Claiming Social Security at 62 or 70 Can Mean 30% Less or 24% More

The Consumer Financial Protection Bureau’s guide to choosing a Social Security claiming age, last updated Jan. 29, 2026, explains a decision U.S. workers can make anytime from 62 to 70. Claiming early can cut a monthly check by up to 30%, waiting can raise it, and free government tools show each person’s own estimate.¹

The choice sticks. Your benefit amount is locked in when you claim, though it is generally adjusted each year for cost-of-living increases.¹ The Social Security Administration says the early-claiming reductions are permanent.² The window is wide, but there is no undo button.

The SSA also says there is no single “best age” to start benefits, because the answer depends on your circumstances.⁶ The CFPB page says it is not legal advice. Here are six things it suggests looking at first.¹

1. Find your full claiming age. For people born in 1960 or later, full retirement age is 67.³ It is earlier for some older birth years.¹ For the 67 group, the CFPB’s chart, built on Social Security data, shows a benefit ranging from 30% less than the full amount at 62 to 24% more at 70.¹ The increase comes from delayed retirement credits, which add to your benefit for each month you wait past full retirement age. AARP and the SSA describe these as 8% a year, and they stop at 70.⁴⁵

2. Look at your own numbers. You can open a free online my Social Security account to review your earnings record and expected benefits. The SSA’s Retirement Estimator also gives estimates, including for spousal, survivor and disability benefits.¹

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3. Think about work in your 60s. According to the CFPB, benefits are based on your highest 35 years of earnings. Working longer can replace some low-earning years and gives you more time to save. Your claiming age is also a separate decision from when you stop working or sign up for Medicare.¹

4. If you’re married, plan as a pair. A surviving spouse can keep the higher of the couple’s two benefits. So when the higher earner claims at full retirement age or later, that larger check can protect the spouse who outlives them.¹ Widowed people can claim a reduced survivor benefit as early as 60, or wait until 70 for the maximum. They can receive only one benefit at a time.¹

5. Add up your other income. On average, the CFPB says, Social Security replaces about 40% of a worker’s income. Savings, pensions, 401(k)s or IRAs need to cover the rest, and they can affect how long you are able to wait.¹

6. Be realistic about how long you might live. The CFPB page cites an average life expectancy at 65 of 87 for women and 84 for men. For people who live into their 80s, the CFPB says, claiming at 62 instead of full retirement age or later can lower lifetime benefits by thousands of dollars.¹

No chart can pick the right age for you, and the SSA says there isn’t one right age for everyone.⁶ Looking at your own estimate first is a good way to make sure the age you choose is one you picked on purpose.