Social Security

Claim at 62: You receive benefits sooner, but they're permanently reduced by up to 30% (for those born 1960+) compared to your Full Retirement Age benefit.

Claim at FRA (67): You receive 100% of your earned benefit. You also become eligible for full spousal and divorce benefits.

Delay to 70: Every year past FRA increases your benefit by 8% per year — guaranteed, risk-free. At 70, your benefit is 24% higher than at FRA.

Delay if: You're in good health, have longevity in your family, have other income sources, or are the higher earner in a married couple (maximizes survivor benefits).

Claim early if: You have significant health issues, need the income, have a shorter life expectancy, or are in a lower-earning spouse situation.

Break-even: Delaying from 62 to 70 typically breaks even around age 80–82. If you expect to live past that, waiting pays off substantially.

Spousal benefit: Up to 50% of your spouse's FRA benefit, even if you never worked. You must be at least 62 and your spouse must be collecting.

Survivor benefit: A widow/widower can receive up to 100% of the deceased spouse's benefit. The higher earner delaying to 70 maximizes the surviving spouse's income for life.

Divorced spouses may also qualify if the marriage lasted 10+ years.

Apply up to 4 months before you want benefits to begin — your first payment arrives about a month after your elected start date.

• Online at ssa.gov/benefits/retirement

• Call 1-800-772-1213

• Visit your local Social Security office

Create a My Social Security account at ssa.gov to see your personalized benefit estimates at 62, FRA, and 70 based on your actual earnings history.