The Pros and Cons of Claiming Social Security at 62, 67, and 70

For many years, turning 65 meant it was time to retire. However, in 1983, Congress passed a law that raised the retirement age. Beginning with people born in 1938, the retirement age gradually increased by a few months for every birth year. Today, full retirement age (FRA) is 67 for people born in 1960 or later.

If you're on the fence about when to make your Social Security claim, comparing the pros and cons of claiming at ages 62, 67, and 70 may help.

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Claiming benefits at age 62

Pros

• Provides immediate income: If you've lost a job, fallen ill, plan to reduce your hours, or simply need the income, filing for benefits at 62 will provide you with the money you need.
• May be part of an overall strategy: If you've always planned to retire early or have a spouse who's already collecting full or delayed benefits, it may make sense to add a Social Security payment to your household income.

Cons

• Permanently reduces benefits: Making your claim at 62 permanently reduces your monthly benefits -- potentially by up to 30% as compared to age 67. If you live longer than average, the reduced monthly payments may not be sufficient.
• There's an earnings limit in place: If you continue to work while receiving benefits, the government may temporarily reduce your benefits if you earn above a certain threshold. In 2026, that threshold is $24,480.

Claiming benefits at age 67

Pros

• You've earned full benefits: At 67, you'll receive 100% of your earned benefits, and those benefits may provide you with greater financial security.
• No earnings limit: You can still work without worrying about your income impacting benefits.

Cons

• Your financial needs may be more immediate: Waiting an extra five years to claim benefits could put you in a deeper financial hole.
• Poor health may be an issue: If you have serious health issues or a shorter life expectancy, waiting may not make sense.

Claiming benefits at age 70

Pros

• You'll receive a larger check: For each year you wait past age 67, your monthly benefit increases by 8%. For example, if you would have received $2,000 per month at FRA, you would get $2,480 instead.
• Reduced stress on savings: The higher your Social Security payments, the less you'll need to withdraw from your personal savings and retirement account in retirement.

Cons

• Could stretch your budget: If you've already retired, waiting until age 70 to collect benefits could put a strain on your budget.
• There may be an opportunity cost: Waiting until 70 could cause you to miss out on years in which you could use benefits for living expenses or investments.

Unless you must claim Social Security benefits to pay your bills, consider consulting with a financial or retirement advisor who can help you tailor your claiming strategy to your unique circumstances.

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