For those born in 1960 or after, the normal retirement age for a full retirement benefit under Social Security is 67. While you can start collecting benefits as early as 62, you receive a reduced amount when you claim early.3 Conversely, your lifetime benefit increases when you delay your application, though the amount caps off at 70.
Choosing when to claim benefits comes down to a number of factors, such as whether you plan to continue working and if you may have other income coming in should you delay your application. You may also want to consider your overall health and expected lifespan.
As a general rule, the longer you live, the more beneficial it becomes to hold off on claiming your benefit. According to AARP, the age of 78 years and 8 months is the "breakeven point," when the benefit of waiting until normal retirement age surpasses that of someone who claims at age 62.4