Three ages anchor the claiming decision. Sixty-two is the earliest you can claim and locks in the deepest permanent reduction — about 30% below your full benefit if your full retirement age is 67. Full retirement age, which is 67 for anyone born in 1960 or later, is the baseline where you receive 100% of your earned benefit with no reduction. Seventy is the latest it makes sense to wait, because delayed-retirement credits stop accruing then and produce the largest possible check.
Claiming at 62 makes sense if you need the income, expect a shorter life, or want to stop working and prefer money in hand over a larger future check. The cost is permanent: that reduced amount, adjusted only for COLA, is what you receive for life.
Waiting to 67 or 70 makes sense if you can afford to bridge the gap with other income and you expect a long life. Each year past full retirement age adds roughly 8% to your benefit, so waiting from 67 to 70 raises the check by about 24% on top of your full amount — a guaranteed, inflation-protected raise that is hard to match anywhere else.
There is rarely one right answer; it depends on your health, your savings, whether you are still working, and whether a spouse will depend on your benefit. The calculator shows all nine ages side by side so you can see the tradeoff in dollars rather than abstractions.
Updated July 2026