If my FRA is 67, how do benefits compare at 62 vs 70?

At 62 you receive about 70% of your Primary Insurance Amount (PIA); at 70 you receive about 124% of PIA due to delayed retirement credits.

Does the earnings test make benefits disappear forever?

No. Withheld benefits are accounted for when you reach full retirement age; SSA recomputes your benefit to reflect months withheld.

How do survivor benefits affect the decision to delay?

The higher earner’s claiming age sets the survivor benefit base. Delaying the higher earner to age 70 can increase the surviving spouse’s benefit for life.

What are the 2026 bend points for new beneficiaries?

For 2026 eligibilities, the PIA bend points are $1,286 and $7,749, which shape how your average indexed monthly earnings translate into your benefit.

In 2026, Social Security’s COLA is 2.8%, but your claiming age still dwarfs COLA’s impact. Filing at 62 cuts your check roughly 30% (if your FRA is 67), 67 pays 100% of your PIA, and 70 boosts it by about 24% via delayed credits. Here’s how to choose—using 2026 rules.

Quick answer: who should claim at 62, 67, or 70 in 2026

Claim at 62 if you need income now, have shorter-than-average life expectancy, or will stop working and benefit most from starting sooner; expect about a 30% reduction if FRA = 67. Watch the earnings test if you keep working.
Claim at 67 (FRA) if you want full benefits without earnings-test reductions and you’re unsure you can delay; good default for average life expectancy and steady employment through 66–67.
Claim at 70 if you can cover expenses otherwise; DRCs add ~8% per year past FRA up to 70 (≈24% at 70 if FRA is 67). Especially compelling for higher earners, single life with longevity, and survivor protection for a spouse.

Bottom line: In a lower-COLA year, claiming age (and health/longevity) still drives lifetime value more than the COLA.

2026 rules that matter

COLA: 2.8% for 2026; average retired worker ≈ $2,071 after COLA; FRA max $4,152.
FRA: 67 for those born 1960+.
Early reduction & delayed credits: Early claiming uses 5/9% per month for first 36 months + 5/12% per month beyond that; delayed credits ≈ 0.667%/mo (~8%/yr) to age 70.
Earnings test (2026): Under FRA: $24,480/yr; year you reach FRA: $65,160/yr (applies only to months before FRA). Special monthly rule: $2,040 (under FRA), $5,430 (year reach FRA). No limit after FRA.
Bend points (PIA math): $1,286 and $7,749 for 2026 eligibilities.

Bottom line: Know your FRA, the earnings test, and that waiting increases your monthly—independent of the year’s COLA.

Breakeven math in a lower-COLA world

What is breakeven? The age when cumulative benefits from claiming later overtake claiming earlier. With 2.8% COLA, breakeven ages are still typically in the late 70s to early 80s, depending on assumptions.

Solo filer (FRA = 67)

62 vs 67: 62 pays ~70% of PIA; 67 pays 100%. Breakeven often ~78–80 (varies with COLA and discount rate). Early start gives more checks sooner; later start gives bigger checks.
67 vs 70: 70 pays ~124% of PIA vs 100% at 67. Breakeven often ~81–83. If you expect to live well into your 80s, delaying frequently wins.

Couples (higher earner + spouse)

Survivor lens matters: The higher earner’s claiming age sets a floor for the survivor benefit. Delaying the higher earner to 70 can meaningfully raise income if one spouse outlives the other by many years. (Survivor benefit equals the decedent’s benefit, subject to rules.)

Lower-COLA effect

A smaller COLA slightly lowers the speed that later-claiming “catches up,” but the 8%/yr delayed credit is large enough that longevity expectations remain the dominant factor for 67 → 70.

Bottom line: If you expect average or longer life, wait longer (especially the higher earner in a couple). If health or cash-flow argues otherwise, earlier can be rational.

Working while claiming in 2026

If you work and claim before FRA, the earnings test may temporarily withhold benefits—but not lose them forever (SSA recalculates at FRA). Key 2026 numbers: $24,480 (under FRA) and $65,160 (year you reach FRA). The special monthly rule can help in your first retirement year.

Under FRA all year (2026): $1 withheld per $2 above $24,480.
Reach FRA in 2026: $1 withheld per $3 above $65,160 (only for months prior to FRA).
After FRA: No limit—earn anything without reductions.

Bottom line: Don’t let the earnings test scare you; it’s mainly a timing issue. After FRA, SSA recalculates to account for months withheld.

62 vs 67 vs 70: Comparison table

Factor	Claim at 62	Claim at 67 (FRA)	Claim at 70
Monthly benefit factor (FRA=67)	≈ 70% of PIA	100% of PIA	≈ 124% of PIA
Earnings test applies?	Yes (<FRA)	No after FRA month	No
Best for…	Need cash flow, shorter life expectancy, stop working	Solid default; want full PIA	Longevity hedge, survivor benefit boost, higher lifetime value
COLA impact	Smaller dollars compounded	Medium	Largest base compounding
Breakeven vs later age	Sooner cash, but later can overtake by ~78–80	67→70 often ~81–83	N/A
Survivor effect (couples)	Lower survivor base	Baseline survivor base	Highest survivor base

Sources: SSA rules on early reduction, DRCs, and FRA; last checked Jan 16, 2026.

