# When should I take Social Security?

Canonical: https://theretirementdecisionlab.com/answers/when-should-i-take-social-security/
Section: Can you afford to retire? (Retirement Decision Lab, Decision 1 · Week 1 · Wed Nov 4)
Facts checked: 2026-10-06 · Next review by: 2027-04-06
Reviewed by: Todd Allyn, Founding Director, Sovereo Intelligence Research

## Short answer

You can claim as early as 62, get your full benefit at full retirement age (67 if you were born in 1960 or later), and earn a larger check for each year you wait, up to age 70.

## Detail

Claiming at 62 cuts the monthly benefit by about 30% for someone whose full retirement age is 67, and the cut is permanent. Waiting past full retirement age raises it 8% for each year you delay, until 70.

Waiting pays off if you live long enough to collect the larger check for many years. Claiming earlier can make sense if you need the income now, have health concerns, or want to leave savings invested longer.

Married couples have more to weigh. When the higher earner delays, the surviving spouse's benefit can be higher too, because the survivor keeps the larger check. You can see your own estimates at different ages in a my Social Security account.

## Where it gets personal

Week 1 puts the claiming choice next to your other income so you can see the trade in dollars. The Retirement Decision Lab: https://theretirementdecisionlab.com/

## Sources

1. Retirement Age and Benefit Reduction, Social Security Administration: https://www.ssa.gov/benefits/retirement/planner/agereduction.html
2. Delayed Retirement Credits, Social Security Administration: https://www.ssa.gov/benefits/retirement/planner/delayret.html
3. Social Security Handbook § 720: Delayed Retirement Credit, Social Security Administration: https://www.ssa.gov/OP_Home/handbook/handbook.07/handbook-0720.html

Education only. Not financial, tax, investment, immigration or legal advice.
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