Social Security at 62 vs 67 vs 70: When Should You Start Claiming Your Benefits?
How age, longevity, and trade-offs shape your lifetime income
For many retirees, Social Security feels straightforward. Pick an age, file the paperwork, and the checks begin. In reality, it’s one of the most permanent and financially meaningful decisions you will ever make in retirement.
Once you claim, most of the decision is locked in for life. The age you choose can affect your monthly income, your spouse’s future benefits, your tax picture, and how resilient your retirement plan is over decades.
Let’s walk through how claiming at 62, 67, or 70 actually works, what the math says, and how real retirees think about the trade-offs.
The Basics: What Changes at 62, 67, and 70
Before strategy, you need clarity.
Claiming at 62 (Early Retirement Age)
Earliest age you can claim
Monthly benefit permanently reduced
Roughly 25–30% lower than your full retirement benefit
Lower checks for life, including survivor benefits for a spouse
Claiming at 67 (Full Retirement Age for most retirees today)
You receive 100% of your earned benefit
No early filing penalty
Often treated as the “neutral” or baseline option
Claiming at 70 (Maximum Benefit Age)
Benefits increase by about 8% per year after full retirement age
Roughly 24–32% higher monthly income than claiming at 67
Highest lifetime and survivor benefit, but fewer total years of payments
On paper, this looks like a math problem.
In practice, it’s a planning problem.
Why the “Best” Age Is Different for Everyone
There is no universally optimal claiming age. The right choice depends on how Social Security fits into the rest of your financial life.
Key variables include:
Life expectancy and family health history
Marital status and spousal benefits
Other income sources, like pensions, rental income, or portfolios
Tax brackets before and after claiming
Need for cash flow versus desire for higher guaranteed income later
Social Security is a whole lot more than a check; it’s an inflation-adjusted, government-backed income. That makes it one of the safest assets in your retirement plan.
Anonymous Story #1: Claiming Early for Flexibility
One of our clients, David (name changed), retired at 62 after a long career in sales. He was healthy, but burned out. His portfolio was solid, and his mortgage was paid off.
David knew claiming early meant a lower monthly benefit forever. He also knew he valued flexibility more than maximizing future income.
By claiming at 62, David:
Reduced withdrawals from his investment portfolio early in retirement
Used Social Security as a “bridge” while markets were volatile
Preserved optionality to delay tapping other assets
For David, the psychological benefit of steady income during the early years of retirement outweighed the higher checks he would have received later.
This was not a math-only decision.
For him, it was a lifestyle decision.
Anonymous Story #2: Delaying to Protect a Spouse
One of our couples, Susan and Mark (names changed), were both 66. Susan had earned much more over her career. Mark planned to rely on a spousal benefit.
They initially assumed they would both claim at full retirement age. After running projections, they changed course.
Susan delayed claiming until 70.
Why?
Her higher benefit would become Mark’s survivor benefit if she passed first
The increased monthly income reduced longevity risk for the household
Their investment portfolio could support the delay without stress
Delaying raised Susan’s check AND strengthened the entire retirement plan.
The Breakeven Question (And Why It Is Incomplete)
You will hear about breakeven age, the point where total lifetime benefits are equal whether you claim early or late. This framing is useful, but incomplete.
That’s because a breakeven analysis:
Ignores sequence of returns risk
Ignores taxes
Ignores spousal and survivor benefits
Ignores the emotional value of guaranteed income
A higher Social Security benefit later in life can reduce pressure on retirement savings and investment portfolios during market downturns. That risk management value is hard to capture in a simple spreadsheet.
Taxes Matter More Than Most People Expect
Social Security benefits can be taxable depending on your total income.
Claiming age affects:
Provisional income calculations
Roth conversion opportunities before claiming
Required minimum distributions later in retirement
In many cases, the smartest Social Security decision is coordinated with tax planning years in advance. This is where one-size-fits-all advice breaks down.
How to Think About the Decision
Instead of asking, “What age pays the most?”
Ask:
What role does Social Security play in my retirement income?
Do I need income now, or resilience later?
How does this decision affect my spouse?
How does this interact with taxes and withdrawals?
Social Security is a benefit, yes, but it’s really a foundational income asset.
Final Thought
Claiming Social Security is one of the few retirement decisions you cannot easily undo.
The right answer is not about perfection. It is about alignment with your goals, risks, and life circumstances.
A thoughtful plan can turn Social Security from a confusing government program into a powerful tool for long-term stability.
So, if you are within a few years of claiming Social Security, or already retired and unsure if you made the right choice, it is worth getting a second look.
Sandbox Financial Partners helps retirees and near-retirees evaluate Social Security decisions as part of a complete financial plan, including tax strategy, investment coordination, and spousal considerations. We also have a Social Security Expert on retainer who will provide a detailed explanation and assist with the strategy and guidance.
A short conversation today can clarify a decision that affects the rest of your life.
👉 Schedule a planning conversation with Sandbox Financial Partners to understand how Social Security fits into your bigger picture.