Overview

• Claiming at 62 locks in roughly a 30% reduction versus full retirement age, and future cost‑of‑living adjustments compound on that smaller base.
• Waiting past full retirement age boosts payments by 8% per year until age 70, with no additional increase for waiting beyond 70.
• For 2025, the maximum monthly benefit is $2,831 at 62, $4,018 at full retirement age, and $5,108 at 70, a level generally requiring 35 years at or above the $176,100 taxable maximum and the cohort turning 70 this year.
• Health and longevity drive the math: breakeven points often fall around ages 76 to 78, so serious illness can justify claiming earlier to secure near‑term income for medical needs.
• Households should coordinate: spousal benefits are based on the worker’s full‑retirement‑age amount, whereas survivor benefits can reflect delayed credits; bridge options include tapping savings, annuities, reverse mortgages, or part‑time work.