The Three Claiming Ages
For anyone born in 1960 or later, Full Retirement Age (FRA) is 67. That's the age where you get 100% of your calculated benefit. Claiming earlier reduces it; claiming later increases it. The adjustment is permanent.
of your full benefit
$2,000 at FRA becomes
$1,400/month
of your full benefit
Your calculated benefit
$2,000/month
of your full benefit
$2,000 at FRA becomes
$2,480/month
Important: These reductions and increases are permanent. If you claim at 62, you get 70% for the rest of your life — it doesn't jump back to 100% when you turn 67. The only adjustment after claiming is the annual cost-of-living increase (COLA).
2026 Maximum Monthly Benefits
These are the maximum possible benefits for someone who earned the taxable maximum throughout their career. Most people receive less — your actual benefit depends on your 35 highest-earning years.
| Claiming Age | Maximum Monthly | Maximum Annual | % of FRA Benefit |
|---|---|---|---|
| 62 | $2,969 | $35,628 | 70% |
| 67 (FRA) | $4,152 | $49,824 | 100% |
| 70 | $5,181 | $62,172 | 124% |
The Break-Even Math
“But if I wait, I miss years of payments.” True. The question is whether the larger checks eventually make up for the ones you skipped. That crossover point is the break-even age.
Example: $2,000/month benefit at FRA
| Comparison | Early Amount | Later Amount | Break-Even |
|---|---|---|---|
| 62 vs 67 | $1,400/mo for 5 extra years | $2,000/mo starting at 67 | ~Age 78-79 |
| 62 vs 70 | $1,400/mo for 8 extra years | $2,480/mo starting at 70 | ~Age 80-81 |
| 67 vs 70 | $2,000/mo for 3 extra years | $2,480/mo starting at 70 | ~Age 82-83 |
Average life expectancy at 65 is roughly 84 for men and 87 for women. If you expect to live past your early 80s, waiting generally pays more in total lifetime benefits.
The Earnings Test (If You're Still Working)
If you claim before FRA and continue working, there's an earnings test. In 2026, you lose $1 in benefits for every $2 earned above $24,480. The withheld benefits aren't gone forever — they're recalculated into a higher benefit at FRA — but the cash flow hit in the meantime can be painful.
Bottom line on the earnings test:
If you're earning more than $24,480 and plan to claim before 67, you'll temporarily lose some benefits. After FRA, there's no earnings limit — you keep everything regardless of how much you earn.
When Claiming Early Makes Sense
You need the income now
You've stopped working and need cash flow to cover expenses. A reduced check is better than draining savings faster.
Health concerns
If you have serious health issues and don't expect to reach the break-even age, claiming early maximizes your total lifetime benefits.
You want to preserve investments
Social Security income lets you draw less from your portfolio, potentially allowing more time for growth — though the math on this depends on your portfolio returns vs. the 8%/year Social Security increase.
When Waiting Makes Sense
You're still working
If you're earning above the limit, the earnings test reduces your check anyway. Waiting avoids the headache and gives you a larger benefit.
You're in good health
The longer you live past the break-even age, the more waiting pays off. Every year past ~82 widens the gap.
You have a spouse with a lower benefit
The higher earner waiting to 70 maximizes the survivor benefit — when one spouse dies, the surviving spouse gets the higher of the two benefits.
You want longevity insurance
A larger Social Security check is effectively longevity insurance — inflation-adjusted, guaranteed income for life. That's hard to replicate with any investment.
Model It in Your Retirement Plan
Break-even math gives you a starting point, but it doesn't show the full picture. What matters is how your Social Security timing fits into your overall cash flow — savings, spending, other income, and market returns over decades.
Evernest lets you set your Social Security start age and benefit amount, then shows you a year-by-year projection of your entire retirement. Try age 62. Try age 70. See how each decision ripples through your savings over 30+ years.
What you can test in Evernest:
- • Different claiming ages for you and your spouse
- • How early claiming affects your portfolio draw-down rate
- • Whether your savings bridge the gap from retirement to age 70
- • The impact on your last year with positive cash flow
Try Evernest's Free Standalone Calculators
Quick answers to specific questions — no account required:
See How Social Security Timing Affects Your Plan
Set your claiming age, enter your benefit, and see the year-by-year impact on your entire retirement. Free tier includes the full projection engine.
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