Key Takeaways
- Though you can start claiming Social Security retirement benefits at age 62, waiting longer will increase the amount of your monthly benefit.
- If you wait until age 70, you’ll receive the maximum possible monthly benefit.
- A man who earns $75,000 per year and lives until age 76 will receive about $600 more per month if he claims benefits at 70 instead of 67, though his total lifetime benefits will be lower.
According to the 2025 U.S. Retirement Survey from Schroders, about half (53%) of non-retired Americans are worried about outliving their money. Despite this, 44% of non-retirees plan to file for Social Security benefits before they reach age 67, which is what the Social Security Administration calls full retirement age if you were born in 1960 or later.
However, if you are willing to delay claiming your Social Security benefits, your monthly benefit increases significantly.
Waiting To Collect Social Security at Age 70 Can Boost Your Earnings
The longer you wait to claim Social Security benefits in retirement, the larger your monthly benefit will be. If you wait until age 70 to claim, you’ll receive the maximum monthly benefit. (The exact amount of your monthly benefits varies from person to person, depending on your earnings.)
Over half (58%) of survey respondents say they wish they had done more planning before retirement. That said, those approaching retirement have a number of reasons for claiming their benefits earlier.
To delay claiming your benefits until you can receive the maximum benefit, you generally need to either continue working or have alternative sources of income in your 60s. This can include income you generate from a job or a side hustle, as well as retirement savings such as a 401(k) and an individual retirement account (IRA).
Collecting Social Security at 67 vs. 70
Let’s look at an example using the calculator on the Social Security website. Say Jose was born in 1964 and currently earns $75,000.
If Jose dies at age 76, he would earn benefits for 14 years if he starts collecting Social Security benefits at age 62, nine years if he claims at age 67 (his full retirement age), and six years if he claims his maximum benefit at age 70.
| Estimated Social Security Benefits for Man Born in 1964, Earning $75,000 | |||
|---|---|---|---|
| Age | Monthly Benefits | Annual Benefits | Total Claimed To Age 76 |
| 62 | $1,513 | $18,156 | $254,184 |
| 67 | $2,288 | $27,456 | $247,104 |
| 70 | $2,933 | $35,196 | $211,176 |
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The best age for Jose to claim benefits depends on whether he wants to maximize his monthly benefit or his total benefits over time. If he claims at age 67, his monthly benefit will be more than $600 less than it would be if he waited until age 70. However, his total benefits claimed by age 76 would be more than $43,000 higher.
The cumulative financial payoff for delaying the start of Social Security benefits until age 70 occurs if you outlive your life expectancy at birth by enough time. In our example, shortly before reaching your seventy-ninth birthday (at age 78 and seven months), your aggregate benefits will total more than $302,000, and from that point forward they will always exceed the cumulative benefits you would have received if you had started to collect at age 62.
The Bottom Line
The best age to claim Social Security benefits in retirement depends on your individual financial situation. If you begin claiming benefits at your full retirement age, you’ll receive a lower monthly benefit than you would if you waited until age 70, when you’ll receive the maximum possible monthly benefit.
It’s typically a good idea to have multiple sources of income in your 60s. This will give you more flexibility, no matter when you decide to start collecting benefits.