Taking Social Security at Age 62 vs. 67 vs. 70

05.15.2026 | Category: Navigating Your Retirement

Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Summary: The right time to take Social Security depends on your personal situation. You can start claiming at age 62, but waiting until age 70 provides the maximum monthly benefit, so the best choice balances your financial needs, health, and retirement plans.

Are you approaching retirement or planning ahead? Let’s explore how to make the best choice for your retirement years and guide you through the complex nature of Social Security timing.

Key Takeaways

Your Social Security benefit amount depends on the age you start claiming.
Full Retirement Age (FRA, typically 66–67) gives you 100% of your benefit.
Delaying benefits past FRA increases your monthly payment by about 8% per year, up to age 70.
Claiming early at 62 reduces your monthly benefit by up to 30%.
Plan your claiming strategy alongside savings, pensions, expenses, and other income for a secure retirement.

Retirement ages for full Social Security benefits

One of the most common questions we hear is, ‘What is the retirement age for Social Security?’ The answer depends on your birth year. Here’s a simple social security retirement age chart to find your baseline:

Birth Year	Full Retirement Age
1954 or earlier	66 years
1955	66 years, 2 months
1956	66 years, 4 months
1957	66 years, 6 months
1958	66 years, 8 months
1959	66 years, 10 months
1960 or later	67 years

Your full retirement age serves as the foundation for calculating your benefits, regardless of when you choose to claim them. This number is crucial when considering the social security decision at any age.

By using your full retirement age as a starting point, you can better coordinate Social Security with other assets to ensure your money lasts.

To learn more about how your claiming age coordinates with taxes, spousal benefits, and your overall retirement income, explore our free guide:

What Are My Social Security Options?

What Age to Take Social Security?

Your decision about when to claim Social Security, whether at 62, 65, 67, or 70 shouldn’t be made in isolation. Instead, it should be part of a comprehensive retirement planning process that takes into account various factors.

This chart illustrates the payout percentage for someone who is 67 at full retirement age

Age you begin receiving benefits	Your Social Security payout percentage
62	70%
63	75%
64	80%
65	86.7%
66	93.3%
67	100%
68	108%
69	116%
70	124%

As you can see, the age you claim Social Security impacts your payout percentage. As Mark Zagurski, director of strategy and operations at Mutual of Omaha Advisors and host of the Make it Personal Podcast, highlights “each year you delay beyond full retirement age increases your monthly benefit by 8% resulting in a 24 to 32% higher payout at age 70.” That’s why it’s important to balance the following factors when choosing when to claim:

Taking Social Security out at Age 62

Filing at age 62 is the earliest possible option, but it comes with a permanent reduction in your monthly benefit. For those born in 1960 or later, claiming at 62 results in a 30% reduction compared to your full retirement age amount. This is often chosen by those who need immediate liquidity for personal or business reinvestment.

Feature	Impact of Claiming at Age 62
Benefit Percentage	70% of your full retirement age amount
Estimated Monthly Payment	$1,400 (Based on a $2,000 FRA baseline)
Earnings Limit	Benefits may be temporarily reduced if you earn over the annual limit
Primary Advantage	Immediate access to funds; receiving payments for a longer period of time
Primary Disadvantage	Lowest possible monthly check for the rest of your life

Taking Social Security out at Age 67

For anyone born in 1960 or later, age 67 is considered your Full Retirement Age. Claiming at this point ensures you receive 100% of the benefit you earned through your working years. This is widely considered the “baseline” strategy for retirement planning, offering a balance between monthly income and total lifetime value.

Feature	Impact of Claiming at Age 67
Benefit Percentage	100% of your Full Retirement Age amount
Estimated Monthly Payment	$2,000 (Standard baseline)
Earnings Limit	None; you can work and earn any amount without a benefit reduction
Primary Advantage	You receive your full earned benefit without early‑filing penalties
Primary Disadvantage	Misses out on the 8% annual growth offered by delaying until 70

Taking Social Security out at Age 70

Waiting until age 70 allows you to maximize your Social Security benefit through Delayed Retirement Credits. For every year you wait past age 67, your benefit increases by 8%. By age 70, you will receive 124% of your baseline amount. This is the “longevity” strategy designed to provide the highest possible guaranteed monthly income.

