You can claim Social Security as soon as you turn 62, and many people jump on that chance and start their benefits ASAP. In fact, the Center for Retirement Research revealed that 31% of retirees claimed Social Security at 62 in 2019, and 26% did the same in 2023. In both years, 62 was the most popular age to start benefits.
Some people claim Social Security at 62 because they just can't wait to retire, and they need that money. Others, however, are motivated by fear. Specifically, some seniors think it's risky to put off their claim past the earliest age of eligibility because they think Social Security benefits will run out, they worry about changes at Social Security, or they worry that they'll die before collecting benefits if they put off their claim.
It's understandable to be concerned about these issues, but the reality is that a delayed claim can end up having a big payoff -- and may be the best approach for most retirees.
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Here's why a late Social Security claim can be the better move
Giving up immediate access to government benefits is tough, but there are some big advantages to delaying your Social Security claim instead of getting the money as soon as possible. A delayed claim can pay off because:
- You'll have a higher monthly benefit. While a Social Security claim at 62 shrinks your standard benefit by 30% if your full retirement age is 67, a claim at 70 increases it by 24%. If your standard benefit was around $2,000, a claim at 62 would leave you with $1,400 per month, while a claim at 70 would result in monthly payments of $2,480. That's a lot more per month -- and you may need it if the money in your retirement plans is looking short.
- You'll have better odds of maxing out lifetime benefits. Studies have repeatedly shown that a delayed claim is the better choice for the majority of retirees, many of whom will end up with over $100,000 more in discretionary spending during their lifetime if they wait until 70.
- You can max out survivor benefits. If you earn more than your spouse, they can keep your benefit when you pass away in the form of survivor benefits. If you reduced your benefits by claiming Social Security early, your widow(er) will be left with less money to live on when you're gone.
With more money each month, better protection for your spouse, and high odds of getting more lifetime benefits, a delayed claim just makes sense.
Don't claim Social Security early and end up regretting it
While there are risks of waiting, including the possibility of dying before breaking even for missed benefits, you shouldn't worry about Social Security benefits running out. Even though the trust fund is in trouble, most promised benefits can still be paid out, and lawmakers are unlikely to leave retirees in the lurch.
And, even if you don't break even because you die sooner than expected, your spouse may still be better off with a larger survivor benefit -- but odds are, a later claim will give you more money during your lifetime than an earlier one. Since the payoff of a delayed claim usually makes waiting until 70 worth it for most people, seriously consider this approach during your retirement planning process.
