You've spent much of your life working and saving for the future—and paying into the Social Security retirement system. Now, as retirement approaches, you're probably wondering how to maximize your assets so you can enjoy your post-work life while you support the people and causes you care about.
Whether your vision includes longer vacations with your loved ones, volunteering with friends or more time on the pickleball court, one of the most important choices you'll make is whether to claim Social Security at 62 vs. 67 vs. 70—or somewhere in between.
Your decision can greatly affect how much you get from Social Security as well as the taxes you'll pay, your spouse's survivor benefit and your Medicare premiums. That's why it's so important to take a careful look at the big picture.
"Planning ahead, with the help of financial advisors/professionals, will give you the information needed to weigh the trade-offs," says Eric Berg, Advice Service & Digital Tools consultant at Thrivent.

Your lifetime benefits will vary depending on what age you start to collect them. While you can begin claiming Social Security benefits as early as 62, it can result in a
Age to start claiming | Percentage of benefit | Hypothetical monthly payment | Total amount paid out each year |
62 | 70% | $1,260 | $15,120 |
63 | 75% | $1,350 | $16,200 |
64 | 80% | $1,440 | $17,280 |
65 | 86.7% | $1,560.60 | $18,727.20 |
66 | 93.3% | $1,697.40 | $20,152.80 |
67 (* FRA, for our example) | 100% | $1,800 | $21,600 |
68 | 108% | $1,944 | $23,328 |
69 | 116% | $2,088 | $25,056 |
70 | 124% | $2,232 | $26,784 |
To figure out your possible lifetime benefits (though it won't reflect inflation or impact on taxes or investments), look at your most recent Social Security earnings history statement. It will give you an estimated monthly benefit based on when you start claiming, from age 62 through age 70.
Building on the example above, let's say you'd receive $1,260 a month by filing at age 62, $1,800 by filing at your FRA of 67 and $2,232 by filing at 70. Here's what that looks like over the course of retirement:
Filing age | Lifetime benefit with death at 75 | Lifetime benefit with death at 85 | Lifetime benefit with death at 95 |
62 | $196,560 | $347,760 | $498,960 |
67 | $172,800 | $388,800 | $604,800 |
70 | $133,920 | $401,760 | $669,600 |
In this example, filing at 62 would bring in $62,640 more than filing at 70 if you died at 75. But if you died at 95, filing at 70 would bring in $170,640 more than filing at 62.
If this seems overwhelming, or you're not sure how to determine how much you'll need, a

When should you take Social Security?
Pros & cons of claiming Social Security benefits early
Pros
- Maximize benefits of a shorter lifespan. For someone with a serious illness like cancer, liver disease, kidney failure or emphysema, filing early makes the most of lifetime benefits.
- Preserve retirement assets. Claiming early can provide income now without need to tap into your other retirement accounts.
- Potential to maximize household benefits. A lower-earning spouse could file early to receive benefits from their own earnings record while their higher-earning spouse holds off. When the higher-earning spouse eventually files, their spouse can start claiming a higher spousal benefit instead, therefore
optimizing their benefits as a couple. This is generally referred to as a split, or staggered, strategy.
Cons
- Short-term penalties for exceeding the earnings limit. If you claim Social Security while working and before full retirement, the
earnings limit may delay $1 in benefits for every $2 you earn above the earnings limit: $22,320 in 2024. For example, let's say you're younger than FRA and you're entitled to $9,600 for the year. You continue to work and you earn $32,320 ($10,000 more than the earnings limit for the year). In this case, your benefit would be reduced by $5,000.Different rules apply when you reach full retirement age. The limit goes away, and Social Security recalculates your benefits to make up for what it withheld. - Potential for higher taxes. If you're getting Social Security, you're
increasing your taxable income, and it may be harder to avoid a higher tax bracket, which could be a big deal if you move from, say, 12% to 22% or 24% to 32%. - Potentially higher charges for Medicare. You could end up paying a higher premium for Medicare Parts B and D if your modified adjusted gross income (MAGI) falls above a certain
threshold —$206,000 annually for couples or $103,000 for single filers. - Smaller possible benefit for a lower-earning surviving spouse. Let's say you're the higher-earning spouse, but your health is poor. If you file early, you forgo the opportunity for your spouse to receive a higher
survivor's benefit. - Potential reduction in lifetime benefits. If you expect to live a long time, you could be leaving funds on the table by claiming early.
"By filing early, you may preserve more of your nest egg, or you may not be confident of living much beyond the break-even point. In some cases, people will file even if they don’t need the money and will use it to invest, which essentially pushes back the break-even point," says Berg.
Pros & cons of claiming Social Security at FRA or later
The advantages and disadvantages of claiming benefits at age 67 through age 70 mirror the considerations in the previous section. One individual's advantage might be a pitfall for someone else, so understanding how each factor affects your unique circumstance is crucial to creating the right strategy for you.
Pros
- Larger monthly benefit.
- Avoid concerns about the earnings limit.
- Possible tax savings.
- Possible Medicare savings.
- Larger benefit for a lower-earning surviving spouse.
- Potential increase in lifetime benefits.
Cons
- If you have a shorter lifespan, you may not maximize your total benefits.
- You must use other assets to support yourself and your family.
- It may not be optimal for your entire household.
Social Security Benefits
Understanding how your claiming age affects your monthly benefit amount
Age | Retirement Type | Benefit Amount | Key Details |
---|---|---|---|
Early Retirement 62 | Reduced Benefits You can start receiving benefits, but they'll be permanently reduced by about 25-30% | 75% |
|
Full Retirement 67 | 100% Benefits Receive your full benefit amount based on your lifetime earnings | 100% |
|
Delayed Retirement 70 | Maximum Benefits Earn delayed retirement credits, increasing your benefits by 8% per year | 132% |
|
Claiming Social Security at 62 vs. 67 vs. 70