Social Security
Social Security Claiming Ages: What Each Year of Waiting Changes
Claiming Social Security at 62 with a full retirement age of 67 pays 70% of your full benefit. Each month you wait raises the amount, reaching 100% at 67 and 124% at 70, when delayed retirement credits of 8% a year stop. Spousal benefits are reduced more steeply, to 32.5% at 62.
Figures verified October 14, 2026 against SSA Benefits Planner, Retirement Age and Benefit Reduction, SSA Benefits Planner, Born in 1960 or later and SSA Benefits Planner, Delayed Retirement Credits. Educational information, not advice.
What is full retirement age by year of birth?
You can claim retirement benefits as early as 62, but the full benefit is paid only at your full retirement age, which the Social Security Administration sets by birth year. The table also shows what a $1,000 full benefit becomes if claimed at 62, from SSA's own example.
| Year of birth | Full retirement age | Months between 62 and full retirement age | A $1,000 full benefit claimed at 62 becomes | Reduction at 62 |
|---|---|---|---|---|
| 1943 to 1954 | 66 | 48 | $750 | 25.00% |
| 1955 | 66 and 2 months | 50 | $741 | 25.83% |
| 1956 | 66 and 4 months | 52 | $733 | 26.67% |
| 1957 | 66 and 6 months | 54 | $725 | 27.50% |
| 1958 | 66 and 8 months | 56 | $716 | 28.33% |
| 1959 | 66 and 10 months | 58 | $708 | 29.17% |
| 1960 and later | 67 | 60 | $700 | 30.00% |
SSA treats a January 1 birthday as the previous year, and a birthday on the first of any month as the previous month. Percentages are approximate due to rounding.
What does each claiming age pay if your full retirement age is 67?
Anyone born in 1960 or later has a full retirement age of 67. The table below shows the share of the full benefit paid at each birthday from 62 to 70. SSA publishes the month-by-month figures from 62 to 67. The rows for 68, 69 and 70 are computed from SSA's delayed retirement credit rate of 8% a year.
| Claiming age | Worker's benefit, share of full amount | Spouse's benefit, share of worker's full amount | Basis |
|---|---|---|---|
| 62 | 70.0% | 32.5% | SSA table |
| 63 | 75.0% | 35.0% | SSA table |
| 64 | 80.0% | 37.5% | SSA table |
| 65 | 86.7% | 41.7% | SSA table |
| 66 | 93.3% | 45.8% | SSA table |
| 67 | 100.0% | 50.0% | SSA table, full retirement age |
| 68 | 108.0% | 50.0% | Computed, 8% delayed credit per year |
| 69 | 116.0% | 50.0% | Computed, 8% delayed credit per year |
| 70 | 124.0% | 50.0% | Computed, credits stop at 70 |
Spousal benefits do not earn delayed retirement credits, so a spouse's benefit never exceeds 50% of the worker's full amount.
How is the early claiming reduction calculated?
SSA reduces the benefit by 5/9 of 1% for each of the first 36 months before full retirement age, and by 5/12 of 1% for each month beyond 36. With a full retirement age of 67 and a claim at 62 that is 60 months: 36 months at 5/9 of 1% is 20%, and 24 more months at 5/12 of 1% is 10%, for the 30% reduction in the table. A spouse's benefit is reduced by 25/36 of 1% for the first 36 months and 5/12 of 1% after, which is why it falls further.
How do delayed retirement credits work?
For people born in 1943 or later, every month you wait past full retirement age adds 2/3 of 1% to the benefit, which is 8% a year. The credits stop at 70. If you start benefits before 70 and after full retirement age, SSA applies some of the credits only from the January after you start, so the first year's payments can be slightly lower than the final figure. SSA also notes that delaying benefits does not delay Medicare: you should still enroll in Medicare at 65.
Why is the right claiming age a calculation rather than a birthday?
The table shows what each age pays. It does not show what each age is worth to your household, because that depends on longevity, on a spouse's record and survivor benefit, on the earnings test if you work before full retirement age, and on tax. The federal government can tax up to 85% of benefits depending on provisional income, which includes your other withdrawals. Michigan does not tax Social Security. So the claiming decision and the withdrawal order have to be made together: the accounts you draw from before and after you claim change how much of the benefit you keep.
SSA's figures change rarely. The full retirement age schedule has been fixed since the 1983 amendments. We re-check this page when SSA updates its planner.
Frequently asked
Questions this table answers.
What is my full retirement age for Social Security?
It depends on your birth year. The Social Security Administration sets full retirement age at 66 for people born 1943 to 1954, rising by two months for each birth year from 1955 to 1959, and 67 for anyone born in 1960 or later. If you were born on January 1, SSA treats you as born in the previous year.
How much is Social Security reduced if I claim at 62?
With a full retirement age of 67, claiming at 62 pays 70% of the full benefit, a 30% reduction, per the SSA Benefits Planner. The reduction is 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. A spouse's benefit at 62 is reduced to 32.5% of the worker's full amount.
How much does Social Security increase if I wait until 70?
For anyone born in 1943 or later, delayed retirement credits add 2/3 of 1% for every month past full retirement age, which is 8% a year. With a full retirement age of 67 that is three years of credits, so the benefit at 70 is 124% of the full amount. Credits stop at 70, so there is no gain from waiting longer.
Does Michigan tax Social Security benefits?
No. Michigan exempts Social Security from state income tax. The federal government can tax up to 85% of benefits, depending on provisional income, which includes your other withdrawals. That is why the claiming decision has to be made together with the withdrawal plan rather than on its own.
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