Arguably the biggest decision retirees will make when it comes to Social Security is when to claim benefits. Due to the nuances of the program, the large majority of retirees will claim Social Security some time between 62 and 70 years of age. Of course, there are advantages and drawbacks, regardless of what age a retiree claims.
Retirees who claim at 62, for example, could see their benefits shrink significantly. Meanwhile, retirees who wait until 70 maximize their monthly Social Security income but must wait eight additional years to begin collecting benefits. While it's a complex topic, statistics say this is the best age to claim benefits.
What the studies say
Several studies have been conducted over the years to figure out the best age to claim Social Security. And keep in mind the Social Security Administration (SSA) adjusts your monthly check based on the age you claim with the intention of providing all program beneficiaries approximately the same amount in lifetime benefits, regardless of when they claim, based on average life expectancy.
However, the average is not representative of each individual, which helps explain why recent studies tend to share a similar recommendation.
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In 2022, the National Bureau of Economic Research (NBER), led by members from the Federal Reserve Bank of Atlanta and faculty of Boston University's economics department, published a 33-page study that concluded almost all Americans between the ages of 45 and 62 should wait until age 65 to claim Social Security benefits (the full retirement age for those born in 1960 or after is 67). Furthermore, NBER found that 90% of this cohort should wait until 70 to claim benefits:
The median loss for this age group in the present value of household lifetime discretionary spending is $182,370. Optimizing would produce a 10.4 percent increase in typical workers' lifetime spending. For one in four, the lifetime spending gain exceeds 17 percent. For one in ten, the gain exceeds 26 percent. Among the poorest fifth of 45 to 62 year olds, the median lifetime spending increase is 15.9 percent, with one in four gaining more than 27.4 percent.
Another study in 2019 by a company called United Income found that 92% of Americans should wait until at least 65 before claiming benefits. The study also found that 71% should hold off until age 70 to reap the maximum benefits.
What actually happens
While the two studies above indicate that waiting longer results in a higher lifetime benefit, actual data shows more people in recent years have claimed Social Security at age 62. In 2022, over 27% of new Social Security claims occurred at age 62, more than any other age between 62 and 70.
Now, it's possible that more people have simply been turning 62 in recent years, potentially skewing the data. It's also possible that headlines about the Social Security trust funds running dry by 2034 have incorrectly led retirees to believe there won't be any Social Security left, resulting in more early claims, although this is all speculative.
There is also a way to game it out. The SSA has a fairly basic life expectancy calculator. It also allows you to look at average benefit amounts at various ages to calculate total lifetime benefits, depending on the age when one claims. If I plug in the life expectancy for a male born in Jan. 1963, a retiree who is 62.5 years old is expected to live until 83.8. For a 70 year old born at the same time, the life expectancy is 85.9.
The average annual benefit for a 62 year old in June 2025 was $16,524, while the average annual benefit for a 70 year old was $26,250. Assuming the 62.5 year old lives until 83.8, their lifetime benefit would be about $350,308. Assuming the 70 year old lives until 85.9, their lifetime benefit would total $417,375. This might be a very simple example, but it does highlight why studies are suggesting retirees wait instead of claiming as soon as possible.
What the statistics say isn't always the right answer for you
Before you take that recommendation and assume it's the optimal choice for you, keep in mind that maximizing your lifetime benefit is just one piece of the puzzle.
At the end of the day, the right age to claim benefits depends on many other factors, including your health, other sources of income, lifestyle during retirement, and coordination with your spouse. By looking at your personal situation holistically, you can be confident in your decision when you do claim Social Security.