Feature	Impact of Claiming at Age 70
Benefit Percentage	124% of your Full Retirement Age amount
Estimated Monthly Payment	$2,480 (Based on a $2,000 FRA baseline)
Earnings Limit	None; no restrictions on outside income
Primary Advantage	Highest possible monthly payment; serves as “longevity insurance”
Primary Disadvantage	Requires other income sources to cover the 8-year gap from age 62

How To Decide When to Take Social Security Benefits

Deciding when to claim is rarely just a math problem; it’s a life-stage transition. While many plan to wait until age 67 or 70 to maximize their benefits, reality often shifts those timelines.

According to a 2025 Mutual of Omaha Retirement study*, 71% of retirees stopped working between ages 60 and 70, 53% reported retiring earlier than they had originally planned. Because retirement often happens unexpectedly, it is crucial to build a strategy that is resilient enough for any timeline.

Financial Considerations

Your choice of Social Security age should align with your overall financial picture. Consider your retirement savings, expected expenses, and other income sources. Remember, Social Security typically replaces only about 40% of pre-retirement income and many retirees are left to rely on it for a much larger percentage.

A comprehensive financial assessment should include:

Current savings and investments
Pension or other retirement income
Expected retirement lifestyle costs
Healthcare expenses beyond Medicare
Debt obligations
Inflation expectations
The possibility of benefit reductions in the future

Health and Longevity Factors

Your health and family history play crucial roles in your social security decision. If you have a family history of longevity, waiting until age 70 and receiving delayed retirement credits might be advantageous. However, if you have health concerns, claiming earlier could be the better choice.

Health is a primary driver for early retirement, especially for women, who are significantly more likely (32%) than men to retire due to their own health or a loved one’s health needs.* Consider these health-related factors:

Current health status and ongoing medical needs
Family history of longevity
Lifestyle factors affecting health
Access to quality healthcare
Long-term care planning

Marital Status

Married couples may be eligible for spousal benefits based on a partner’s work record, even if one spouse didn’t work enough credits to qualify on their own. Typically, a spouse can receive up to 50% of their partner’s full retirement age benefit starting at their own full retirement age, and if one spouse dies, “a surviving spouse can collect 100% of the late spouse’s benefit if the survivor has reached retirement age,” according to Zagurski.

Consider these factors:

Spousal and survivor benefit eligibility
Age differences between spouses
Coordinating claim timing for higher lifetime benefits
Impact of one spouse delaying benefits

Employment Status

Whether you plan to keep working or retire fully can affect when it makes sense to claim Social Security. If you claim before full retirement age and earn above SSA limits, your benefits may be temporarily reduced until you reach full retirement age.

This transition is often more gradual than people expect. While 66% of individuals over 50 identify as fully retired, nearly 1 in 10 (8%) remain in the workforce in a part-time or self-employed capacity.* Consider these factors when balancing work and benefits:

Current work and future earning plans
Annual earnings limits before full retirement age
How withheld benefits are recalculated at full retirement age
Timing of retirement relative to benefit claiming (SSA)

Social Security and Medicare Coordination

For your optimal retirement plan, it’s important to understand how claiming Social Security at various ages and enrolling in Medicare work together. Claiming Social Security can impact enrollment and how you pay your Medicare Part B premiums, so coordinating the timing is key. Consider working with a Mutual of Omaha financial professional to help you navigate these decisions and determine what is important when making your plan.

Which Age is Right for You? 62 vs 67 vs 70

Deciding when to claim Social Security depends on your financial needs, health, and retirement plans. Zagurski advises: “Ultimately, it’s your choice and you should make an informed decision about when to apply for your social security benefits based on your personal situation.”

