The rule behind the gap
Social Security pins your benefit to your full retirement age (FRA): 67 for anyone born in 1960 or later. Claim earlier and the check shrinks by 5⁄9 of 1% for each of the first 36 months plus 5⁄12 of 1% for each month beyond. At 62 that is a 30% cut. Wait past FRA and delayed retirement credits add 8% per year until 70, a 24% raise. Both schedules are published by SSA (early-claiming reduction, delayed credits). There is no benefit to waiting past 70.
What that means in dollars
Percentages hide the stakes, so here are real computed examples: a worker born June 15, 1962 who works until 67, at seven salary levels. Every row is output from the same engine that powers the Whenwise app: SSA’s 2026 bend points, wage indexing, top-35 years, and claiming adjustments, applied in full (see how we compute).
| Last year’s earnings | At 62 | At 67 (FRA) | At 70 |
|---|---|---|---|
| $30,000 | $1,055 | $1,498 | $1,858 |
| $50,000 | $1,422 | $2,019 | $2,504 |
| $70,000 | $1,788 | $2,540 | $3,149 |
| $90,000 | $2,155 | $3,061 | $3,795 |
| $110,000 | $2,343 | $3,328 | $4,126 |
| $130,000 | $2,515 | $3,572 | $4,429 |
| $150,000 | $2,687 | $3,816 | $4,732 |
Estimates in today’s dollars for a worker born June 15, 1962, career starting at 22, working until 67; “at 62” means the first eligible month (62 and 1 month). Your amounts depend on your actual year-by-year record.
Two things the table can’t tell you
First, the formula is progressive. Notice the $30,000 earner’s check replaces far more of their income than the $150,000 earner’s. Doubling your salary does not double your benefit; SSA’s bend points credit 90% of your first band of average earnings but only 15% of the top band.
Second, bigger-at-70 isn’t automatically better. Waiting means skipping up to 96 checks first. Whether the larger amount catches up in your lifetime is a break-even question. For the $90,000 example, waiting from 62 to 70 breaks even at age 80 and 4 months and is worth $188,875 through 90. Run your own numbers in the free break-even calculator, or read what a break-even age really tells you.