It's understandable that you'd want to claim Social Security as early as possible so you can get the most checks. But there's a pretty big drawback to doing this.
Claiming early permanently reduces your Social Security benefit by up to 30%. The longer you wait to apply, the larger your checks will be, until you qualify for your maximum retirement benefit at age 70. But you don't have to wait that long to see a noticeable change. Even holding off for one month can make a lasting difference.
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Every month you delay your Social Security application, your checks increase, and the rate of increase accelerates over time. The following table shows how quickly benefits grow for someone with a full retirement age (FRA) of 67:
|
Social Security Benefit Increases By: |
From Ages: |
|---|---|
|
5/12 of 1% per month (5.00% per year) |
62 to 64 |
|
5/9 of 1% per month (6.67% per year) |
64 to 67 |
|
2/3 of 1% per month (8.00% per year) |
67 to 70 |
Data source: Social Security Administration.
If we apply this to the average monthly retirement benefit of $2,081 (as of April 2026), you could increase it by $9 to $14 per month, depending on your age now. That could add anywhere from $2,160 to $3,360 to your lifetime Social Security benefit if you claim for 20 years. Realistically, it'd boost your benefits even more because your future cost-of-living adjustments (COLAs) would be slightly larger as well.
Your checks will increase even more if you delay Social Security for longer. Waiting a year or two could add tens or hundreds of dollars to your monthly benefit. But it also means you need another way to cover your living costs in the meantime. Weigh these pros and cons before deciding which strategy is right for you.
