When you start Social Security changes the size of your monthly check for the rest of your life. This guide shows what each claiming age pays, using the official rules for anyone born in 1960 or later.
Key points
- 62 is the earliest age you can claim. The check is about 30% smaller than at full retirement age.
- 67 is the full retirement age for anyone born in 1960 or later. You get 100% of your benefit.
- Waiting past 67 adds 8% a year, up to 124% at age 70. There is no extra gain for waiting after 70.
- Benefits rise 3.6% in 2027 with the yearly cost-of-living raise. It is automatic, so there is nothing to sign up for.
How much each claiming age pays
This table shows the share of your full benefit you get, depending on the birthday when your payments start. It applies if you were born in 1960 or later.
| Start payments at age | Share of full benefit | If your full benefit is $2,000 |
|---|---|---|
| 62 | 70% | $1,400 a month |
| 63 | 75% | $1,500 a month |
| 64 | 80% | $1,600 a month |
| 65 | 86.7% | $1,733 a month |
| 66 | 93.3% | $1,867 a month |
| 67 (full retirement age) | 100% | $2,000 a month |
| 68 | 108% | $2,160 a month |
| 69 | 116% | $2,320 a month |
| 70 | 124% | $2,480 a month |
The $2,000 is only an example. Your own full benefit depends on your work history. You can see your personal estimate for every age, free, in a my Social Security account on ssa.gov.
Where waiting "pays off": the break-even age
Claiming early means smaller checks, but more of them. Waiting means bigger checks, but fewer. Using the $2,000 example:
- Someone who claims at 62 collects $1,400 a month. By age 70 they have received about $134,400.
- Someone who waits until 70 starts at $2,480 a month, which is $1,080 more each month.
- It takes about 10 years of those larger checks to catch up. So the person who waited comes out ahead in total only if they live past about age 80.
This simple example leaves out cost-of-living raises, taxes and investment returns, which apply to both people. It is meant to show the idea, not to predict your own result.
Things to think about before you decide
Your health and family history
If you expect a long life, waiting usually means more money in total. If your health is poor, or you need the income now, claiming earlier can make sense.
Whether you are still working
If you claim before full retirement age and keep working, Social Security may hold back some of your payments when your earnings go over a yearly limit. The money is not lost: your monthly amount is raised at full retirement age to make up for it. Once you reach full retirement age, there is no earnings limit. The current limits are on SSA's receiving benefits while working page.
Your spouse
A husband or wife can receive up to 50% of the other spouse's full benefit if they claim at their own full retirement age. If the higher earner waits to claim, the survivor benefit the other spouse may receive later is also larger. For married couples, the higher earner's timing often matters most.
Your other income and taxes
Savings, a pension or part-time work can help you wait. Depending on your total income, up to 85% of your Social Security benefits can be subject to federal income tax.
Changed your mind? Within 12 months of first applying, you can withdraw your application. You have to pay back what you received, and it is then treated as if you had never applied. See SSA's page on cancelling a benefits application.
The 2027 cost-of-living raise
The Social Security Administration announced on October 14, 2026 that benefits will rise 3.6%, starting with payments in January 2027. SSA says the average retirement benefit goes up by about $75 a month. You don't need to do anything: the raise is applied automatically.
Watch out for scams. The Social Security Administration will never threaten you with arrest, ask you to pay with gift cards or cryptocurrency, or demand payment to "protect" your benefits. If you are unsure whether a call is real, hang up and call SSA directly at 1-800-772-1213.
How to check your own numbers
- Create or sign in to a free my Social Security account at ssa.gov.
- Check that your earnings history is correct. Missing years lower your benefit.
- Look at your estimate at 62, at your full retirement age, and at 70.
- Use the retirement budget guide to see how much monthly income you will need.
Sources
- SSA: Benefit reduction for early retirement
- SSA: Delayed retirement credits
- SSA: Cost-of-living adjustment for 2027 (announced October 14, 2026)
- SSA: Receiving benefits while working
- SSA: Family benefits, including benefits for spouses
- SSA: Cancel your benefits application
- SSA: Create a my Social Security account
Educational information only. This guide is not financial, legal, tax or medical advice. GrandsGaro is a private website and is not affiliated with the Social Security Administration, Medicare, the Centers for Medicare & Medicaid Services, the IRS or any government agency. For decisions about your own benefits, check the official sources linked on this page.