Consider Taking Social Security Benefits Earlier If…

You need income to cover living expenses
You have health concerns or shorter life expectancy
You plan to continue working but need partial retirement income
You want to maximize benefits for a spouse who is younger

Consider Delaying Social Security Benefits If…

You can cover expenses from savings or other income sources
You are in good health with a family history of longevity
You want a higher monthly benefit for yourself or a spouse
You plan to retire fully and don’t need immediate income

Make Your Social Security Decision with Mutual of Omaha Professional Advice

The choice of when to claim Social Security is personal and depends on your unique circumstances. As you near retirement, taking a comprehensive approach to your decision is crucial. Consider:

Using retirement planning tools and calculators
Creating a retirement budget
Evaluating different claiming scenarios

Working with a Mutual of Omaha financial professional can help you better understand how Social Security fits into your overall retirement strategy. At Mutual of Omaha, our financial professionals can help you explore your options and can help create a comprehensive plan that aligns with your goals and circumstances.

Social Security FAQs

Can I change my mind after starting Social Security benefits?

Yes, but only within 12 months from when you started receiving benefits. You must also repay all benefits received. You can only do this once in your lifetime.

How is my Social Security benefit calculated?

To qualify for Social Security retirement benefits, you need to earn at least 40 credits, which typically requires about 10 years of work. You can earn up to four credits each year, with the exact amount of earnings required for a credit updated annually. Your retirement benefit is calculated based on your average indexed monthly earnings (AIME) from your highest 35 years of earnings. If you have fewer than 35 years of earnings, the missing years are counted as zeros, which can lower your benefit amount. In general, working more years and earning higher wages will increase your retirement benefit.

What happens to my spouse’s benefits if I delay Social Security?

Your spouse must wait until you file to get spousal benefits. But delaying increases potential survivor benefits.

Will Social Security be enough for retirement?

Social Security usually replaces 40% of pre-retirement income, so additional savings are often necessary. With fewer pensions available, it’s important to build retirement funds through 401(k)s, IRAs, or personal savings. If savings are limited, delaying Social Security benefits until full retirement age or later can boost monthly payments. A financial professional can help you create a plan to maximize your retirement resources.

How much Social Security do you lose if you retire at 65 instead of 67?

If you retire at 65 instead of your full retirement age (FRA) of 67, you will receive a permanent reduction in your Social Security benefits.

Social Security benefits are reduced by about 6.7% for each year before FRA.
Since 65 is 2 years before 67, the reduction would be roughly 13.3%.
For example, if your FRA benefit is $1,800/month, retiring at 65 would lower it to about $1,560/month.

This reduction is permanent, meaning your monthly benefit will stay lower for the rest of your life.

Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Mark is Mutual of Omaha Advisors’ Director of Strategy & Communications. With more than 30 years of experience, he has worked extensively in advisor development, strategy, and communications, focusing on helping advisors and their clients make informed financial decisions. He is also the host of the Mutual of Omaha Advisors podcast, “Make it Personal,” which explores personal finance and strategies to help you take control of your money and future.

Sources:

*About this survey: Mutual of Omaha worked with research vendor, quantilope, to conduct research related to Decumulation – the strategic drawdown of assets during retirement years. This research had a sample size of 496 respondents aged 50+ who were already retired (n=327) or nearing retirement (n=169) within the next 10 years. Respondents who stated they did not have at least some assets to draw down during retirement were excluded from the survey. The research was conducted in a 10-minute online survey from October 6-15, 2025. All data included in this report are based on Mutual of Omaha proprietary research unless otherwise noted.

Social Security Administration. (n.d.). Retirement planner: Credits. https://www.ssa.gov/benefits/retirement/planner/credits.html Retrieved April 6, 2026

Disclosures:

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

All investing involves risk, including the possible loss of principal and there can be no assurance that any investment strategy will be successful.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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