Social Security Calculator

Q: How much does claiming Social Security at 62 reduce my benefit?

Claiming at 62 instead of your full retirement age (67 for most people today) reduces your benefit by up to 30% — a permanent reduction that lasts for the rest of your life, not a temporary penalty.

Q: How much more do I get by waiting until 70?

Delaying past full retirement age increases your benefit by 8% per year (2/3 of 1% per month), up to age 70. Waiting from full retirement age to 70 typically increases your benefit by about 24%-32%, depending on your exact full retirement age.

Q: What is full retirement age?

For anyone born in 1960 or later, full retirement age is 67. It was 66 for people born 1943-1954, and phases up gradually in between for those born 1955-1959.

Q: Is there a right age to claim Social Security?

It depends on your health, other income, and how long you expect to live — there's no universally correct answer. Someone who expects a long retirement often benefits from waiting, while someone with health concerns or an immediate income need may benefit from claiming earlier.

See how much your Social Security benefit changes depending on whether you claim at 62, your full retirement age, or wait until 70.

Written by the Calculator Index team · Source: Social Security Administration early/delayed retirement reduction and credit rules · Last reviewed September 2026

Benefit at full retirement age

—

If claimed at 62

—

If claimed at 65

—

If claimed at 70

—

How claiming age changes your benefit

Claiming before full retirement age: reduce by 5/9 of 1% per month for the first 36 months early, then 5/12 of 1% per month beyond that
Claiming after full retirement age: increase by 2/3 of 1% per month (8% per year), up to age 70

Your Social Security benefit isn't a fixed number — it's calculated at your full retirement age (66 or 67, depending on birth year), then permanently adjusted up or down based on exactly when you start claiming. Claiming early locks in a smaller check for life; delaying locks in a larger one.

Worked example — $2,500 full retirement age benefit, FRA 67

Claimed at 62 (60 months early): reduced by about 30% → $1,750/month.

Claimed at exactly 67 (full retirement age): $2,500/month.

Claimed at 70 (36 months delayed): increased by 24% → $3,100/month — a difference of $1,350/month between claiming earliest vs. latest.

Why "full retirement age" isn't the same for everyone

Full retirement age depends entirely on your birth year: it was 65 for those born before 1938, rose gradually to 66 for people born 1943-1954, then phases up again in two-month increments for those born 1955-1959, landing at 67 for anyone born 1960 or later. Getting your own full retirement age right matters, since every reduction and credit calculation is anchored to that specific age.

Common mistakes when estimating Social Security benefits

Assuming the reduction for early claiming is small. Claiming at 62 instead of 67 can cut your benefit by 30% — a permanent reduction, not a temporary one.
Not accounting for delayed retirement credits past full retirement age. These credits stop accruing at age 70 — there's no benefit to delaying further.
Using an outdated full retirement age. It's 67 for anyone born 1960 or later, not the 65 or 66 that applied to earlier generations.

Frequently asked questions

How much does claiming Social Security at 62 reduce my benefit?

Up to 30% compared to your full retirement age benefit — a permanent, lifetime reduction.

How much more do I get by waiting until 70?

About 24%-32% more than your full retirement age benefit, depending on your exact full retirement age.

What is full retirement age?

67 for anyone born 1960 or later; 66 for those born 1943-1954, with a phase-in between.

Is there a right age to claim Social Security?

It depends on health, other income, and expected longevity — there's no universal answer.

Related calculators

Note: Simplified estimate using standard SSA reduction/credit formulas; your actual benefit depends on your full earnings history and may be affected by other factors like spousal benefits or continued work. Not financial advice. Last reviewed: September 2026.