When to Claim Social Security: 62 vs 67 vs 70

Because NYC teachers pay into Social Security, when you claim it is a real decision — and it's one of the few retirement choices that can permanently raise or lower your monthly income for life. You can start as early as 62 or wait as late as 70, and the difference is large. Here's what each choice does.

The three ages that matter

• 62 — the earliest you can claim. You can start here, but your benefit is permanently reduced.
• Full Retirement Age (FRA) — your "100%" benefit. For anyone born in 1960 or later, FRA is 67. (Born 1959 or earlier? Yours is a few months lower.)
• 70 — the maximum. Waiting past FRA earns you extra credits, up to age 70. There's no benefit to waiting beyond 70.

Claiming at 62: smaller checks, sooner

Claim at 62 with an FRA of 67 and your monthly benefit is cut by about 30% — permanently. That reduction doesn't bounce back at FRA; it's the amount you'll receive for life (adjusted for cost-of-living increases). Claiming early can still make sense if you need the income, have health concerns, or want to preserve other assets — but go in knowing the tradeoff.

Claiming at FRA (67): your full benefit

At your full retirement age you receive 100% of your calculated benefit — no reduction, no bonus. Reaching FRA also removes the earnings test: before FRA, if you keep working and earn above an annual limit (it rises each year), Social Security temporarily withholds part of your benefit; once you hit FRA, you can earn any amount with no reduction. For a teacher who retires from the classroom but keeps working elsewhere, that matters.

Claiming at 70: the biggest check

Wait past FRA and you earn delayed retirement credits — about 8% more per year, or roughly 24% more by age 70 than at FRA. Combined with the difference from 62, a benefit at 70 can be substantially larger than the same person's benefit at 62. If you expect a long retirement and can cover the gap years from your pension, TDA, or savings, delaying is one of the most reliable ways to boost lifetime income.

How to think about your own timing

• Estimate your benefit at 62, at 67, and at 70 using your my Social Security account at ssa.gov.
• Weigh your health, other income, and how long you expect retirement to last — there's no universal right answer.
• If you'll keep working before FRA, factor in the earnings test.
• Remember your pension and TDA can fund the "wait" if delaying makes sense for you.

See your claiming window on your timeline

Your Social Security decision doesn't happen in isolation — it interacts with your pension, your TDA withdrawals, and your taxes. Our free Retirement Roadmap places your Social Security claiming window (62 through 70) alongside every other milestone so you can see how the timing fits your whole plan.