When to Claim Social Security
The break-even analysis: claiming at 62 vs 67 requires living past ~79 for the later claim to win in total lifetime dollars. Claiming at 62 vs 70 break-even: ~81–82. Most financial planners recommend delaying to 70 for the higher earner in a couple, because Social Security becomes the survivor benefit — the higher-earning spouse's check is what the surviving spouse collects for life. The key variable isn't life expectancy, it's health at the time of decision. If you have a serious illness at 62, claiming early likely maximizes lifetime income.
At what age should I claim Social Security?
For most people in good health, delaying to age 70 maximizes lifetime income — especially for the higher earner in a couple, since that benefit becomes the survivor check. The break-even vs claiming at 62 is roughly age 81–82.
What happens if I claim Social Security at 62?
Claiming at 62 permanently reduces your benefit to 70% of your full retirement amount. You receive more checks over your lifetime, but each one is smaller. The reduction never reverses, even if you reach full retirement age.