As you head into retirement, one of the most important decisions you'll need to make is the age at which you begin taking Social Security benefits.
You can file at any point beginning at age 62, but the age you claim will directly affect the size of your monthly payments. Taking benefits earlier will result in smaller payments, while waiting could boost your checks by hundreds of dollars per month.
So what's the ideal age to claim Social Security? Research shows one age may be better than the rest, but the real answer is more complicated.
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The "perfect" age to take Social Security
In a 2019 study by United Income, researchers examined Americans' Social Security claiming decisions and compared them to the amount they earned in lifetime retirement income.
They found that only 4% of retirees claimed benefits at the optimal age to maximize their lifetime earnings, and it costs the average retired household around $111,000 in foregone income.
The least-optimal age to file, according to the report, was anytime prior to age 64 -- with only 6.5% of retirees maximizing their lifetime income by filing early. The most optimal age to file was age 70. Researchers found that a whopping 57% of retirees could earn more over a lifetime by delaying benefits.
It makes sense that delaying benefits would increase lifetime income, as payments at age 70 tend to be significantly higher. In fact, the average retiree collects around $800 more per month at age 70 than at age 62, according to 2024 data from the Social Security Administration, which adds up to a difference of nearly $10,000 per year.
One big caveat to consider
When considering finances alone, age 70 is the clear winner. But there are many factors to weigh when deciding on the ideal age to take benefits, and almost all of them will depend on your unique situation. For that reason, there really isn't one "perfect" age to take benefits.
For example, maybe you're unhappy at work and your career is taking a toll on your health and well-being. Claiming Social Security early will result in smaller checks, but retiring earlier could drastically improve your life. It may not be the optimal choice financially, but it's the right choice for you.
Or, perhaps you want to enjoy a more active retirement, and filing early is the best way to do that. Of course, plenty of people live active lifestyles well into their 70s and beyond. But for many people, taking Social Security as early as possible is the best way to ensure you can enjoy retirement to the fullest while you're younger and healthier.
How to decide on the right claiming age for you
Again, the age you take benefits is a highly personal decision, so only you will be able to decide whether you're better off filing early or delaying. But one way to help determine your priorities is to consider where your biggest regrets lie.
In Scenario One, say that you file early and end up living a much longer-than-average lifespan. You have decades to spend in retirement, but because you're receiving smaller checks each month, money is tight. Your personal savings may run out, leaving you to depend solely on Social Security to make ends meet.
In Scenario Two, say that you wait until age 70 to file, but develop health problems just a few short years later. You're receiving much larger checks than you would at age 62, but you may have limited time to enjoy that money.
Between the two situations, which would lead to more regret? There's no right or wrong answer, and of course, these aren't the only two scenarios that could arise. But thinking about your claiming choice in this way can make it easier to decide what to prioritize in retirement.
