Choosing an age to begin claiming Social Security is one of the most important retirement decisions you'll make, as it will affect your monthly income for the rest of your life.
You'll receive 100% of your earned benefit by filing at your full retirement age -- which is between ages 66 and 67, depending on your birth year. Claim earlier than that, and your payment will be reduced by up to 30%. By delaying benefits past your full retirement age, you'll earn up to 32% extra on top of your full benefit.
Your claiming age depends on your situation, so there's no one-size-fits-all answer to when everyone should file. That said, research shows that when it comes to finances, one age clearly outshines the rest.
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The most and least optimal filing ages
The age you file for Social Security doesn't just affect your monthly income. It can also affect your lifetime wealth-building potential.
In a 2019 study by United Income, researchers used data from the Social Security Administration to determine how many retirees made the "optimal" claiming decision to maximize their lifetime income. They then took it a step further to find out which filing ages were most and least optimal for retirees.
They found that age 70 was the most optimal age to claim, with 57% of retirees able to build more lifetime wealth by delaying benefits. Only 6.5% of retirees could maximize their wealth by filing prior to age 64, making 62 and 63 the least optimal ages to claim.
Filing at a less-than-ideal age could cost you
These findings may not be too surprising at first glance. Delaying benefits will earn you larger checks, so it makes sense that most retirees could earn more by waiting to file. What may be more shocking, though, is just how much retirees are leaving on the table by filing at a less-than-ideal age.
The report revealed that filing for Social Security at the sub-optimal costs the average retired household about $111,000 in foregone income.
Furthermore, the poverty rate among elderly adults could be cut in half if all retirees filed at the optimal age, researchers found. Among those at risk of not being able to afford retirement, over 20% would have improved chances by filing at the ideal age.
It still pays to file early -- sometimes
This research suggests that most retirees should wait until age 70 to file, while few would be better off filing early. Keep in mind, though, that this study focused exclusively on the financial side of this decision.
If your primary goal with Social Security is to maximize your income, delaying benefits may still be the best move. The average retiree collects roughly $850 more per month at age 70 than at 62, according to 2025 data from the Social Security Administration, which can make a massive difference for many older adults.
However, money isn't everything in retirement. If you're facing health problems or simply want to retire earlier, claiming benefits sooner can be the right choice. You'll still receive smaller payments, but they may be a worthwhile trade-off for extra time in retirement.
There's no single best age to take Social Security, but it is important to consider all your options to make the right choice for your retirement goals and financial situation.
