What each claiming age does to your check
| Start at age | Share of full benefit | Monthly check |
|---|---|---|
| 62 | 70% | $1,400 |
| 67 (full retirement age) | 100% | $2,000 |
| 70 | 124% | $2,480 |
Example for someone born in 1960 or later whose full retirement age benefit is $2,000 a month. Before cost-of-living adjustments.
The reduction for claiming early is permanent. So is the increase for waiting. Cost-of-living adjustments are then applied to whichever amount you locked in, so a larger starting check also gets larger raises in dollars.
The break-even age
Waiting from 67 to 70 in the example means giving up 36 checks of $2,000, or $72,000. After 70, the larger check pays $480 more each month. It takes about 150 months to make up the difference, which puts the break-even age around 82 and a half, before taxes and cost-of-living increases. Live past that and waiting paid off. A 67-year-old in good health has a real chance of living well past 82, and a married couple has an even better chance that at least one of them will.
For married couples, think about the survivor first
When one spouse dies, the household keeps the larger of the two Social Security checks and loses the smaller one. That makes the higher earner’s claiming age a decision about the survivor’s income as much as their own. A higher earner who waits until 70 is, in effect, buying a larger lifetime income for whichever spouse lives longer.
A lower-earning spouse can receive a spousal benefit of up to half of the other spouse’s full retirement age benefit. Spousal benefits do not grow past full retirement age, so there is no reason for that spouse to delay the spousal portion beyond 67.
Taxes on Social Security
Up to 85 percent of your benefit can be taxable on your federal return, depending on your other income. California does not tax Social Security at all. Drawing from an IRA in your 60s while you delay Social Security can lower future RMDs and leave more of your income in the form California does not tax. See required minimum distributions.
When claiming early can make sense
Claiming before full retirement age can be reasonable if your health or family history points to a shorter life, if you are single with no one depending on a survivor benefit, or if the alternative is selling investments in a bad market. It is rarely the right call only because the money is available.
What I look at with clients
I compare claiming ages for both spouses against the rest of the income plan at the same time. The best Social Security age depends on what else is paying the bills between retirement and 70.
Questions people ask
Can I change my mind after I claim Social Security?
Within 12 months of starting benefits you can withdraw your application once, by paying back everything you received. After full retirement age you can also suspend benefits to earn delayed credits until 70.
Will Social Security run out?
The trust funds are projected to run short in the early to mid 2030s. If Congress does nothing, incoming payroll taxes would still pay roughly 80 percent of scheduled benefits. Most plans assume some reduction is possible rather than zero.
Does working while collecting reduce my benefit?
Before full retirement age, Social Security withholds some benefits if your earnings pass an annual limit. The withheld amount is not lost: your benefit is recalculated upward at full retirement age. After full retirement age there is no limit.
Sources
Pete Alexander plans retirement income, asset protection and insurance for families in Fremont and the East Bay, and co-wrote Crash Proof Wealth with Brett Kitchen. More about Pete.
This guide is general information. It is not tax, legal or investment advice or a recommendation to buy any product. Figures and rules were checked on October 25, 2026 and can change. Talk with a qualified professional about your own situation.