At 62, Diane Murphy faced a difficult decision. After a lifetime of teaching in Illinois public schools, her mortgage was paid off, her nest egg modest, her energy waning. Should she begin claiming Social Security now — accepting a reduced monthly payment for the rest of her life — or wait until full retirement age, or even age 70, when benefits would peak?
“I didn’t want to regret it either way,” she said. “But the numbers are complicated, and no one gives you a straight answer.”
She’s far from alone. Every day, roughly 10,000 Americans turn 62, the earliest age at which one can begin receiving Social Security retirement benefits. For many, it’s a financial lifeline. For others, a planning puzzle.
More than 70 million Americans rely on Social Security — not just retirees, but also the disabled and survivors of deceased workers. Yet the most consequential choice, when to claim retirement benefits, is one that many make without fully understanding the trade-offs.
The Fork in the Road: Claim Now or Wait?
Social Security’s formula is designed to be actuarially fair — in theory. Claim early, and you receive smaller checks for a longer period. Wait, and you get fewer payments, but they’re much larger. The math sounds simple. The reality is anything but.
Here’s what the claiming timeline looks like:
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Age 62: The earliest age to claim. Benefits are reduced by up to 30% from the full amount.
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Full Retirement Age (FRA): Ranges from 66 to 67 depending on birth year. You receive your full benefit.
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Age 70: The latest you can wait. Delaying beyond FRA increases benefits by 8% per year, maxing out at roughly 76% more than if you had claimed at 62.
How Much Difference Does Timing Make?
Let’s consider an average worker eligible for a $2,000 monthly benefit at full retirement age (67):
| Claiming Age | Monthly Benefit | Lifetime Benefit by Age 85 |
|---|---|---|
| 62 | $1,400 | ~$386,400 |
| 67 | $2,000 | ~$432,000 |
| 70 | $2,480 | ~$446,400 |
In this example, waiting until 70 yields $1,080 more per month than claiming at 62. But it also means delaying income for eight years. The breakeven point — the age at which total lifetime benefits from waiting overtake early claiming — usually falls between age 78 and 80.
Why So Many Claim Early — And Why That’s Not Always Bad
Despite the math, over 60% of Americans claim Social Security before their full retirement age, according to data from the Social Security Administration.
“We see a lot of early claiming because people retire involuntarily, due to job loss, health issues, or caregiving,” said Alicia Munnell, director of the Center for Retirement Research at Boston College. “And Social Security becomes the backstop.”
For people in poor health or with shorter life expectancies, claiming at 62 can make sense. It can also be a practical choice for those without savings — especially when inflation erodes fixed incomes and retirement portfolios remain volatile.
But for healthy individuals with resources, experts often suggest waiting.
“Social Security is the only inflation-protected, guaranteed lifetime income source most people will ever have,” said Wade Pfau, a retirement researcher and author. “Delaying it is like buying a bigger pension.”
The Role of Marital Strategy
For couples, the calculus becomes more complex — and more strategic.
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A lower-earning spouse might claim early to access spousal benefits.
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A higher earner can delay until 70, maximizing the survivor benefit their spouse will inherit.
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Widowed or divorced individuals (married 10+ years) may qualify for special claiming options that don’t reduce their own benefit.
In many cases, the optimal strategy involves coordination, not just individual optimization.
The Psychological Factor
Money aside, there’s a psychological element to the decision.
“People are afraid Social Security won’t be there,” said Teresa Ghilarducci, an economist at The New School. “So they grab what they can now.”
While Social Security’s trust fund faces a projected shortfall by 2034 — which could reduce benefits by about 20% without congressional action — most experts say the program is too vital to fail.
“The likelier outcome is a gradual fix,” said Ghilarducci. “Not a collapse.”
The Bottom Line: A Personalized Decision
Ultimately, the “right” age to claim Social Security depends on individual factors:
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Health and life expectancy
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Employment status
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Availability of other income or retirement savings
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Marital and survivor considerations
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Tolerance for financial risk
“It’s a deeply personal decision,” said Murphy, who eventually chose to wait until 66. “But I wish I’d had better tools — or at least someone to talk me through the real trade-offs.”
3 Questions to Ask Before You Claim
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Do I need the income now — or can I wait?
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How long do I reasonably expect to live?
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Am I leaving money on the table — or protecting long-term security?
The answers, as with so much in retirement, are less about certainty than confidence — in your plan, your priorities, and your future.