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The optimal claiming age depends on your health, finances, and life expectancy. Claiming at 62 gives you smaller monthly payments for more years. Waiting until 70 gives you the maximum monthly benefit (about 77% more than at 62). If you expect to live past 80, delaying generally pays more in total. Those with health issues or financial need may benefit from claiming earlier.

If your full retirement age (FRA) is 67, claiming at 62 reduces your benefit by 30%. Each year you delay past 62 increases your benefit. At FRA you get 100% of your benefit. Delaying past FRA earns delayed retirement credits of 8% per year up to age 70, when your benefit is 124% of your FRA amount.

Yes, but if you claim before full retirement age and earn above a threshold ($22,320 in 2024), your benefit is temporarily reduced by $1 for every $2 earned over the limit. Once you reach FRA, there is no earnings limit and the withheld benefits are recalculated to give you credit. Working while collecting may also increase your benefit if current earnings are higher than earlier years.

Benefits are based on your 35 highest-earning years, adjusted for inflation. The SSA calculates your Average Indexed Monthly Earnings (AIME) and applies a progressive formula to determine your Primary Insurance Amount (PIA). Years with no earnings count as zero, pulling your average down, which is why working at least 35 years is beneficial.