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Claiming at 62 gives you 76% of full benefit forever. Waiting until 70 gives you 124%. The right choice depends on your situation.
76%
Claim at 62
Of full benefit (permanent)
100%
Claim at 67 (FRA)
Full retirement age benefit
124%
Claim at 70
Maximum benefit (permanent)
78-82
Break-Even Age
When delayed beats early
Based on $2,000 FRA Benefit
| Feature | Monthly Benefit | Lifetime Total by 85 |
|---|---|---|
| Claim at 62 | $1,400/month | $386,400 (23 years) |
| Claim at 64 | $1,600/month | $403,200 (21 years) |
| Claim at 67 (FRA) | $2,000/month | $432,000 (18 years) |
| Claim at 70 | $2,480/month | $446,400 (15 years) |
The Break-Even Math
Poor Health / Short Life Expectancy
If you likely won't live past 78, claiming early maximizes lifetime benefits.
Need the Income Desperately
No savings, can't work, need money NOW. Survival beats optimization.
Spousal Strategy
Lower-earning spouse claims early while higher earner delays to 70 for max survivor benefit.
Good Health / Family Longevity
Parents lived to 85+? You likely will too. Delay = more money for decades.
Have Other Income Sources
Can live off savings/pension from 62-70? Delay provides guaranteed 8%/year return.
Higher Earner (Married)
Your benefit becomes survivor benefit for spouse. Maximize it for their protection.
Inflation Hedge
Higher base benefit = higher COLA adjustments forever. Compounds over 20+ years.
8% Guaranteed Return
Key Takeaways