Millions of senior citizens across the United States depend heavily on Social Security benefits to manage their daily expenses after retirement. For many, these benefits are not just extra money – they are the backbone of their financial security. One crucial decision that can impact how much you receive each month is when you decide to claim your Social Security benefits.
What’s the Earliest You Can Claim?
The earliest age at which most people can start receiving Social Security retirement benefits is 62 years old. However, this decision comes with trade-offs.
While claiming early may sound appealing, especially if you want to stop working soon, doing so will permanently reduce your monthly benefit payments. On the other hand, if you wait until your Full Retirement Age (FRA), which falls between 66 and 67 depending on your birth year, you will receive the full benefit amount you’re eligible for.
If you delay even further, up to age 70, your monthly checks will include a bonus amount that increases every year you wait past your FRA.
How Much Will You Get? The Numbers Speak
Let’s break down the actual figures, based on the latest data released by the Social Security Administration in December 2024:
- At Age 62:
You can expect an average monthly benefit of $1,341.61. - At Full Retirement Age (around 67):
The average monthly benefit increases to $1,929.73. - At Age 70:
By waiting, the average monthly benefit grows further to $2,148.12.
So, if you compare starting benefits at age 62 versus age 70, there’s a difference of about $806.51 per month. That’s a significant boost just by holding off your claim.
Why Should You Consider Delaying Your Benefits?
The primary advantage of delaying Social Security is higher lifelong income.
Here’s why:
✅ Bigger Monthly Checks:
The longer you wait (up to 70), the bigger your benefit. An extra $800+ per month could cover essential costs like healthcare, rent, or daily expenses in your retirement years.
✅ Long-Term Security:
Since Social Security payments continue for life, larger monthly checks could act as a safety net, especially if your personal savings or investments run dry later.
✅ Protection Against Longevity Risk:
People are living longer. Delaying benefits means more money over the long haul, reducing the risk of outliving your savings.
But Is Claiming Early Always a Bad Idea?
No, not at all!
For some people, claiming Social Security at 62 makes sense. Let’s look at when early claiming could be the right choice:
👉 Planning to Retire Early?
If you’ve decided to stop working in your early 60s, starting Social Security benefits immediately might provide the steady income you need.
👉 Health Issues:
If you have medical concerns or a family history of shorter lifespans, claiming early ensures you benefit from what you’ve earned while you can still enjoy it.
👉 Financial Emergency:
Sometimes, unexpected expenses or lack of other income sources might force early claiming.
👉 No Dependents Relying on Survivor Benefits:
If you don’t have a spouse or dependent who would need survivor benefits, the incentive to delay is less crucial.
What’s the Best Age to Claim Social Security?
Honestly, there’s no one-size-fits-all answer. It depends on factors like:
- Your health condition
- Your retirement plans
- Other income sources
- Your lifestyle needs
- Family history of life expectancy
However, understanding how claiming early vs. delaying impacts your total benefits helps you make smarter, more informed decisions.
Did You Know About the $22,924 Secret?
Many retirees miss out on a key Social Security strategy that could boost their yearly income by as much as $22,924.
Little-known tricks and optimizations, such as:
- Smartly timing spousal benefits
- Maximizing survivor benefits
- Coordinating benefits with other sources of retirement income
…can help you get more out of Social Security!
By learning these secrets, you can retire with more confidence and peace of mind.
Final Thoughts
Deciding when to claim Social Security is one of the most important financial decisions you’ll make as you approach retirement.
✔️ If you want more money every month and can afford to wait, delaying up to 70 makes sense.
✔️ But if you’re ready to retire early, facing health issues, or simply need the extra income now, claiming at 62 could be the right option.
The key is knowing the trade-offs and planning accordingly.
Disclaimer – Our team has carefully fact-checked this article to make sure it’s accurate and free from any misinformation. We’re dedicated to keeping our content honest and reliable for our readers.