New analysis shows delaying benefits boosts lifetime income for many Americans, but timing still hinges on individual health and finances.
Millions of retirees rely on Social Security as their financial backbone, so choosing when to claim matters. The Social Security Administration (SSA) lets workers start at 62, yet every year of patience up to age 70 unlocks a larger monthly check—sometimes the difference between scraping by and breathing easy.
How delaying Social Security until age 70 raises every monthly payment
Researchers at United Income crunched decades of data and found a clear pattern: beneficiaries who wait until 70 often pocket tens of thousands more over a lifetime. How so? Each year after full retirement age (about 66‑67) adds roughly 8 percent to the benefit.
Wondering whether waiting really pays off? For healthy workers with savings to bridge the gap, compound increases quickly eclipse the four‑year head start enjoyed by early filers. Before you decide, look at the numbers.
| Claiming age | Average 2024 monthly benefit* |
|---|---|
| 62 | $1,275 |
| 67 (FRA) | $1,900 |
| 70 | $2,322 |
*Figures reflect nationwide averages reported by the SSA.
That jump from $1,900 to $2,322 might not sound huge in one month, but it stacks up to roughly $5,000 extra each year—money that can cover Medicare premiums or rising groceries.
Factors like life expectancy and savings shape the truly perfect retirement age
No single age fits everyone. Have parents who lived into their 90s? Strong odds you will, too, so delaying could maximize lifetime income. On the other hand, chronic health issues or a physically demanding job might argue for claiming sooner. “Do I have enough savings to float eight years without benefits?” is the key question planners urge future retirees to ask.
For many, waiting is a luxury. Workers with limited 401(k) balances or facing layoffs may need immediate cash. Starting at 62 locks in a smaller check forever, yet it provides certainty and can prevent high‑interest debt. Just remember: continuing to work while receiving early benefits could trim payments if you exceed the annual earnings limit.
Deciding when to file blends math with personal reality. Compare your health outlook, savings cushion, and family longevity against the higher monthly payoff of patience. If the numbers work—and you can cover bills in the meantime—age 70 offers the richest check on the SSA’s menu. Otherwise, claim when you must, but claim with eyes wide open.