What Happens If You Claim Social Security at 62, 67 or 70?
You can start receiving Social Security benefits at age 62, but that doesn’t mean you have to. Your benefits usually increase the longer you postpone them, which you do when tapping into Social Security is one of the most important financial decisions you’ll make while planning for retirement.
While quick cash may alleviate some financial stress, inflation and longevity are two important risks that can justify waiting a little longer. Here’s how your benefits will differ based on when you claim Social Security.
What happens if you withdraw from Social Security at 62?
If you claim Social Security at age 62 in 2026, the maximum monthly benefit you can receive is $2,969, according to the Social Security Administration.
That’s about 30% less than what your benefit would be if you waited until age 67.
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What happens if you withdraw from Social Security at 67?
The full retirement age is 67 for anyone born in 1960 or later. If you claim Social Security at full retirement age in 2026, the maximum benefit you can receive will be $4,152 per month.
The extra money you can get when you wait for the full years of retirement can go a long way in helping you maintain your lifestyle and give you a better financial cushion.
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What happens when you withdraw from Social Security at 70?
If you wait until age 70, you’ll get a much higher benefit: a maximum of $5,181 a month in 2026.
Delaying Social Security until 70 can be good for your finances, but it may also require working a few extra years or finding a part-time job to make ends meet, depending on your financial situation.
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How to decide when to claim Social Security
The age at which you should claim Social Security comes down to your financial situation, including how much you have saved for retirement, your other types of income, your spouse’s Social Security benefits and more.
In general, it makes sense to delay claiming Social Security to get the maximum benefit. Some retirees choose to tap into the savings they’ve built up in their 401(k)s, individual retirement accounts (IRAs) and other investment accounts so they can wait to receive their benefits. This is called a bridge strategy. Another way is to strategize with your spouse so that the higher earner waits longer to collect their benefits, getting a higher return. The low-income spouse can still receive benefits. Another option is to continue working to delay your benefits and be able to substitute any lower income years that the Social Security Administration uses to determine how much your benefits will be for higher earners. Higher living standards often mean higher benefits.
The Social Security Administration offers a number of calculators and tools to help you determine how much you will receive. You can log into your “My Social Security” account or create one if you haven’t already seen the estimates. You can also review your earnings history to make sure the Social Security Administration has all the correct information.
