When to Start Social Security: 65, 67, or 70? Maximize Your Benefits for Retirement

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When to start Social Security is one of the most important retirement decisions you’ll make. The age you choose affects your monthly benefit amount for the rest of your life. Here’s how it works:

 

Age 65 (Early Claiming)
  • You can begin benefits as early as age 62, but at 65 you’re still considered to be claiming before Full Retirement Age (FRA) if your FRA is 67.
  • Your monthly check will be permanently reduced — usually about 13–15% less than at age 67
  • Pros: Provides income sooner, useful if you retire early or need the cash flow.
  • Cons: Smaller monthly benefit, less lifetime income if you live into your late 80s or beyond.
Age 67 (Full Retirement Age)
  • For people born in 1960 or later, FRA is 67.
  • Claiming here gives you your full, unreduced benefit.
  • Pros: Balanced approach — no early penalty, no delayed credits.
  • Cons: You give up the extra growth you’d receive by waiting until 70.
Age 70 (Delayed Claiming)
  • By waiting past FRA, your benefit grows by about 8% per year up to age 70.
  • At 70, your monthly benefit is about 24% higher than at 67, and roughly 70–75% higher than at 62.
  • Pros: Maximizes guaranteed lifetime income, great hedge against longevity risk.
  • Cons: You must wait longer, and if your health or life expectancy is shorter, you may not collect long enough to offset the delay.
Key Considerations
  • Health & Longevity: If you expect to live into your late 80s or 90s, delaying usually pays off.
  • Other Income Sources: If you have pensions, 401(k)s, or investments, you may be able to wait longer.
  • Spousal Benefits: Coordinating timing between spouses can increase household income.
  • Cash Flow Needs: If you retire early and need income, claiming sooner may be necessary.
✅ Bottom Line:
  • 65 = smaller, earlier income.
  • 67 = standard, full benefit.
  • 70 = maximum lifetime income.
Retirement