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How Much Do Social Security Benefits Increase After Age 62?

Learn about the pros and cons of delaying Social Security payments.

By Matthew Frankel, CFPUpdated Nov 9, 2025 at 7:59 AM

Key Points

  • Delaying Social Security past 62 increases monthly benefits by 5% to 8% per year until age 70.
  • Claiming Social Security at 62 offers more years of benefits but reduces payments up to 30%.
  • Working past 62 avoids benefits reduction from the earnings test and boosts COLAs.

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