Choosing when to claim Social Security is one of the most important decisions you make to maximize your retirement benefits. When you claim too early, you permanently lock in lower monthly benefits. However, the longer you wait, the more your checks grow.
Learn about the best age to claim Social Security, how benefits are calculated, and how longevity puts the numbers in your favor.
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How Social Security benefits are calculated
Your benefit is based on your primary insurance amount (PIA), which reflects your highest 35 years of earnings. Each year of income is adjusted so that earlier years of income compare with later years after factoring in inflation.
Beyond your earnings history, when you claim directly impacts how much of that amount you receive. If you claim early at age 62, your benefits are reduced by up to 30%. Claiming at full retirement age, you’ll receive 100% of your calculated benefits. For every year you delay after full retirement age, your benefits increase by about 8% per year up to age 70.
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What research says is the best age to claim Social Security
Multiple studies show that age 70 maximizes lifetime benefits for most retirees. This is especially true for retirees who live longer.
If you wait until age 70 to claim Social Security, the breakeven point is just past your 80th birthday. From that point on, you’ll come out ahead by delaying Social Security benefits for as long as possible. While the average life expectancy at birth is 78.4 years, at age 70, you can expect to live for 14 to 16 years, on average.
Actuaries emphasize that Social Security is designed to be actuarially fair. This means that early claimers receive smaller checks for longer, while late claimers receive larger checks for fewer years. But real-world factors, such as how long you live, tilt the balance toward delaying.
What your benefit looks like at 62
Claiming at 62 may feel like the right choice if you want or need retirement income right away. Many seniors are forced to retire earlier than they planned, and some don’t have adequate savings that would allow them to wait until full retirement age. However, 62 is often considered the worst age to claim Social Security benefits due to the permanent cut in your monthly income.
If your full retirement age benefit is $2,000 per month, claiming at 62 reduces it by up to 30%. Cutting your monthly income by $600 means that you’ll receive just $1,400 per month. Future cost-of-living adjustments will also be smaller since the annual percentage increase is applied to a reduced monthly benefit.
That reduction is permanent and reduces your total lifetime income. Additionally, it affects the survivor benefits for your spouse and how much they’ll receive.
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Waiting to claim until full retirement age
Claiming at full retirement age avoids penalties, so you’ll receive 100% of your earned benefits. However, it also means giving up delayed retirement credits.
Research shows that if you live into your late 70s or beyond, which most retirees do, claiming at full retirement age usually results in lower lifetime income than if you waited until age 70.
Maximizing your benefit at age 70
Delaying until age 70 increases your benefit by up to 24% over full retirement age. It produces the highest monthly Social Security benefit and results in a monthly deposit roughly 77% higher than claiming at 62.
Using the same $2,000 FRA example, you’d receive about $2,480 per month by waiting until age 70. That is almost $500 per month higher than full retirement age and more than $1,000 per month higher than if you’d claimed Social Security as soon as you qualified for benefits.
The math is even more in favor of delaying until age 70 when cost-of-living adjustments (COLA) are factored in. Although everyone receives the same COLA percentage, a larger check produces a higher annual adjustment. This extra income provides stronger inflation protection and higher survivor benefits for a spouse.
Why delaying until age 70 isn’t right for everyone
Research points to age 70 as the best age to claim Social Security for most people. However, it isn’t the best choice in every situation. Before you decide when to apply for benefits, consider your health status and family medical history, retirement savings, other income sources, and personal goals.
Log in to “my Social Security” to look up your spouse’s Social Security benefits to determine if they’ll rely on your benefits or their own work history. While you may need the money today, it may be worth delaying benefits to ensure they have enough to cover monthly expenses.
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Bottom line
Research consistently shows that delaying Social Security until age 70 produces the highest lifetime benefits. The annual COLA increases provide even more income and strengthen survivor benefits.
Claiming early may feel like the right choice, but it comes at a significant cost to your retirement security. Understanding how different claiming ages impact the income you’ll receive helps you avoid money mistakes and better plan for your future.
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