The three numbers that matter
Social Security gives you three anchor claim ages: 62 (earliest), 67 (Full Retirement Age for anyone born 1960+), and 70 (maximum delayed retirement credits). Between them, you can claim in any given month, and the benefit adjustment is linear between anchors. The core math:
- Claim at 62: 70% of your Primary Insurance Amount (PIA). A 30% permanent reduction.
- Claim at 67 (FRA): 100% of PIA — the baseline.
- Claim at 70: 124% of PIA. An 8%-per-year delayed retirement credit applies between 67 and 70.
For a $2,500 PIA: $1,750/month at 62, $2,500/month at 67, $3,100/month at 70. Over a 30-year retirement, the monthly difference compounds into six-figure lifetime totals.
Break-even ages — the only chart you need
Delaying from 62 to 67 breaks even at age 78. If you live past 78, you come out ahead claiming at 67. Delaying from 67 to 70 breaks even at age 82.5. If you live past 82.5, you come out ahead claiming at 70.
Actuarial tables say a 65-year-old American male has a 50% chance of living past 83; a 65-year-old female has a 50% chance of living past 86. Married couples: there is a 50% chance at least one of you lives past 92. For the average-health retiree, delaying to 70 is the actuarially correct answer — especially for the higher-earning spouse whose benefit survives for the surviving spouse.
The four situations where claiming at 62 is right
Against the general actuarial argument for delaying, four scenarios flip it:
- Known serious health condition that shortens life expectancy below 78. Claim at 62.
- Already stopped working and have no other income. Claim early rather than drain IRAs at unfavorable rates, unless Roth conversions are the alternative.
- Lower-earning spouse with much higher-earning partner. Lower earner can claim at 62; higher earner delays to 70 to maximize the survivor benefit.
- Pressing need (disability, care costs, single with no savings). The math doesn't matter if you can't pay rent at 64.
None of those situations apply to healthy married dual-earners in their early 60s with savings. For them, both claim close to 70.
Spousal and survivor strategy (the real game)
Solo retirees optimize on their own break-even. Married couples optimize on the higher-earner's life expectancy plus spousal longevity. Key rules:
- Spousal benefit = up to 50% of higher earner's PIA at FRA. Available to non-working or lower-earning spouse.
- Survivor benefit = 100% of deceased spouse's benefit (at their claim age). This is why the higher earner should delay to 70 — the surviving spouse gets the bigger check for the rest of their life, potentially 20–30 more years.
- File and suspend is gone. Closed by the Bipartisan Budget Act of 2015. Can't reopen old strategies.
Married-couple default: lower earner claims at 62 (or as soon as they stop working), higher earner delays to 70. Re-check by modeling with our Social Security Break-Even Calculator using both your ages and PIAs.