Share of your full benefit by claiming age
| Born | 62 | 65 | 67 | 70 |
|---|---|---|---|---|
| 1957 | 72.5% | 90% | 104% | 128% |
| 1958 | 71.7% | 88.9% | 102.7% | 126.7% |
| 1959 | 70.8% | 87.8% | 101.3% | 125.3% |
| 1960+ | 70% | 86.7% | 100% | 124% |
Claiming early cuts your benefit by 5/9 of 1% for each of the first 36 months before full retirement age and 5/12 of 1% for each month beyond that. Waiting past it adds 2/3 of 1% a month (8% a year), up to 70. Full retirement age is 66 and 6 months for 1957, 66 and 8 months for 1958, 66 and 10 months for 1959, and 67 for 1960 or later. If you were born on January 1, use the year before.
What that looks like in dollars
Monthly benefit for someone born in 1965 or later with 35 years of work, at today's wage levels, under the 2027 formula:
| Average earnings | At 62 | At 67 | At 70 |
|---|---|---|---|
| $20,000 | $917 | $1,310 | $1,624 |
| $40,000 | $1,290 | $1,843 | $2,286 |
| $60,000 | $1,664 | $2,377 | $2,947 |
| $80,000 | $2,037 | $2,910 | $3,608 |
| $100,000 | $2,380 | $3,400 | $4,216 |
| $150,000 | $2,817 | $4,025 | $4,991 |
From the same formula as our Social Security calculator, which shows how it works. Your own statement is based on your real earnings record. The average retired worker gets about $2,170 a month after the 2027 increase, Social Security estimates.
Which age is right
Claiming at 62 pays more checks; waiting pays bigger ones. With a full retirement age of 67, waiting until 70 instead of claiming at 62 catches up in total at about age 80½, and waiting from 67 to 70 at about 82½, before interest and taxes. Married? The higher earner's choice also sets the surviving spouse's benefit. If you work before full retirement age, the earnings test can hold back some checks. Break-even calculator · Spousal benefits · Earnings limit.
Questions
How much less is Social Security at 62 than at 67?
30% less if your full retirement age is 67, as it is for everyone born in 1960 or later. A $2,000 benefit at 67 is $1,400 a month at 62. The cut is permanent.
How much more do I get if I wait until 70?
Your benefit grows by 8% for each year you wait past full retirement age, up to 70. With a full retirement age of 67, that's 24% more: $2,000 at 67 becomes $2,480 at 70. There's no extra credit for waiting past 70.
What is the maximum Social Security benefit in 2027?
For someone reaching full retirement age in 2027, it's $4,188 a month. It's higher for people who claim at 70 and lower at 62, and only someone who earned at or above the yearly maximum in each of their 35 working years and claims at full retirement age in 2027 gets it.
Updated November 7, 2026. Sources: 20 CFR 404.410; 20 CFR 404.313; SSA, Benefit Reduction for Early Retirement; SSA, Delayed Retirement Credits; SSA Office of the Chief Actuary, Primary Insurance Amount (2027 bend points); Social Security Administration, the 2027 COLA Fact Sheet. Estimates, not financial advice. Not affiliated with the Social Security Administration.