Claiming at 62 vs. 70: A Social Security Guide to Help You Decide

Claim Social Security at 62 vs 70? The choice you make could impact your retirement income for decades. Let’s explore the best options for your unique situation.

One of the biggest questions people have about retirement is: when should I start taking Social Security? The truth is, there’s no one-size-fits-all answer—it really depends on your unique situation. You can start receiving benefits as early as age 62, or even earlier if you have a qualifying disability. You can also wait until your full retirement age, or delay all the way to age 70 to receive higher monthly checks.

Social Security Guide: Should You Claim Benefits at 62 or 70?

If you’re a surviving spouse, you may be able to start benefits from your late partner’s record as early as age 60. The key is understanding how the timing of your decision can impact your long-term financial security. This is where a solid Social Security guide comes in—helping you weigh your options and make the most informed decision for your future.

Let’s break it down with a few important factors to consider:

1. Know Your Full Retirement Age (FRA)

Your FRA depends on when you were born. If you were born in 1957 or earlier, you’ve already hit your full retirement age. For those born later, it gradually increases:

Fun fact: If you were born in 1963, your full retirement age is 67—not 70, as some assume.

2. Life Expectancy: The Long Game

Deciding when to start Social Security often comes down to how long you expect to live. For those in poor health or with a shorter life expectancy, it might make sense to start benefits early. But if you’re healthy and anticipate living into your 80s or 90s, waiting can pay off.

Here’s why:
 📊 On average, higher earners tend to live about 5 years longer than lower earners.

Waiting until age 70 can boost your monthly check by up to 75% more than claiming at 62. If you’re playing the long game, that can mean more financial breathing room in your later years.

3. Your Health Matters

Let’s face it—thinking about our future health isn’t always fun. But being realistic about how long you may live is crucial in this decision. If you have a chronic illness or significant health issues, starting early could mean more total benefits over your lifetime.

On the other hand, good health and a strong family history of longevity might point to waiting. The longer you wait (up to age 70), the higher your monthly check. That can be a big win in your 80s or 90s, especially if other retirement savings start to dwindle.

4. For Singles: Simpler, But Still Strategic

If you’re single, the decision is a bit more straightforward since you don’t need to think about survivor benefits. A great place to start is SSA.gov—you can create an account and view your personalized benefit estimates for different retirement ages.

That’s a significant difference—especially if you expect to live a long, active retirement.

5. Still Working? Consider Delaying

If you’re still working and earning a good income, claiming Social Security early might reduce your benefits due to the earnings limit. In that case, waiting until your full retirement age (or beyond) can help you avoid benefit reductions and increase your long-term income.

And if you’re the higher earner in a couple, waiting can also mean a bigger survivor benefit for your spouse down the line.

Claiming at 62 vs 70: A Smart Guide to Social Security Benefits

When to claim Social Security is one of the most important financial decisions you’ll make for retirement. It’s not just about when you can take benefits—it’s about when it makes the most sense based on your finances, health, and lifestyle.

Whether you’re planning for yourself or helping a loved one, taking time to explore your options now can lead to greater peace of mind—and more financial security—later.