# Social Security at 62 vs 70: Smaller Check Makes Sense

> Claiming Social Security at 62 can yield more lifetime income than waiting until 70 for some retirees.
- Title: Social Security at 62 vs 70: Smaller Check Makes Sense
- Summary: Claiming Social Security at 62 can yield more lifetime income than waiting until 70 for some retirees. Retirees claiming Social Security at 62 may collect…
- Keywords: social security, retirement, claiming age, social security benefit, full retirement age, delayed retirement credits, cost of living adjustment, wep, gpo, social security fairness act, retirement planning, portfolio withdrawals
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/22/social-security-at-62-vs-70-when-taking-the-smaller-check-can-actually-make-sense
- Author: Mike Barrington
- Published: 2026-09-22T17:35:21+00:00
- Read time: 2 min
- Topics: social security, retirement, claiming age, social security benefit, full retirement age, delayed retirement credits, cost of living adjustment, wep, gpo, social security fairness act, retirement planning, portfolio withdrawals
## Social Security Claiming Advice Confused
Confident advice about Social Security claiming age comes from every direction but misses factors that determine whether early checks help or hurt a specific household.
## Claiming at 62 Reduces Monthly Benefit
For workers born in 1960 or later, claiming Social Security at 62 reduces the worker’s retirement benefit by 30% permanently.
## Waiting Until 70 Boosts Monthly Benefit
Waiting until 70 produces about 124% of the benefit available at full retirement age for people born in 1960 or later.
## Benefit Comparison Example
A $2,000 monthly benefit at full retirement age would produce $1,400 at 62 versus $2,480 at 70.
## Breakeven Point Around Age 80
The person claiming at 62 gets an eight-year head start but the larger benefit catches up around age 80.
## Life Expectancy Affects Decision
Someone expecting a shorter retirement has less time for the larger age-70 benefit to make up for eight years of missed payments.
## Early Claiming Reduces Savings Withdrawals
Social Security collected at 62 can reduce the amount pulled from savings for retirees needing immediate cash flow.
## Early Claiming Avoids Market Downturns
Early Social Security checks can reduce portfolio withdrawals during market downturns by providing an alternative cash source.
## Portfolio Size Doesn't Guarantee Early Claiming
A substantial portfolio can make delaying easier by covering expenses between 62 and 70 but does not automatically mean claiming at 62 is better.
## Stock Market Doesn't Bail Out Early Claimants
Social Security and stock market returns serve different purposes with no guaranteed market return to offset early claiming decisions.
## COLAs Don't Eliminate Early Claiming Penalty
Social Security’s 2026 cost-of-living adjustment of 2.8% does not erase the penalty for claiming early or reward for delaying.
## Earnings Test Changes Early Claims
Claiming at 62 while still working reduces benefits by $1 for every $2 earned above $24,480 in 2026.
## Taxes Alter Early Claim Value
Up to 85% of Social Security benefits can be taxable for retirees above certain income thresholds.
## Married Couples Have Different Needs
Delayed retirement credits can increase the surviving spouse’s benefit while early claiming may limit it.
## Social Security Fairness Act Changed Numbers
The Social Security Fairness Act repealed Windfall Elimination Provision and Government Pension Offset for benefits starting January 2024.
## No Universal Best Claiming Age
Retirees claiming at 62 may collect more total income than those waiting until 70 if they expect shorter lifespans or need immediate cash flow.
## Key takeaway

Retirees claiming Social Security at 62 may collect more total income than those waiting until 70 if they expect shorter lifespans or need immediate cash flow.