The choice is permanent
It sets your monthly amount for life.
All tracks and lessons
Retirement accounts0/9
401(k) basics: don’t leave free money behindIRAs: your own retirement accountRoth vs. Traditional IRA: which is right for you?The backdoor Roth IRAThe HSA: the most tax-friendly account you're not usingSocial Security: when to claimThe 4% rule and safe withdrawalsRequired minimum distributions (RMDs)Early withdrawals and the 72(t) exception
Social Security: when to claim
Claiming at 62 permanently reduces benefits; waiting past full retirement age increases them up to 70.
In this lesson you will
- Know full retirement age for your birth year
- Compare benefits at 62, 67 and 70
- Check your record at SSA.gov
Social Security retirement benefits are based on your earnings history. When you start them changes the monthly amount for the rest of your life.
Full retirement age
Full retirement age (FRA) is 67 for people born in 1960 or later (SSA). Claiming at FRA pays 100% of your primary insurance amount (PIA).
Claiming early or late
- At 62, the earliest age, benefits are reduced — to 70% of PIA for someone whose FRA is 67.
- Each year you wait past FRA adds delayed retirement credits of 8% a year, up to age 70 — 124% of PIA for someone whose FRA is 67.
How to choose
There is no single right age. Health, other savings, whether you are still working and a spouse’s benefits all matter. Waiting gives a larger lifetime monthly payment; claiming early gives more years of smaller payments.
Check your own record
Your my Social Security account at SSA.gov shows your earnings record and estimated benefits at different ages. Check the earnings record for errors — missing years lower your benefit.
By the GetGuac team · Editorial policy
Three ideas to keep
8% a year for waiting
From FRA to 70.
Your record drives the benefit
Check it for gaps.
Do it in 4 steps
Create a my Social Security account
At SSA.gov.
Check your earnings record
Year by year.
Note estimates at 62, FRA and 70
From your statement.
Fit it into your plan
With other savings.
One benefit, three claiming ages
Illustrative PIA of $2,000 a month; FRA 67 (born 1960 or later); percentages from SSA.
| Claim at | Share of PIA | Monthly benefit |
|---|---|---|
| 62 | 70% | $1,400 |
| 67 | 100% | $2,000 |
| 70 | 124% | $2,480 |
Waiting from 62 to 70 raises the monthly amount by $1,080 — in exchange for eight fewer years of payments. Cost-of-living adjustments not shown.
Where this usually goes wrong
- Claiming early without comparing
- Never checking the earnings record
- Ignoring spousal considerations
Log in to SSA.gov and note your estimated benefit at 62, at FRA and at 70.
Tools and guides for this lesson
Quick quiz
1. Full retirement age for people born in 1960 or later?
2. Delayed retirement credits add about…
3. Claiming at 62 with FRA 67 gives…
0 of 3 answered
Puzzle
PIA $1,800, FRA 67. What is the monthly benefit at 62 and at 70?
Show the answer
$1,260 at 62; $2,232 at 70
$1,800 × 0.70 = $1,260. $1,800 × 1.24 = $2,232.