Social Security at 62 vs 70
By Jude Wallis
Claiming Social Security 60 months early multiplies PIA by 0.70. Waiting 36 months after full retirement age multiplies it by 1.24. On a teaching PIA of $2,345.80 those monthly figures are $1,642.06 and $2,908.79.
| Claim at 62 | Claim at 70 | |
|---|---|---|
| Months from full retirement age | Minus 60. | Plus 36. |
| Factor | 0.70 | 1.24 |
| Monthly benefit on \$2,345.80 PIA | $1,642.06 | $2,908.79 |
| What is scaled | The same PIA. AIME is not rebuilt. | The same PIA. AIME is not rebuilt. |
| Spousal rules | Not in this factor. | Not in this factor. |
On this page
Same PIA, two claiming months
Primary insurance amount is the benefit at full retirement age. How Social Security benefits work builds it. This pair only changes the month.
Sixty months early: 20 percent from the first 36 months plus 10 percent from the next 24, factor 0.70, $1,642.06. Thirty-six delayed months at two-thirds of 1 percent add 24 percent, factor 1.24, $2,908.79.
The Social Security claiming calculator is that product. How claiming age changes Social Security is the explainer.
A smaller cheque is not a smaller life total by itself
The 0.70 line starts earlier. The 1.24 line is larger and starts later. Which total is larger depends on how long the claimant lives, and on spousal and survivor rules this table does not price.
Primary insurance amount is the unscaled object. This is educational material, not financial advice.
Worked examples
Sixty months early
PIA is $2,345.80. The teaching early factor is 0.70. What is the monthly benefit?
- Multiply: .
- The benefit is $1,642.06.
The early-claiming benefit is $1,642.06 on a PIA of $2,345.80 at a factor of 0.70.
Thirty-six delayed months
PIA is still $2,345.80. The delayed factor is 1.24. What is the monthly benefit?
- Multiply: , which is $2,908.79 after ordinary rounding to the cent.
- The benefit is $2,908.79.
The delayed-claiming benefit is $2,908.79 on a PIA of $2,345.80 at a factor of 1.24.
Common questions
Is 62 always 60 months early?
It is when full retirement age is 67. A different full retirement age changes the month count.
Which claiming age pays more in total?
That depends on longevity and on benefits this table does not price. The table only scales the monthly cheque.
Is this financial advice?
No. Educational material.
Keep reading
This page is educational material, not financial advice. The figures come from the formula shown and assume the inputs you enter hold for the whole term. Your own rate, fees, taxes and timing will differ, so treat the output as arithmetic to check a decision against, not as a recommendation.