For most Americans, the best age to claim Social Security depends on your health, income needs, and how long you expect to live. Claiming at 62 gives you money sooner but permanently reduces your monthly benefit. In contrast, waiting until 70 delivers the highest possible monthly payment.
Table of Contents
- Why the Best Age to Claim Social Security Matters More Than You Think
- What Benefits Look Like at 62, 67, and 70
- Who Should Claim Early and Who Should Wait
- Things to Know About the Best Age to Claim Social Security
Key Takeaways
- Claiming at 62 reduces your monthly benefit permanently. Waiting until 70 maximizes it.
- In 2025, the maximum monthly benefit at 70 is $5,108 versus $2,831 at 62—a difference of $2,277 per month, according to Social Security Administration data.
- The Schroders 2025 U.S. Retirement Survey found that 44% of working Americans plan to claim before full retirement age. However, only 10% plan to wait until 70.
- A recent study estimated the median loss in lifetime spending power at $182,000 (in 2022 dollars) when workers aged 45 to 62 claim too early.
- Your full retirement age (FRA) is 66 or 67, depending on your birth year. The SSA uses it as the baseline to calculate adjustments.
- A fiduciary financial advisor can help you model your break-even point. They can also build a broader retirement income plan around your Social Security decision.
Why the Best Age to Claim Social Security Matters More Than You Think
Most people underestimate how much the timing of their Social Security claim affects their retirement finances. According to Social Security Statistics data via Retirement Living, in 2024 nearly one-quarter of new retired-worker beneficiaries claimed at age 62. Furthermore, nearly half claimed before age 66. That pattern carries a measurable cost.
A recent study found the median loss in lifetime spending power reaches $182,000 (in 2022 dollars) when workers aged 45 to 62 follow current behavioral patterns rather than optimizing their claim date. Among that same group, more than 90% would maximize their lifetime spending by delaying until age 70, according to research summarized by CNBC Select.
The knowledge gap is striking. According to the Nationwide Retirement Institute’s 2025 Social Security Survey, only 21% of respondents correctly identified their full retirement age. Moreover, just 4% correctly identified all variables that determine their maximum benefit. If you are unsure where you stand, it is worth asking whether you need a financial advisor to help you run the numbers.
What Benefits Look Like at 62, 67, and 70
Your full retirement age is either 66 or 67, depending on when you were born. Claiming before it permanently reduces your benefit. Conversely, claiming after it permanently increases it by roughly 8% per year until age 70.
Here is what the maximum monthly benefits look like in 2025, according to the Social Security Administration:
| Claiming Age | Maximum Monthly Benefit (2025) |
|---|---|
| 62 | $2,831 |
| 66 (FRA for some) | $3,795 |
| 70 | $5,108 |
The $2,277 monthly gap between claiming at 62 versus 70 is significant. Over a 20-year retirement, that compounds substantially. Your break-even point falls in your late 70s, though it shifts based on your specific benefit amount and investment assumptions.
Additionally, where you retire plays into total income math. Checking out the best states to retire for taxes 2026 helps you understand how state tax treatment of Social Security income affects your net monthly check if you are weighing relocation.
Who Should Claim Early and Who Should Wait
There is no single right answer, but these factors push the decision in clear directions.
Reasons to claim early (at 62):
- You have a serious health condition or shortened life expectancy
- You have no other income source and need cash now
- You are the lower-earning spouse in a married couple coordinating a split strategy
Reasons to delay (toward 67 or 70):
- You are in good health and have family longevity history
- You have other income to bridge the gap, such as a pension, 401(k), or part-time work
- You want to maximize survivor benefits for a spouse
- You want the highest inflation-adjusted income floor in later life
According to Bankrate’s analysis, the median claiming age sits between 64 and 65 for both men and women. That middle-ground approach often reflects financial pressure rather than an optimized strategy.
Furthermore, broader economic uncertainty can make the decision harder. Understanding the current signs of recession helps you think through sequence-of-returns risk before you lock in a claiming age.
Things to Know About the Best Age to Claim Social Security
- Your benefit is permanent. Once you claim, the SSA calculates your base benefit at that age. Cost-of-living adjustments apply afterward, but the baseline stays fixed.
- Spousal benefits depend on your decision. A surviving spouse can receive up to 100% of your benefit if you delay. This makes timing a joint household decision, not just a personal one.
- Working while claiming early has a cost. If you claim before FRA and continue working, the SSA temporarily withholds part of your benefit once your earnings exceed an annual limit ($22,320 in 2025). Those withheld amounts are recalculated at FRA. However, the short-term reduction catches many people off guard.
- Credit health matters in the run-up to retirement. If you carry debt into retirement, reviewing how to improve your credit score when you have high credit card balances reduces interest costs and frees up more cash for living expenses.
Start Planning Your Claim with a Fiduciary Advisor
Your Social Security decision is one of the most consequential financial choices you will make in retirement. Getting it wrong by even a few years can cost you tens of thousands of dollars in lifetime income.
Connect with a vetted advisor at Best Financial Advisors to model your break-even point. Our advisors coordinate your claim with your spouse and build a retirement income strategy around your specific timeline. Best Financial Advisors matches you with fiduciary-minded retirement planners who walk you through the numbers before you file.
Find a retirement advisor today and make your claim with confidence.
