The basic trade-off
Claiming early reduces your monthly benefit permanently. Claiming late increases it. Specifically: every month before your Full Retirement Age (66-67) reduces the benefit by about 0.55 percent. Every month after FRA (up to age 70) increases it by about 0.67 percent. The lifetime "break-even" point is typically age 78-80.
Worked example for someone born 1960 (FRA = 67)
- Claim at 62: 70 percent of full benefit. $1,400 on a $2,000 FRA benefit.
- Claim at 65: 86.7 percent. $1,734.
- Claim at 67 (FRA): 100 percent. $2,000.
- Claim at 70: 124 percent. $2,480.
Other factors beyond the dollar amount
Health status: shorter-than-average life expectancy favors claiming earlier. Spousal benefit timing: claiming early can lock in a lower survivor benefit for your spouse. Earnings test: claiming before FRA while still working reduces benefits $1 for every $2 earned above $23,400 (2026 limit). Medicare eligibility starts at 65 regardless of when you claim Social Security.
Pay-date implications
The Wednesday you get paid is the same regardless of when you claim. It is fixed by your birthday. The dollar amount changes; the date does not.