When Should I Take Social Security?

What Is Full Retirement Age?

Full retirement age is when you qualify for 100% of your benefit. For anyone born in 1960 or later it is 67. If you were born in 1955 the full retirement age is 66 and 2 months, and it rises by two months per birth year until it reaches 67. Claiming exactly at your full retirement age gives you your full benefit, with no reduction and no bonus.

The Cost of Claiming at 62

You can claim as early as 62, but your benefit is permanently reduced. Claiming at 62 when your full retirement age is 67 cuts your benefit by about 30%. A $2,000 monthly benefit at full retirement age drops to roughly $1,400 at 62, for life. The reduction is permanent and does not recover once you reach full retirement age, so claiming early only makes sense when you need the money or do not expect a long retirement.

The Reward for Waiting Until 70

Every year you delay past full retirement age adds about 8% to your benefit, up to age 70, when delayed credits stop. Waiting from 67 to 70 adds roughly 24%, turning a $2,000 benefit into about $2,480. A person who waits to 70 and lives to 90 collects far more in total than someone who claimed at 62. The 70 option is powerful for healthy people with other assets to spend down first.

The Breakeven Mindset

Compare two claiming ages by finding when the total collected crosses over. Claiming at 62 gives earlier money, but claiming at 70 passes it once you reach roughly your late 70s or early 80s, depending on the exact numbers. If you expect to live past that point, waiting usually wins. If your health or family history suggests a shorter life, claiming earlier is often the better gamble.

How Social Security Fits Your Plan

In the retirement calculator, Social Security is a fixed monthly income added on top of your 4% rule withdrawal. Because it is guaranteed and inflation adjusted, it is the foundation of your retirement income. Try the calculator with different Social Security figures to see how much it changes your monthly surplus or shortfall, and use your real benefit estimate when you are close to deciding.