Claiming Social Security at 62, 67, and 70: The Costs Retirees Need to Know in 2026

2026 is an important year for Social Security decisions because it's the first year when full retirement age (FRA) is officially 67 for those born in 1960 or later. This completes the gradual change from age 65 that was established by the 1983 Social Security reforms.

What does that mean for your retirement plan? Starting this year, the costs and benefits of claiming at age 62, 67, and 70 are clearly laid out for everyone. Knowing the reductions, earnings limits, and maximum benefit number now will help you choose the right retirement age and be realistic about returns.

How Social Security really works in 2026

Your benefit is based on the primary insurance amount (PIA), the monthly benefit calculated from the 35 highest-earning years of your work history. It's payable at full retirement age (FRA). Claiming earlier than FRA reduces your benefit, while delaying up to age 70 earns you delayed retirement credits (DRCs).

These DRCs increase the monthly amount by around 8% each year you wait between FRA and 70. In 2026, FRA is 67, or the standard comparison is 62 vs. 67 vs. 70 for this cohort of retirees.

Claiming at 62: Early income, big trade-offs

Age 62 is the earliest you can claim standard retirement benefits, and this doesn't include disability or survivor benefits. In exchange for getting funds sooner in life, you take the steepest permanent reduction.

Social Security reduces benefits fractionally for every month before FRA. The most a high earner can receive in this case is $2,969 per month. This leaves around $1,183 per month on the table if you don't wait until FRA and $2,212 per month compared to waiting until 70.

The earnings test also applies here. If in 2026, you're under FRA and still working, $1 in benefits is withheld for every $2 you earn over $24,480. Heavy earners could see much of their early benefits withheld until later.

Claiming at 67: Hitting full retirement age

Remember, in 2026, 67 is the FRA for those born after 1960, and you get 100% of PIA with no early-claiming reduction. The earnings test also goes away, so you can work as much as you want without having your benefits withheld (You may still have income tax considerations).

At 67, the maximum monthly benefit is $4,152, roughly 40% higher than the $2,969 you would have gotten at 62. It's a nice middle ground for those who don't want to wait another three years to claim.

Claiming at 70: Maximizing the check

If you can delay past FRA to age 70, you get the biggest check possible. Someone with high lifetime earnings who waits this long can see up to $5,181 per month compared to just $2,969 if retiring at 62. This can equal up to $2,000 per month for a lifetime, a significant difference for those around long enough to maximize it.

There's no additional increase after this age, so delaying beyond it has no upside within a Social Security context.

When each age makes the most sense

Here's a snapshot of what each retirement timeline offers:

At age 62: Early claiming may make sense for those in poor health and with a shorter life expectancy, or who need the income to meet basic needs. If you're facing job loss or financial hardship, it may be worth the reduction in lifetime benefits and survivor benefits for a spouse.

At age 67: This is FRA. Many planners see claiming now as a reasonable default for those in average health who can't wait until 70 but don't want to cut benefits.

At age 70: If you think you may have a long life, waiting for maximum benefits may add the most income without any Social Security earnings test penalties and could have you living more comfortably at an age where health care costs rise, and working ability decreases.

Choosing your break-even age

Another way to look at it is, "What is the point where the total dollars collected by waiting finally catch up and surpass the total dollars from an earlier collection?" This number is the break-even age, and it's going to be different for every person, based on their earnings and other factors.

Some wealth planners using average earnings numbers estimate these ages as examples of what break-even might look like for you (actual numbers will vary).

• 62 vs. 67: Break-even age is around 79
• 62 vs. 70: Break-even age is around 80-81
• 67 vs. 70: Break-even age is around 82-83

These numbers might not hold true for couples, who require some additional calculations. If you expect to live beyond these ages, delaying can win in total dollars. If not, claiming earlier may make the most sense.

Bottom line

What's your highest value in retirement? This is a very personal question that only you can answer. Do you want earlier income (even with a possible penalty), more monthly income, or more years of income?

You should also consider spouse survivor benefits, which can change your retirement goals from what "you want" to what's best for your household.

If you think your spouse will need extended or special care after you're gone, this is a good conversation to have with a professional. Someone experienced in looking at all the possible outcomes can frame the numbers in a more meaningful way than what you can find in spreadsheets and charts.