Guide to a Bigger Social Security Check: Retire at 62, 67, or 70?

• Retirement Age Changes Your Monthly Check Amount
• Delaying Benefits Increases Future Payments
• Health and Work Status Matter

Deciding when to start collecting Social Security is one of the most important financial choices for millions of people in the United States. There is no one-size-fits-all answer—but there are clear consequences.

People can begin receiving benefits as early as age 62, wait until their full retirement age, or delay claiming until age 70, depending on their personal circumstances.

Each option comes with advantages and disadvantages that affect monthly payment amounts, how long benefits last, and long-term financial security.

The general rule is simple: if you can afford to wait, delaying benefits usually results in higher checks for the rest of your life.

Retirement Age: What It Means for Your Social Security Checks

Full retirement age is the point at which a person can receive 100% of their Social Security benefits without reductions.

This age depends on your year of birth:

• Those born in 1957 or earlier have already reached full retirement age.
• People born in 1960 or later must wait until age 67.
• For those born between 1958 and 1959, full retirement age falls between 66 years and 8 months and 66 years and 10 months.

Knowing this date is essential, since any decision made before or after it changes the amount of your monthly benefit.

What Happens If You Claim Your Social Security Benefits Between 62 and 67

Claiming Social Security before reaching full retirement age results in a permanent reduction in benefits. That reduction is calculated month by month.

The adjustment equals five-ninths of 1% for each month claimed early during the first 36 months. After that period, the reduction increases.

For example, if your full retirement age is 67 and you start collecting at 62, you are claiming benefits 60 months early. That leads to a total reduction of about 30%.

This lower amount stays in place for the rest of your retirement, potentially costing you thousands of dollars over time.

How Much Do You Get If You Wait Until 70?

Delaying benefits past full retirement age earns delayed retirement credits, which permanently increase your monthly payment.

The increase is 8% per year for each year you delay claiming, up to age 70. After that age, there is no additional incentive to wait.

A clear example: if you were born in 1960 and your full retirement age is 67, starting benefits at 69 means receiving about 16% more per month.

That higher amount also becomes the base for future cost-of-living adjustments.

Key Factors When Making the Decision

One of the most important considerations is cash flow. If you rely on Social Security to cover basic expenses, waiting may not be realistic.

On the other hand, if you have savings, investments, or other income sources, you may have the flexibility to delay benefits and maximize your payment.

Life expectancy also plays a major role. Claiming early means more checks of a smaller amount; claiming later means fewer checks, but larger ones.

According to the SSA, average life expectancy at age 65 is about 18 years for men and 22 years for women—though many people live longer.

Work, Marriage, and Family Benefits

Continuing to work while collecting Social Security can temporarily reduce benefits if you have not yet reached full retirement age.

In 2025, $1 is withheld for every $2 earned above $23,400. That earnings limit increases in the year you reach full retirement age.

For married or divorced individuals, the situation can be more complex, since spousal benefits or benefits based on an ex-spouse’s work record may be available.

In addition, dependent children—and in some cases grandchildren—may qualify for benefits in cases of retirement, disability, or death, as long as they meet age requirements.

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A Decision That Deserves Planning

There is no universally “correct” age to claim Social Security. The right choice depends on health, income, employment, and family circumstances.

What matters most is understanding how the system works and how each decision affects your financial future.

Making this choice with clear information—and, when possible, professional guidance—can mean the difference between a tight retirement and a more secure one, especially when deciding when to claim Social Security benefits.