Your Full Retirement Age Sets the Baseline
Your full retirement age, or FRA, is the age at which you get 100% of the benefit you earned. It depends on your birth year. Claiming before it shrinks the check. Claiming after it grows the check, up to age 70.
| Born | Full retirement age | Cut if you claim at 62 |
|---|---|---|
| 1943 to 1954 | 66 years | 25.00% |
| 1955 | 66 years, 2 months | 25.83% |
| 1956 | 66 years, 4 months | 26.67% |
| 1957 | 66 years, 6 months | 27.50% |
| 1958 | 66 years, 8 months | 28.33% |
| 1959 | 66 years, 10 months | 29.17% |
| 1960 and later | 67 years | 30.00% |
How the Check Changes at Each Age
Two rules drive the numbers. Before FRA, the benefit drops 5/9 of 1% for each month early, for the first 36 months, then 5/12 of 1% for each month after that. After FRA, it rises 2/3 of 1% for each month you wait, which is 8% a year, until age 70. The table uses a full retirement age of 67 and a full benefit of $2,000 a month.
| Claim at | Share of full benefit | Monthly check | Per year |
|---|---|---|---|
| 62 | 70% | $1,400 | $16,800 |
| 63 | 75% | $1,500 | $18,000 |
| 64 | 80% | $1,600 | $19,200 |
| 65 | 86.7% | $1,733 | $20,800 |
| 66 | 93.3% | $1,867 | $22,400 |
| 67 | 100% | $2,000 | $24,000 |
| 68 | 108% | $2,160 | $25,920 |
| 69 | 116.0% | $2,320 | $27,840 |
| 70 | 124% | $2,480 | $29,760 |
The gap between 62 and 70 is $1,080 a month, or $12,960 a year. Benefits also get cost-of-living increases, which apply to the larger starting amount, so the gap tends to widen over time.
The Break-Even Math
Claiming later means skipping checks now in exchange for bigger checks later. The break-even age is where the total you have collected from the later claim catches up with the earlier claim. These figures ignore cost-of-living increases, taxes and any return you could earn by investing early checks.
62 versus 67: waiting 5 years costs $84,000 in skipped checks. The larger $2,000 check closes that gap at about age 78.7.
67 versus 70: waiting 3 more years skips $72,000. The $2,480 check catches up at about age 82.5.
62 versus 70: the full 8-year wait breaks even at about age 80.4.
Past the break-even, waiting wins. Before it, claiming early wins. Nobody knows their own lifespan, so the decision is a bet on longevity.
What Break-Even Leaves Out
Your health and family history. Poor health or a short family history favors claiming earlier. Good health favors waiting.
Your spouse. When one spouse dies, the survivor generally keeps the larger of the two benefits. If the higher earner delays, the surviving spouse gets that bigger check for as long as they live. That can matter more than the break-even age.
Whether you can afford to wait. Delaying only works if savings or work income cover the gap. Drawing down a portfolio to bridge to 70 changes your retirement math, so test it against the 4 percent rule before you commit.
Working while you claim. If you claim before FRA and keep working, an earnings limit can temporarily withhold part of your benefit. Check the current limit with the Social Security Administration before you file.
Enter your birth year and benefit to compare every claiming age side by side:
Social Security Calculator →Disclaimer: This article is for educational purposes only and does not constitute financial, tax or legal advice. Figures use Social Security Administration rules for people born 1960 or later and a simplified example. Your benefit depends on your earnings record, and your best claiming age depends on your health, spouse and other income. Check your own statement at ssa.gov or talk to a qualified professional.