Choosing when to claim Social Security benefits is one of the most important retirement decisions you’ll ever make. Your monthly check can vary greatly depending on whether you start at 62, 65, 67 (Full Retirement Age – FRA), or 70. Understanding the differences helps you maximize income and plan for long-term financial security.
Early Claiming vs. Delayed Claiming
- Claiming early (before FRA) permanently reduces your benefit. The reduction is about 5/9 of 1% per month for the first 36 months, and 5/12 of 1% for each additional month before FRA. This can equal a 30% cut if you start at 62 with an FRA of 67.
- Delaying benefits past FRA earns Delayed Retirement Credits. Each month delayed adds two-thirds of 1%, or 8% per year, until age 70. Waiting boosts your income significantly.
Average Monthly Benefits by Age
| Age | Average Monthly Benefit | Change vs. FRA (67) |
|---|---|---|
| 62 | $1,341.61 | ~30% lower |
| 65 | $1,611.00 | ~13.3% lower |
| 67 (FRA) | $1,929.73 | Baseline (100%) |
| 70 | $2,148.12 | ~24% higher |
Age 62: Earliest Claiming
- Average Check: $1,341.61 per month.
- Impact: Starting early cuts benefits permanently, as much as 30%.
- Why Choose 62? Often taken by those facing job loss, health issues, or financial needs. The trade-off: lower monthly income for life.
Age 65: Medicare and Reduced Benefits
- Average Check: $1,611.00 per month.
- Impact: About 13.3% less than FRA if your FRA is 67.
- Why Choose 65? Many coordinate retirement with Medicare eligibility. While healthcare is covered, your benefit is still reduced compared to waiting until FRA or later.
Age 67: Full Retirement Age
- Average Check: $2,148.12 per month.
- Impact: Roughly 24% more than FRA.
- Why Choose 70? Delaying benefits yields the largest possible monthly check. Ideal for those with longer life expectancy or additional retirement income sources that allow waiting.
Maximum Possible Benefits in 2025
| Age | Maximum Possible Benefit (2025) | Adjustment |
|---|---|---|
| 62 | $2,831 | Full early reduction |
| 67 (FRA) | $4,018 | No reduction |
| 70 | $5,018 | With delayed credits |
This means waiting from 62 to 70 can increase your benefit by nearly $2,200 per month.
Why These Differences Matter
- Lifetime Income: Early claiming reduces your base benefit, affecting future COLA adjustments and spousal benefits.
- Survivor Benefits: Higher benefits at FRA or 70 translate into more financial security for surviving spouses.
- Healthcare Costs: Medicare starts at 65, but claiming earlier leaves retirees covering costs themselves.
- Longevity Factor: Those who expect to live longer may benefit from waiting, while those in poor health may opt to claim earlier.
The age at which you claim Social Security benefits has a powerful impact on your financial future. Claiming at 62 means a smaller check for life, while waiting until 70 maximizes your monthly income. For many, 67 (FRA) provides a balanced choice.
Your decision should consider health, longevity, financial needs, and spousal planning. Understanding these differences ensures that you get the most out of your retirement benefits and secure greater stability in your later years
FAQs
Not usually. While it provides income sooner, claiming at 62 reduces lifetime benefits by up to 30%.
Delaying until 70 can increase your monthly check by up to 24% compared to FRA, and nearly 60% more compared to 62.
Yes. Spousal and survivor benefits are based on your base benefit. If you claim early, your spouse’s benefits may also be reduced.