Deciding when to claim is a permanent decision that locks in your lifetime payout. At age 62, you receive only 70% of your PIA. At age 70, you receive 124%. Each year you delay past your FRA of 67 adds a guaranteed, simple 8% annual return via delayed-retirement credits. For a maximum earner retiring in 2026, deferring to age 70 yields about $5,229 per month ( $62,700 annually) in starting benefits—a substantial inflation-adjusted annuity that can act as a massive safety net before you touch a single dollar of your investment portfolio.
The earliest claiming age. You receive .
Full retirement age for everyone born in 1960 or later. You receive .
The maximum benefit milestone. You receive . There is no financial benefit to delaying past age 70.
The actuarial break-even point—where the cumulative payments from delaying to age 70 surpass claiming at age 62—typically lands between ages 79 and 82. If you are in poor health, claiming early is rational. If you expect average or superior longevity, delaying is the superior strategy. Spouses must look at their combined life expectancies; the higher earner delaying to 70 maximizes the guaranteed survivor benefit for whichever spouse lives longer.
The SSA early/late claiming calculator provides estimates based on your birth year.