Social Security Claiming at 62, 65 and 70: The Costs Retirees Need to Know in 2026
Written by
Josephine Nesbit
Edited by
Angela Corry
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When it comes to Social Security, the age at which you claim has a massive impact on retirement income.
“Deciding when to claim Social Security is one of the most important and retirement decisions Americans face. And it’s irreversible,” Rick Reed, vice president and defined contribution practice director at Segal, a benefits and HR consulting firm, wrote in an email. “There’s no single right age for everyone.”
Here are the costs retirees need to know in 2026.
Claiming Social Security at 62
The earliest you can claim Social Security retirement benefits is age 62. While this means you start receiving a monthly check to help cover bills, there are drawbacks.
“Claiming benefits earlier, such as at age 62, results in a lower monthly payment because the total entitled benefit amount is distributed over a longer period,” Reed explained.
According to Reed, claiming at age 62 leads to a permanent monthly benefit reduction of up to 30%.
“Benefits increase incrementally for each year claiming is delayed beyond full retirement age, rising by about 8% annually until age 70,” he wrote.
Despite the financial impact, it doesn’t mean you should never claim early. Reed pointed out that deciding when to claim depends on life expectancy, available savings and overall retirement goals.
Claiming Social Security at 65
Full retirement age, or the age at which you can receive 100% of your earned benefit, is 67 for those born in 1960 or later. The FRA used to be 65, which is why many people still associate that age with claiming full Social Security benefits. However, changes to the program gradually raised the minimum age. That means claiming at 65 today leads to a lower monthly benefit rather than the full amount.
“Your retirement benefit at 67 is considered 100%. Each month earlier that you claim, your benefit will be reduced by 5/9 of 1% until 36 months (three years),” Melanie Musson, finance expert with Quote.com, wrote in an email. “So, if you claim benefits at 65 years old, you will receive 13.3% less than you would have at the full retirement age of 67.”
Claiming Social Security at 70
Claiming Social Security at age 70 provides the maximum monthly benefit for life.
“The financial difference is huge,” explained Yehuda Tropper, CEO of Beca Life Settlements. “If you claim at 62, the maximum monthly benefit is $2,969. Delaying until 70 bumps that maximum to $5,181.”
Waiting may not make sense for everyone, especially for those in poor health, with a shortened life expectancy or dealing with financial troubles.
“It makes sense to wait until you’re 70 if you’re in good health and you can either keep working until then or use other investments to bridge the gap until age 70,” Tropper noted.
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