Claiming at 62 pays 70% of your full benefit; at 67, your full benefit; at 70, 124% of it — a 77% higher monthly amount for life, and cost-of-living increases compound on the larger base. The break-even age is usually in the early eighties, but break-even is the wrong frame: Social Security is longevity insurance, and the risk you are insuring is living to 94 having claimed at 62. For couples, the survivor keeps the larger of the two benefits, so the higher earner's claiming age sets the survivor's income floor — which decides the question more often than any calculation.
What each age pays, on the same record
Your primary insurance amount — PIA — is what you receive at full retirement age, which is 67 for anyone born in 1960 or later. Every other age is a percentage of it.
| Claiming age | Share of your PIA | On a $2,000 PIA | On a $3,000 PIA |
|---|---|---|---|
| 62 | 70% | $1,400 a month | $2,100 a month |
| 63 | 75% | $1,500 | $2,250 |
| 64 | 80% | $1,600 | $2,400 |
| 65 | 86.7% | $1,733 | $2,600 |
| 66 | 93.3% | $1,866 | $2,800 |
| 67 — full retirement age | 100% | $2,000 | $3,000 |
| 68 | 108% | $2,160 | $3,240 |
| 69 | 116% | $2,320 | $3,480 |
| 70 | 124% | $2,480 | $3,720 |
Claiming at 70 rather than 62 is a 77% higher monthly benefit for life, before cost-of-living adjustments — and the adjustments compound on the larger base. The cost-of-living adjustment for benefits paid in 2026 was 2.8%; SSA has announced a 3.6% increase beginning with benefits payable in January 2027. Delayed retirement credits stop at 70; there is no reason to wait past your seventieth birthday.
Figures are from ssa.gov and assume a full retirement age of 67. Your own PIA is on your Social Security statement at ssa.gov/myaccount — get it before making this decision, not after.
Break-even is the wrong frame, and here is the right one
The standard analysis asks at what age the cumulative total from claiming late overtakes claiming early. That crossover typically lands in the early eighties, and it makes the decision look like a bet on your own longevity. Our calculator will compute it on your numbers →
But it frames the question backwards. Social Security is not an investment you are trying to maximise the return on — it is insurance against living a long time and running out of money. You do not buy insurance hoping to break even on it. The scenario that actually damages a household is not dying at 79 having waited; it is living to 94 having claimed at 62. Delaying buys inflation-adjusted, government-backed income for exactly that scenario, and there is no other product that does it as cheaply.
The survivor benefit, which decides it for couples
This is the most under-discussed fact in the entire decision. When one spouse dies, the survivor keeps the larger of the two benefits, not both. So the higher earner’s claiming age sets the floor for the survivor’s income for the rest of their life — which may be decades.
The practical consequence for most couples: the higher earner delays as far as they can afford, because that benefit will be paid over two lifetimes; the lower earner can claim earlier to provide cash flow in the meantime. That single asymmetry resolves more of these conversations than any break-even calculation.
If you are still working, the earnings test applies
- Before the year you reach full retirement age: $1 of benefit is withheld for every $2 earned above $24,480 in 2026.
- In the year you reach it: $1 withheld for every $3 above $65,160, counting only months before your birthday. For 2027 SSA has announced limits of $25,560 and $67,920.
- From full retirement age onward: no limit at all.
The withheld money is not lost — your benefit is recalculated upward at full retirement age to credit it back. It is still a strong argument against claiming at 62 while working, because the cash is deferred and the reduction is permanent.
If you have a California public pension
This changed recently and it matters a great deal locally. The Windfall Elimination Provision and the Government Pension Offset — the two rules that cut Social Security for people receiving a pension from work not covered by Social Security — were repealed by the Social Security Fairness Act, signed in January 2025. Many CalSTRS members, and CalPERS members in non-covered positions, had been receiving reduced benefits or none at all under those rules.
If you were told years ago that your Social Security would be cut or eliminated because of a teaching or public-safety pension, that advice is now out of date and the decision is worth reopening. SSA reports that by July 7, 2025 it had sent more than 3.1 million retroactive payments to people whose benefits had been reduced by these rules. If you never applied because you expected a reduction, the Act did not change the usual limit on back payments for new applications — generally no more than six months — so do not delay filing. Confirm your current record and any applicable retroactive-payment guidance directly with the Social Security Administration before making a claiming decision.
CalSTRS → · CalPERS → · CalSTRS and Social Security together →
Common questions
What is the best age to claim Social Security?
There is no single best age. Claiming at 70 maximises the monthly amount and is usually right for the higher earner in a couple and for anyone in good health with other resources. Claiming at 62 can be right if you have a health condition that shortens life expectancy, if you have no other income and cannot work, or if claiming lets a higher-earning spouse delay.
Will Social Security still be there?
The 2026 Trustees Report projects the combined Social Security trust funds (OASDI) will be depleted in 2034, after which ongoing revenue would cover about 83% of scheduled benefits absent a change in law; the retirement fund (OASI) alone is projected to run out in 2032, with about 78% payable. That is a meaningful risk and it is not the same as the programme disappearing. Claiming early to beat a legislative change is a bet, and it is a permanent one.
Does working longer increase my benefit?
It can. Your benefit is based on your highest 35 years of indexed earnings. If you have fewer than 35 years, or recent years earn more than an old year in the calculation, additional work raises the amount — separately from the effect of claiming later.
Are Social Security benefits taxed?
Federally, up to 85% of benefits can be taxable depending on your combined income. California does not tax Social Security benefits. The federal treatment is one of the reasons Roth conversions before claiming can be worth modelling.
Bring your Social Security statement
Thirty minutes. With a pension in the picture, this decision has more moving parts than any calculator shows.