The data about the ideal Social Security claiming age is pretty clear: Unless you have a short life expectancy, delaying until 70 will probably get you the largest lifetime benefit. A 2022 paper from the National Bureau of Economic Research found that more than 90% of Americans should claim at 70 if they want to get the most from the program.
This is because every month you delay Social Security increases your checks a little until you qualify for your maximum at 70. However, waiting to sign up is easier said than done.
Many people can't afford to delay their application, even if they would like to. If you're in that boat, the following three strategies could help you put off your benefits for a little bit longer so you can lock in bigger checks.
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1. Save as much as you can during your working years
This may sound like a no-brainer, but it's worth bearing in mind if you're a long way from retirement. The more money you save now, the easier it will be to cover your retirement costs on your own until you're ready to apply for Social Security. You may be able to enjoy a higher quality of life in retirement, too.
If your regular job isn't cutting it, consider negotiating a raise, starting a side hustle, or putting in some overtime. Diverting that extra money to retirement savings can help you reach your financial goals more quickly.
It might also help increase your retirement benefit, too. The Social Security Administration bases your benefit on how much you contribute in payroll taxes throughout your career. Pay more in and you get more out in retirement.
As long as you earn less than the taxable wage base -- $176,100 in 2025 -- every extra dollar you earn today could mean larger Social Security checks in the future.
2. Work part-time in retirement
Working part-time in retirement gives you a regular paycheck to supplement your personal savings. This can be just the help you need to delay Social Security for a few years until you qualify for larger checks.
You could consider this a phased retirement where you gradually reduce your hours over time. You might even change jobs to something a little more in line with your interests, even if it earns you less money than your previous job.
3. Delay retirement
If you prefer a clean break from the workforce, you could try pushing your retirement date back until 70 or until you have enough savings to cover your retirement expenses on your own without claiming benefits. This is similar to the previous suggestion, but there's a key difference.
Part-time jobs may not pay as well, especially if you're switching industries. But if you stay in your current job (where you may be earning a high salary), you might be able to quit working altogether sooner than you would if you switched to part-time work.
It doesn't have to be all or nothing
You may already be saving as much as you can, and working longer might not be an option for you. That doesn't mean you have to settle for claiming Social Security at 62, thereby taking a 30% benefit reduction. There's a middle ground.
Instead of delaying Social Security until 70, you could delay benefits for a few months or years. Even waiting one month can make a difference to your checks. If you qualified for a $2,000 monthly benefit at 62, you would get $2,008 at 62 years and 1 month. That extra $8 per month adds up to nearly $2,000 over 20 years -- realistically, more than that when you factor in annual cost-of-living adjustments.
If you can wait a year to sign up, you can grow your checks by anywhere from 5% to 8%. That would add an extra $100 to $160 per month to a $2,000 monthly check. So it's still worth waiting a little to claim Social Security, if you can, to lock in bigger checks for the rest of your life.