Bottom line: The 70 choice maximizes monthly and survivor benefits; 62 maximizes time on benefit; 67 is the “full” middle ground.

Checklists: what to do before you file

A) Ten-step pre-filing optimization (2026)

Confirm your FRA (likely 67 if born 1960+).
Pull your earnings record (my Social Security). Fix errors before claiming. (SSA.gov account).
Estimate your PIA and age-based amounts with SSA calculators.
Model breakeven for 62 vs 67 vs 70 with 2.8% COLA and your expected longevity.
If working before FRA, check $24,480 and $65,160 limits and the special monthly rule.
Coordinate for couples: consider delaying the higher earner to 70 for survivor protection.
Check health & longevity (family history, current health). If longevity is strong, delaying often wins.
Cash-flow plan for delaying: emergency fund, part-time work, portfolio withdrawals.
Tax & Medicare: consider IRMAA thresholds and how Social Security interacts with taxable withdrawals; enroll in Medicare at 65 even if delaying benefits.
Set a decision date (e.g., your 70th birthday minus 4 months to file).

Bottom line: A short plan + calculators beats guesswork. Most mistakes happen from ignoring the earnings test or survivor effects.

Scenarios (illustrative, not advice)

1) Age-62 filer, modest earner, stops work

FRA = 67, claims at 62 → ~30% reduction. With COLA 2.8%, checks rise annually, but the lower starting base locks in. If health is uncertain and work stops, 62 can be rational.

2) Working to FRA, then filing

Keeps working through 66–67; earnings test becomes irrelevant at FRA. Filing at 67 avoids withholdings and sets full PIA. Good fit if you don’t want to delay further.

3) High earner delaying to 70

FRA = 67; waits → ~24% higher monthly benefit at 70 (DRCs). For a long horizon (into 80s), delayed claiming often wins on lifetime value, and it raises survivor benefits.

4) Widow(er) coordination

Survivor can switch to the higher benefit when eligible. If the higher earner delays to 70, it raises the survivor check. Strategy depends on ages and current benefit amounts. (Survivor equals decedent’s benefit, subject to rules.)

Bottom line: Tailor to work status, health, and household dynamics—especially survivor income needs.

Working details you shouldn’t miss (2026)

Withheld isn’t lost: Amounts withheld under the earnings test are made up later via a recomputation at FRA.
Quarter of coverage: You earn 1 credit per $1,890, up to 4 credits ($7,560) in 2026—relevant if still building eligibility.
Bend points matter (for new 62-year-olds in 2026): They shape your PIA and are indexed each year ($1,286/$7,749 in 2026).

Bottom line: Your record + bend points set the base; your claiming age and work timing shape the payout path.

Disclaimer

This article is educational and not personalized financial, tax, or legal advice. Social Security outcomes depend on your earnings record, health, marital status, and other factors. Confirm decisions with SSA tools and a qualified advisor.

Sensitive facts: source notes

COLA 2026 (2.8%), wage base, average benefit, FRA max; earnings test amounts; QC amounts: Source: SSA 2026 COLA Fact Sheet; last checked January 16, 2026.
Earnings test explainer & special monthly rule: SSA Benefits Planner pages; last checked January 16, 2026.
FRA (1960+ = 67); early reduction math; DRCs (~8%/yr) to 70: SSA planners & explainer; last checked January 16, 2026.
2026 PIA bend points; family-max bend points: SSA Actuarial pages; last checked January 16, 2026.

FAQ section

Q: What is the Social Security COLA for 2026?

The 2026 Social Security COLA is 2.8%, applied to benefits beginning with January 2026 payments.

Q: What are the 2026 earnings limits if I work and claim early?

Under FRA, the 2026 limit is $24,480 with $1 withheld for every $2 above it. In the year you reach FRA, the limit is $65,160 with $1 withheld for every $3 above it (applies only to months before FRA). There’s no limit after FRA.

Q1. What is the Social Security COLA for 2026?
2.8%. The average retired worker benefit is about $2,071 after COLA; the maximum at FRA is $4,152.

Q2. If my FRA is 67, how much is my check at 62 vs 70?
About 70% of PIA at 62 (≈30% cut) and about 124% at 70 (via delayed credits).

Q3. What are the 2026 earnings limits if I work and claim early?
$24,480 (under FRA). If you reach FRA in 2026: $65,160 for months before FRA. No limit once you hit FRA.

Q4. Does the earnings test make benefits disappear?
No. Withheld benefits are recalculated at FRA—you generally recover them over time.

Q5. What are the 2026 bend points that determine my PIA?
$1,286 and $7,749 for 2026 eligibilities.

Q6. Is 70 always the best age to claim?
Not always. Health, cash-flow needs, work status, and spousal/survivor considerations can make 62 or 67 sensible. The higher earner delaying often helps survivor income.

Q7. How many earnings credits do I need in 2026?
You earn 1 credit per $1,890 (max 4 = $7,560); most workers need 40 credits for retirement benefits.