Social Security retirement benefits can become an important source of income in retirement, but deciding when to claim them is one of the biggest financial choices many Americans face.
The earliest age at which most people can begin collecting their own retirement benefit is 62, provided they have accumulated enough Social Security-covered work history. The Social Security Administration generally requires 40 credits, which is equivalent to about 10 years of work.
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However, claiming at 62 does not mean receiving the full amount a worker has earned through their career. Starting benefits before full retirement age results in a permanent reduction in the monthly payment.
For people whose full retirement age is 67, claiming at 62 can mean receiving only about 70% of the benefit they would have received at full retirement age. Fidelity notes that claiming at 62 can result in a reduction of as much as 30%, depending on the worker’s circumstances.
That creates a significant trade-off: taking Social Security earlier means collecting payments for more years, while waiting produces larger monthly checks later.
Waiting until 70 can deliver the biggest monthly benefit
Full retirement age depends on the year you were born. For people born in 1960 or later, it is 67. Workers can claim before reaching that age, but their benefit is reduced. Conversely, someone who waits beyond full retirement age can earn delayed retirement credits.
The increase continues until age 70. There is no additional retirement benefit increase for waiting beyond 70.
Fidelity estimates that delaying Social Security beyond full retirement age can increase the benefit by roughly 8% for each year of additional waiting, making age 70 the point at which a worker can generally receive the largest monthly retirement payment based on their own record.
The actual maximum, however, is not a single figure that applies to everyone. It depends heavily on a worker’s earnings history and the year in which they claim.
For 2026, the SSA says a worker who earned the maximum taxable amount in every year beginning at age 22 could receive:
– $2,969 per month if claiming at age 62.
– $4,152 per month if claiming at full retirement age.
– $5,181 per month if claiming at age 70.
That top figure works out to more than $62,000 a year before taxes if received for 12 months.
But very few workers qualify for the maximum. Social Security calculates retirement benefits largely from a worker’s earnings record, and only earnings up to the annual taxable maximum count toward the calculation. In 2026, that taxable maximum is $184,500.
Why claiming at 62 isn’t automatically the wrong choice
Although waiting can produce a much larger monthly payment, there is no universally correct claiming age.
Someone who needs the income immediately, has limited retirement savings or has health concerns may decide that collecting at 62 makes sense. On the other hand, someone with sufficient savings who expects to live well into their 80s or beyond may place greater value on maximizing their guaranteed monthly income.
Other considerations can include employment income, taxes, a spouse’s benefits and survivor protection.
People who continue working while receiving Social Security before full retirement age can also face the earnings test. In 2026, the SSA says $1 in benefits can be withheld for every $2 earned above $24,480 for someone below full retirement age for the entire year. Different rules apply during the year a person reaches full retirement age.
It is also important not to confuse Social Security claiming age with Medicare enrollment. Someone who delays Social Security beyond 65 may still need to take action regarding Medicare to avoid potential penalties or gaps in coverage. The SSA specifically warns people delaying retirement benefits not to overlook Medicare enrollment.
Ultimately, the biggest Social Security check is available to those who qualify for the maximum earnings-based benefit and wait until 70 to claim it. But the best age for an individual can be very different.
The SSA’s my Social Security account provides personalized estimates based on an individual’s actual earnings record and allows workers to compare projected benefits at different claiming ages.
For anyone approaching retirement, comparing those estimates at 62, full retirement age and 70 can provide a much clearer picture of the financial consequences before making an irreversible claiming decision.
