Final Up to date on: August 25, 2025 by Carlos P. Barry
In relation to deciding when to take Social Safety advantages, the query most individuals ask themselves is:
Is it higher to take Social Safety at 62 or 67?
This is likely one of the most vital selections you’ll make in your retirement years. It will possibly affect your month-to-month revenue for the remainder of your life — particularly given rising life expectations and the rising price of residing.
This text will provide help to consider the benefits and drawbacks of claiming Social Safety early at 62 versus ready till full retirement age at 67. We’ll additionally take a look at the private and monetary elements that will affect your choice.
What You Have to Know About Social Safety Retirement Ages
Social Safety advantages lets you start claiming retirement advantages as early as 62, however your profit quantity will probably be completely lowered in case you file earlier than your Full Retirement Age (FRA) — which, for most individuals at the moment, is 67. Conversely, in case you delay previous FRA as much as age 70, your advantages will develop much more.
Right here’s a fast abstract:
- 62 — Earliest claiming age, as much as a 30% everlasting profit discount.
- 67 — Full Retirement Age (FRA), you obtain 100% of your Main Insurance coverage Quantity.
- 70 — Newest claiming age for Social Safety; advantages improve 8% per yr delayed after FRA.
- For a personalised estimate, use the SSA’s Social Safety Retirement Estimator.
Taking Social Safety at Age 62
✅ Benefits of Claiming at 62
- Earlier Earnings
Beginning at 62 offers you earlier entry to revenue. In case you want cash because of retirement, job loss, well being points, or different private circumstances, claiming at 62 can present monetary aid. - Extra Whole Checks Acquired
Claiming at 62 as an alternative of 67 means receiving 60 additional month-to-month checks over 5 years. Even when every test is smaller, the cumulative profit may steadiness out — particularly in case you don’t stay previous your mid-70s. - Extra Time to Get pleasure from Retirement
Not everybody will stay lengthy sufficient to see the so-called “break-even age” — the age at which the bigger checks you’d obtain at FRA or after would catch as much as the smaller checks you acquired beginning at 62. Taking your profit early may imply extra energetic years throughout retirement.
❌ Disadvantages of Claiming at 62
- Everlasting Discount in Advantages
Claiming at 62 can scale back your profit by as much as 30%. For instance, in case your FRA profit is $2,000/month at 67, you may solely obtain round $1,400/month beginning at 62. That $600 distinction will final for all times. - Earnings Take a look at Reductions if Nonetheless Working
In case you plan to work whereas claiming earlier than FRA, Social Safety has an earnings take a look at. In 2025, the restrict is roughly $22,320; each $2 earned above that restrict will scale back your profit by $1. Verify the SSA’s earnings take a look at calculator for specifics. - Smaller Spousal & Survivor Advantages
Your Social Safety profit additionally impacts your partner or survivors. Claiming early lowers spousal and survivor advantages too — so when you have a lower-earning partner or somebody who is dependent upon your revenue, this can be a large issue to weigh.
Taking Social Safety at Age 67
✅ Benefits of Claiming at 67
- Full Month-to-month Profit
Claiming at your FRA (age 67 for most individuals now approaching retirement) means you obtain your full profit — 100% of what you earned over your working profession. - Larger Lifetime Advantages if You Dwell Longer
Individuals who stay into their mid-80s or past might obtain extra money over their lifetime by ready. Let’s take a look at a fast instance:
| Age Claimed | Month-to-month Profit | Whole Acquired by Age 85 |
| 62 | $1,400 | $386,400 |
| 67 | $2,000 | $432,000 |
By age 85, ready to assert at 67 may internet you just about $46,000 extra.
- Spousal and Survivor Advantages
By delaying, you additionally improve the profit quantity your surviving partner would obtain after your loss of life — which is particularly vital in the event that they depend on your profit as a part of their revenue.
❌ Disadvantages of Ready Till 67
- Delayed Earnings
In case you want revenue to cowl bills in your early 60s, delaying can require utilizing up financial savings, 401(ok)s, or different investments. That would expose you to market fluctuations and tax implications. - Unsure Well being or Life Expectancy
When you’ve got well being points or a household historical past that suggests a shorter-than-average lifespan, delaying might imply fewer checks in complete. - Lacking Early Retirement Alternatives
If you wish to get pleasure from touring or new experiences earlier in retirement — whilst you’re bodily ready — you may worth receiving advantages at 62 greater than receiving the next month-to-month profit beginning at 67.
Elements to Take into account When Deciding
1. Your Well being and Household Historical past
When you’ve got good purpose to imagine you’ll stay into your mid-80s or past, ready may make monetary sense. However, when you have well being challenges, claiming at 62 might provide help to maximize the entire {dollars} you obtain.
2. Your Monetary Scenario
Do you want the revenue to stay? In that case, claiming early may assist. However when you have financial savings and different revenue sources (pensions, investments), ready can develop your Social Safety profit — offering a bigger, inflation-adjusted revenue stream for later in retirement.
3. Spousal Advantages and Survivorship
In case you’re the higher-earning partner, delaying as much as FRA or 70 can improve the advantages accessible to your surviving partner after you move.
4. Present Employment
In case you’re nonetheless working and incomes substantial revenue earlier than FRA, early claiming can scale back your profit as a result of earnings take a look at. Ready till FRA eliminates this problem.
Break-even Evaluation
A important a part of deciding is calculating your break-even level — the age at which complete advantages acquired in case you wait will surpass what you’d obtain in case you claimed earlier.
Right here’s a simplified instance, assuming:
- Age-62 profit: $1,400/month
- Age-67 profit: $2,000/month
You’d obtain $84,000 ($1,400 x 60 months) within the 5 years between 62 and 67.
To make up that $84,000 distinction with a $600 greater month-to-month test ($2,000 – $1,400), you’d want 140 months, or about 11.7 years.
Meaning your break-even age could be roughly 78.7.
In case you stay previous 79, ready pays off. If not, claiming earlier may yield extra complete {dollars}.
Inflation and COLA Affect
Social Safety advantages are inflation-adjusted by way of an annual Value-of-Residing Adjustment (COLA). Ready to take Social Safety advantages means receiving a bigger base quantity to develop with COLA yearly, which may matter enormously as you age and bills rise.
Actual-World Eventualities
State of affairs 1: Well being Issues
Mary, 61, lately had a well being scare and doesn’t anticipate to stay previous 75. Claiming at 62 gives her with revenue when she will be able to get pleasure from it most and provides her essentially the most cash throughout her shorter projected lifespan.
State of affairs 2: Sturdy Household Historical past of Longevity
Mark, additionally 61, comes from a long-lived household — most of his kin stay into their 90s. Ready till 67 and even 70 may lead to a a lot bigger profit that can help him properly into his later years.
There’s no one-size-fits-all reply. The choice of whether or not to take Social Safety at 62 or 67 is extremely private. It is dependent upon your well being, monetary want, life expectancy, marital standing, and targets for retirement.
In case you’re unsure which path to decide on, speak to a trusted monetary advisor or discover instruments just like the SSA’s Retirement Age Chart and different on-line calculators. They’ll provide help to mannequin totally different choices and decide what’s best for you.
And bear in mind — this can be a everlasting selection. Take your time, do your analysis, and be sure to really feel comfy earlier than claiming. Retirement is one in all life’s most rewarding chapters — you should set your self up for essentially the most safety and pleasure doable. vital factor is to plan rigorously in order that whichever path you select matches your targets for a safe and fulfilling retirement.
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