Pre-Retirement
When Should You Claim Social Security?
This is the decade where decisions are weighted heavily. Claiming Social Security at 62 vs. 70 can produce a substantial lifetime difference (depends on age, longevity, claiming strategy, and other factors). A pension lump-sum vs. annuity election is generally irreversible. Healthcare costs between early retirement and Medicare eligibility can be significant. The choices in this window are high-stakes and often permanent.
Interactive Tool
Social Security Optimizer
See how claiming age changes your lifetime benefit. Compare 62, 67, and 70 strategies.
Average is ~$1,900. Max is ~$4,555 in 2025.
Born 1960+: FRA is 67
Lifetime Benefit by Claiming Age (to age 85)
Click a bar to select that claiming age
Claim at 62
$1,750/mo
Lifetime: $483K
Optimal: Age 70
$3,100/mo
Lifetime: $558K
Claim at 70
$3,100/mo
Lifetime: $558K
The difference matters: Claiming at 70 instead of 62 means $75K more in lifetime benefits at the inputs shown. This decision is individual and depends on your health, marital status, other income, and tax situation. Once filed, the claiming choice is generally irreversible.
Investing involves risk including loss of principal. No strategy assures success or protects against loss. Past performance is not a guarantee of future results.
This calculator provides estimates for educational purposes only. Actual results will vary based on market conditions, fees, tax circumstances, and other factors. Not investment advice. Consult with a qualified financial advisor before making decisions. Investing involves risk including loss of principal. No strategy assures success or protects against loss. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC.
Get Your Personalized Analysis
These numbers are general estimates. Shane Cloninger specializes in transition planning planning and can build a strategy tailored to your situation.