When to Claim Social Security: The Math Behind 62 vs 67 vs 70
Claiming at 62 gives you more checks but smaller ones. Claiming at 70 gives fewer but 77% larger checks.
You can claim Social Security as early as 62 or as late as 70. Each year you delay increases your benefit by approximately 7-8%. Claiming at 62 means 30% less than your full benefit. Claiming at 70 means 24% more. The difference is dramatic: a $2,000/month benefit at 67 becomes $1,400 at 62 or $2,480 at 70.
The Break-Even Point
If you delay from 62 to 67, you miss 5 years of payments ($84,000 at $1,400/month) but gain $600/month forever after. Break-even: about 14 years, or age 81. If you live past 81, delaying was the right call. Average life expectancy at 62 is 84-86, so statistically, most people benefit from delaying.
When to Claim Early (62)
Poor health or family history of short lifespan. You need the income to cover basic expenses. You have no other retirement income. You are widowed and can switch to survivor benefits later. When to delay to 70: good health, other income sources, and a spouse who will rely on survivor benefits.