Ah, your golden years: It’s a time to kick back after decades of work and collect some moolah through the Social Security program.
Technically speaking, the full retirement age for Social Security in the U.S. is either 66 or 67, depending on the year you were born. That is when you are entitled to 100% of your benefit.
But maybe you’re ready to retire early and file for Social Security benefits at age 65 instead of waiting. Here is how you can expect that decision to impact your benefits.
How much to expect at age 65
First things first: The longer you wait to collect Social Security benefits, the more you’re going to get in terms of a monthly benefit.
If you were born in 1960 or later and decide to claim benefits at age 62, you will get about 30% less than if you waited until full retirement age, according to the Social Security Administration (SSA).
We crunched the numbers using the 2026 average monthly Social Security benefit of $2,071.
Based on that amount, if you claim at age 65, you could expect a monthly benefit ranging from about $1,796 (right when you turn 65) to roughly $1,933 (if you wait until just before turning 66).
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How much to expect if you wait until age 68
Patience pays off — literally.
If you delay claiming Social Security until age 68, you’ll earn delayed retirement credits worth about 8% more than your full retirement age benefit. Based on the average of $2,071, that would boost your monthly check to roughly $2,237.
How much to expect if you wait until age 70
Delaying your benefits beyond your full retirement age increases your monthly benefits even more. For example, if you wait until age 70 to file for benefits, your monthly payout could be $2,568.
After the age of 70, there is no additional payout for delaying claiming benefits. It’s important to note that your own individual benefit could be higher or lower than the numbers we cite in our examples. Your own personal situation would determine the exact numbers.
Reasons to retire and collect Social Security earlier
Who doesn’t want to sleep in and enjoy fresh air? By taking Social Security before full retirement age, you get a monthly benefit that might make it easier to say “goodbye” to work.
It’s easy to see how leaving the office grind could promote healthier habits. Those stress levels matter.
Retiring early also carries risks
Of course, there’s a downside to claiming Social Security early. First and foremost, your monthly benefit will be lower for the rest of your life if you don’t wait until at least full retirement age.
Over time, a smaller benefit could leave you struggling to pay the bills. While retiring early may sound appealing, it’s not always feasible for everyone.
It’s also important to note that some research suggests that retiring early can negatively impact health, including both physical and mental well-being.
Your savings may have to last you longer
In addition, today’s longer lifespans mean your Social Security benefit and other savings may have to cover you through a longer retirement than might have been expected in the past.
Let’s say you retire at 62 and live to the ripe old age of 100. That means whatever income you can cobble together for retirement has to last you 38 years.
Retiring at 70 and filing for Social Security benefits at the same age gives you an extra eight years of job earnings, eight fewer years when you tap into your retirement savings, and a larger monthly Social Security benefit.
Taken together, those changes can make an enormous difference in how much money you’ll have to fund your lifestyle once you retire.
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Health insurance could be an issue
If you retire early and leave your job, you might find yourself without health insurance. Often, you can extend your coverage through COBRA, but that can be expensive.
Another alternative is to purchase a plan through an Affordable Care Act marketplace. If you qualify for a subsidy, and many people do, this can be quite affordable. But if not, you are again looking at expensive coverage.
Either way, this should not be a major issue if you retire and collect Social Security at 65. At that age, most people are eligible for Medicare.
Bottom line
If you decide to claim Social Security at 65, your benefit will be permanently smaller going forward than it would have been if you instead waited until your full retirement age, or beyond, to claim.
When you’re retired, supplementing your Social Security with a part-time job might sound contradictory, but the extra earnings could be crucial to staying on solid financial ground during your golden years.
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Author Details
Chris Lewis, CEPF
Chris Lewis has spent his career turning data into answers. As Director of Digital PR at FinanceBuzz and a Certified Educator in Personal Finance, he oversees the data journalism and media relations teams, digging into the personal finance topics that shape Americans’ lives at every stage, from Social Security and retirement income to 401(k) strategies, jobs, and real estate.
