By Christian BrinkleyLicensed NC Insurance Agent, NPN 22217190, NC Life & Health · Updated October 14, 2026 · 4 min read
How Benefits Are Calculated
Social Security adjusts your past earnings for inflation, then picks your 35 highest earning years. Fewer than 35 years of work means some zeros in the average, which lowers it.
What Is Full Retirement Age?
Full retirement age, or FRA, is when you receive your full, unreduced benefit. It depends on birth year. For anyone born in 1960 or later, FRA is 67. For earlier birth years it ranges from 66 to 67. Born on January 1 of any year? Use the prior year.
Claim before FRA and your benefit is permanently reduced. Claim after FRA and it grows until age 70. The change is permanent.
When Can You Claim?
You can claim from age 62 to age 70. After 70, waiting adds nothing.
Assuming FRA of 67, here is roughly what you get: at 62, about 70 percent of your full benefit. At 63, about 75 percent. At 64, about 80 percent. At 65, about 86.7 percent. At 66, about 93.3 percent. At 67, 100 percent. At 68, about 108 percent. At 69, about 116 percent. At 70, about 124 percent.
When Should You Claim?
There is no one right age. It depends on health, other income, need for money now, and family.
Claiming early fits if you need income now, are in poor health, or have nothing else to cover bills. A smaller check now beats no check at all.
Spousal Benefits
If you are married, your spouse may qualify for benefits on your record. At their FRA, a spousal benefit can be up to 50 percent of your PIA.
Divorced Spouses
Divorce does not always end spousal benefits. You may qualify on an ex-spouse's record if you were married at least 10 years, are at least 62, are currently unmarried, and your own benefit is less than the spousal amount. If you have been divorced at least two years, you can claim even if your ex has not filed yet, as long as your ex is at least 62. Your claim does not affect your ex's benefit.
Survivor Benefits
When a worker dies, a surviving spouse may claim as early as age 60, or 50 if disabled. At their FRA, the survivor can receive 100 percent of the deceased worker's benefit. Survivor benefits reflect delayed credits, so waiting helped the couple, not just the worker.
Mistakes to Avoid
Do not claim at 62 by default without running the numbers. For some it is right. For others it leaves lifetime income behind.
Do not ignore spousal benefits. A spouse with lower earnings may get more on your record. Check both amounts before filing.
Do not skip checking your earnings record. An error can lower your benefit for life.
The Bottom Line
Social Security is a foundation, not a full plan. Know your FRA. Know your benefit at 62, at FRA, and at 70. Check your earnings record. Consider spousal and survivor benefits if married. Weigh health, work, and other income before you choose. Run your numbers at ssa.gov. A few hours of homework now can change your monthly income for the rest of your life.
Questions people ask me about this
What is Social Security?
Social Security is a federal program that pays monthly benefits to retired and disabled workers and to survivors of deceased workers. Most workers pay in through payroll taxes. Your employer withholds your share and pays a matching share. If you are self-employed, you pay both.
How are benefits calculated?
Social Security adjusts your past earnings for inflation, then picks your 35 highest earning years. Fewer than 35 years of work means some zeros in the average, which lowers it. It averages those 35 years into a monthly figure called Average Indexed Monthly Earnings, or AIME.
What is full retirement age?
Full retirement age, or FRA, is when you receive your full, unreduced benefit. It depends on birth year. For anyone born in 1960 or later, FRA is 67. For earlier birth years it ranges from 66 to 67. Born on January 1 of any year? Use the prior year. Claim before FRA and your benefit is permanently reduced.
When can you claim?
You can claim from age 62 to age 70. After 70, waiting adds nothing. Assuming FRA of 67, here is roughly what you get: at 62, about 70 percent of your full benefit. At 63, about 75 percent. At 64, about 80 percent. At 65, about 86.7 percent. At 66, about 93.3 percent. At 67, 100 percent. At 68, about 108 percent. At 69, about 116 percent.
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