Social Security at 62 vs 67: Claim Early or at FRA?
Compare claiming Social Security at 62 (70% of PIA) versus full retirement age 67 (100%) — the most common decision.
Compare claiming Social Security at 62 (70% of PIA) versus full retirement age 67 (100%) — the most common decision.
For people with FRA 67, claiming at 62 pays 70% of PIA and claiming at 67 pays 100%. On a $2,000 PIA that is $1,400 vs $2,000 per month — a 43% difference.
The break-even for 62 vs 67 is usually around age 77-78: the five years of early payments are offset by the larger checks. Waiting to 67 also strengthens the spousal and survivor benefits based on your record.
If you are torn between 62 and FRA, run the 62 vs 67 calculator; if you are considering waiting further, see 67 vs 70.
Frequently Asked Questions
What is the break-even for 62 vs 67?
Usually around age 77-78 for typical benefit levels — calculate your own in the calculator.
Why is 62 vs 67 a 43% monthly gap?
70% of PIA vs 100% of PIA: $1,400 vs $2,000 on a $2,000 PIA.
Should I claim at 62 if I need money now?
If you cannot cover expenses otherwise, early claiming can be the right call — but weigh the permanent reduction against alternatives (see early claiming analysis).