When to Claim Social Security: 62, 67, or 70?

Deciding when to start Social Security benefits is a major financial decision that affects your monthly income, spouse’s survivor benefits, and tax situation. The three main claiming options are 62, 67, and 70.

Claiming at 62 offers early access to funds but reduces your monthly payment by up to 30%. It also triggers an earnings penalty if you continue working.

At 67, you receive 100% of your full benefit and avoid the earnings test. However, waiting five years means forgoing potential payments.

Delaying until 70 increases your monthly check by 8% per year beyond your Full Retirement Age, providing a guaranteed return. This is ideal for those with strong savings and longer life expectancy.

Your health, financial situation, and family circumstances should guide your choice. Review your options and coordinate with your spouse to maximize long-term benefits.