Age 62, 67, and 70 are the three key claiming milestones. Here is exactly how they compare.
How do 62, 67, and 70 compare?
These three ages anchor the claiming decision for anyone with a full retirement age of 67. At 62, the earliest age, your benefit is reduced about 30%, so a $2,000 full benefit becomes roughly $1,400. At 67, full retirement age, you receive the full $2,000. At 70, delayed retirement credits add about 24%, lifting it to roughly $2,480. From 62 to 70, that is about a 77% difference in your monthly check, and the increase is permanent and adjusted each year for inflation. After 70 there is no further increase.
Which claiming age is right for me?
Age 62 suits those who need income now, have health concerns, or have left the workforce, accepting a smaller lifetime check if they live long. Age 67 is a balanced middle that pays your full benefit without reduction. Age 70 rewards good health, sufficient savings to bridge the gap, and a desire to maximize both your check and your spouse's survivor benefit. Remember Medicare begins at 65 regardless of when you claim Social Security, so enroll on time to avoid penalties. A 1-800-MEDIGAP advocate can help you weigh all three against your Medicare costs.