If you’re thinking about when to claim Social Security, you’re not alone. The timing of your benefits could be the difference between a modest monthly check or a much larger one. The key is knowing how much you’ll get at ages 62, 67, and 70—and how waiting to claim could work in your favor.
Let’s break it down in simple terms.
What Is Full Retirement Age (FRA) and Why Does It Matter?
Full Retirement Age, or FRA, is the age at which you’re entitled to 100% of your Social Security benefits. In the past, it was set at age 65. But changes in the law have gradually raised it. If you were born in 1960 or later, your FRA is 67.
The closer you are to that age when you apply for benefits, the better your monthly check will be. But if you apply before FRA—say at age 62—you’ll get less. If you delay past your FRA until age 70, you’ll get more.
How Much Could You Receive at Different Ages?
Here’s a snapshot of the average monthly benefits based on when you start receiving them:
- Age 62: This is the earliest you can start claiming Social Security, but your benefits will be reduced. On average, people who retire at 62 receive around $1,275 per month.
- Age 67 (FRA for most people): At this point, you qualify for your full benefits. The average monthly payment for retirees at this age is about $2,102.
- Age 70: Waiting until 70 can give you a big boost. Thanks to delayed retirement credits, you could receive an average of $2,924 per month.
Why Are the Differences So Significant?
When you claim Social Security early, your benefits are permanently reduced by up to 30%, depending on your FRA. For example, if your FRA is 67 and you claim benefits at 62, you’ll take a hit on what you would have received.
On the other hand, if you delay claiming past your FRA, your benefits increase by about 8% per year until age 70. That’s a potential 24% boost simply by waiting.
Is Claiming Early Ever a Good Idea?
It depends on your personal situation. If you need the income or have health concerns that may limit your lifespan, claiming at 62 may make sense. However, if you’re healthy and can afford to wait, delaying benefits could provide a significant financial advantage.
Final Thoughts: Make an Informed Decision
The choice of when to start Social Security is a big one. Factors like your financial needs, health, and life expectancy all play a role. If you’re unsure, consider speaking with a financial advisor or using online tools like the Social Security Administration’s benefits calculator.
Choosing wisely could mean thousands of extra dollars in your pocket over the course of your retirement. Take the time to weigh your options—you’ve earned it.
