Should I take Social Security at 62 or 67?
Starting at 62 pays 70% of your full benefit for life, and waiting until 67 pays 100%. On a $2,000 benefit that is $1,400 a month at 62 against $2,000 at 67, and the two plans break even at age 78 and 8 months.
Last updated: . Education, not financial advice.
The numbers for someone born in 1962
These amounts use a full retirement age of 67 and a statement figure of $2,000 a month. Born in 1960 or later has the same 67. Find your own on the full retirement age calculator.
| Start at | Monthly check | Share of full benefit |
|---|---|---|
| Age 62 | $1,400 | 70% |
| Age 63 | $1,500 | 75% |
| Age 64 | $1,600 | 80% |
| Age 65 | $1,733 | 86.67% |
| Age 66 | $1,866 | 93.33% |
| Age 67 | $2,000 | 100% |
Source: Full retirement age and reduction by claiming age (opens in a new tab), Early or late retirement calculator (opens in a new tab)
When does waiting catch up?
Total dollars from starting at 67 pass the total from starting at 62 at age 78 and 8 months. If you discount later money by 2% a year, the crossing moves out to age 81 and 1 month.
| Age reached | Started at 62 | Started at 67 |
|---|---|---|
| By age 70 | $134,400 | $72,000 |
| By age 75 | $218,400 | $192,000 |
| By age 80 | $302,400 | $312,000 |
| By age 85 | $386,400 | $432,000 |
| By age 90 | $470,400 | $552,000 |
Source: Early or late retirement calculator (opens in a new tab), Full retirement age and reduction by claiming age (opens in a new tab)
Things that can change the answer
- Health and family history. A longer life favors waiting. A shorter one favors starting early.
- Work. If you start at 62 and earn over the yearly limit ($25,560 in 2027), Social Security holds back part of your check until full retirement age. See the earnings test calculator.
- A spouse. The higher earner's choice sets what a surviving spouse keeps. See the guide for married couples.
- Need for income. If you need the money now to pay bills, an earlier start can be the right trade-off.
Source: Earnings limits while you work (opens in a new tab), Survivors benefits (opens in a new tab)
Common questions
How much smaller is the check at 62?
With a full retirement age of 67, the check at 62 is 70% of the full benefit. That is $1,400 compared with $2,000.
Is 62 ever the better choice?
It can be. If you do not live past age 78 and 8 months, the total from starting at 62 is higher. If you need the income now, that may matter more than the total.
What if my full retirement age is not 67?
People born in 1955 to 1959 have a full retirement age between 66 and 2 months and 66 and 10 months. See the birth year pages.
Sources
- Full retirement age and reduction by claiming age (opens in a new tab)
- Early or late retirement calculator (opens in a new tab)
- Earnings limits while you work (opens in a new tab)
- Survivors benefits (opens in a new tab)
Keep reading
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Wait or Claim is independent. We are not affiliated with, endorsed by or connected to the Social Security Administration or any government agency. We give education, not financial, tax or legal advice. Check your own facts with Social Security (ssa.gov) before you file.