]
• If you wait past FRA up to age 70, you earn delayed retirement credits of 8% per year (for people born in 1943 or later). Credits stop at 70.[3]
• Break-even math (when delayed claiming “pays back” missed checks) is a poor way to decide. Boston College’s Center for Retirement Research argues the goal is lasting monthly income—not maximizing total dollars if you die early.[4]
• If you work while claiming before FRA, SSA’s earnings test can temporarily withhold benefits. For 2026: $24,480 (under FRA all year; $1 withheld for every $2 over) and $65,160 (year you reach FRA; $1 for every $3 over, counting only months before FRA).[5]
• Use a claiming calculator to see your numbers. Try

when you are ready.

• For average years ahead from SSA tables (planning only), see

.

What “full retirement age” means

Social Security does not pay your unreduced retirement benefit until your full (normal) retirement age. That age depends on your birth year.[1]

Table adapted from SSA’s age-reduction chart. If you were born on January 1, use the prior year. Percentages are approximate due to rounding.[1]

SSA also notes that Medicare eligibility age remains 65, even when FRA is 67. If you delay Social Security past 65, still apply for Medicare on time to avoid late-enrollment penalties in many cases.[1][2][3]

Claiming early (age 62 to FRA)

Advantage: Checks start sooner and last more years.

Disadvantage: Each month before FRA permanently reduces your monthly benefit.[1]

For someone with FRA 67, that is 60 months of reduction from age 62—about 30% less than the FRA amount for the worker’s own benefit.[1]

Spouse’s benefits (when based on the worker’s record) have a different reduction schedule; SSA’s chart shows a $500 spouse benefit at FRA falling to about $325 at age 62 for birth years 1960 and later (~35% cut after the usual 50% spouse formula).[1]

Waiting past FRA (delayed retirement credits)

If you wait after FRA, SSA increases your benefit for each month of delay until age 70.[3]

From SSA delayed retirement credits table.[3]

Example framing (illustrative, not a personal estimate): someone with FRA 67 who waits until 70 can earn three years × 8% = 24% more than their FRA benefit—on top of avoiding the early-claiming cut. Relative to claiming at 62, CRR notes that waiting until 70 can mean about 76% more (real) dollars per month for life for a worker who stops work at 62 but delays claiming.[4]

Credits earned in the calendar year you claim may not all appear until the following January; SSA’s online calculators can show the fully credited amount.[3]

Why “break-even age” misleads

Many online tools ask: “At what age does delaying ‘catch up’ for the checks you skipped?”

Boston College’s Center for Retirement Research (Alicia Munnell) argues this frame is misleading:[4]

• Early benefits are already actuarially reduced because you expect more years of payments.
• Break-even math undervalues the lifetime insurance of a higher inflation-adjusted check if you live into your 80s or 90s.
• For couples, the higher earner’s claiming age often matters for the survivor’s benefit.
• An experiment CRR cites found a break-even frame pushed people to claim 12–15 months earlier than other frames. SSA has moved away from presenting break-even as the decision tool.

Better question: Will this claiming age leave enough guaranteed monthly income if I (or my spouse) live a long time?

This page does not tell you to claim at 62, FRA, or 70. Health, other income, spouse or divorced-spouse benefits, taxes, and cash needs all matter. Talk with a fiduciary planner or SSA before you file.

Working while on Social Security (2026 earnings test)

You can work and receive benefits. If you are younger than FRA, SSA may withhold some benefits if wages (or net self-employment) exceed annual limits.[5]

SSA does not count pensions, annuities, investment income, interest, veterans benefits, or most other government retirement pay toward the earnings test—only wages and net self-employment profit (including bonuses, commissions, vacation pay).[5]

Amounts withheld under the earnings test are not “lost forever” in the usual sense: at FRA, SSA recalculates to give credit for months benefits were withheld.[5]

A simple decision checklist (not advice)

Use this as a conversation starter with a professional—not a formula:

1. Write down your estimated benefit at 62, FRA, and 70 (ssa.gov / my Social Security).
2. List other income you can live on if you delay (pensions, part-time work, savings).
3. Health and longevity: Do you or your family tend to live long? Is there a younger spouse who may rely on survivor benefits?
4. Work plans before FRA: Will the earnings test claw back early benefits?
5. Medicare at 65: Separate from claiming Social Security—calendar it so you do not miss enrollment.[1][3]
6. Run the numbers in

and compare scenarios. 7. File only when ready—you can often change a start date in limited ways; ask SSA before you lock in.

• Related: RMD rules
• Related: Retirement budget and senior discounts
• Related: Reverse mortgage pros and cons
• Related: Medicare enrollment

FAQ

Should I always wait until 70?
No. Some people need the income earlier, have serious health limits, or have coordinated spousal strategies. CRR’s point is that break-even fear alone is a weak reason to claim early if you are in average or better health.[4]

Does claiming at 62 cut Medicare?
Medicare eligibility age is still generally 65. Claiming Social Security early does not move Medicare to 62.[2]

If I claim early and keep working, do I lose benefits forever?
SSA may withhold benefits under the earnings test before FRA. Starting with the month you reach FRA, earnings no longer reduce benefits, and SSA recalculates for months previously withheld.[5]

Where do I apply?
SSA’s online retirement application is the usual path; start at ssa.gov when you have decided.

Sources

1. Social Security Administration. Starting Your Retirement Benefits Early (Retirement Age and Benefit Reduction). SSA Benefits Planner. https://www.ssa.gov/benefits/retirement/planner/agereduction.html. Accessed October 29, 2026.
2. Social Security Administration. What is full retirement age? SSA FAQ KA-01885. Updated January 2, 2026. https://www.ssa.gov/faqs/en/questions/KA-01885.html. Accessed October 29, 2026.
3. Social Security Administration. Delayed Retirement Credits. SSA Benefits Planner. https://www.ssa.gov/benefits/retirement/planner/delayret.html. Accessed October 29, 2026.
4. Munnell, Alicia H. “Break Even” No Way to Decide When to Claim Social Security. Center for Retirement Research at Boston College (MarketWatch Blog). June 17, 2012. https://crr.bc.edu/break-even-no-way-to-decide-when-to-claim-social-security/. Accessed October 29, 2026.
5. Social Security Administration. Receiving Benefits While Working. SSA Benefits Planner. https://www.ssa.gov/benefits/retirement/planner/whileworking.html. Accessed October 29, 2026.

Disclaimer

This article is for general education only and is not investment, tax, legal, or Social Security claiming advice. Benefit rules and dollar limits change. Confirm current figures on SSA.gov and talk with Social Security and a fiduciary financial professional (such as a CFP®) about your situation before you file. In an emergency, call 911.

Attribution

Portions of this page are adapted from "HowToLiveBetter" (高性价比人生指南) by eternity4719, https://github.com/eternity4719/HowToLiveBetter, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Changes: topic idea (when to claim retirement income / “break-even”) adapted from Chapter 05; fully rewritten for U.S. Social Security rules (not a direct translation). China social-insurance / “最低档回本” framing was not used. Re-sourced to SSA and Boston College CRR.