Why Some Retirees Should Claim Social Security at 62 -- Even if Waiting Until 70 Pays More

The age you file for Social Security is one of the most important factors influencing your benefits, and it could affect your payments by hundreds of dollars per month.

You can begin claiming as early as age 62, but waiting longer will earn you larger checks. Delay until age 70, and you can maximize your monthly payment.

Research suggests that age 70 is the ideal age to file when it comes to finances. In fact, a 2019 United Income study found that 57% of retirees could earn more in lifetime income by filing at 70, with the average retired household forgoing around $111,000 in total by filing at the "sub-optimal" age.

That said, delaying benefits isn't right for everyone. In some cases, it pays to take the smaller checks.

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Finances aren't everything in retirement

Delaying benefits until age 70 is often the best choice for retirees who want to earn the highest possible monthly payments. But finances are only one part of the equation. In some cases, claiming earlier can help you get more out of retirement.

Waiting to file for Social Security essentially involves betting on your longevity. You not only need to be healthy enough to continue working until age 70, but you'll also, ideally, need to stay healthy long enough to spend ample time in retirement after you leave your career.

When deciding whether to file early or delay, it can sometimes help to consider the worst-case scenario for each option. If you file early and run out of savings later in life, you might have to survive on those smaller checks for the rest of your retirement. If you delay until 70 and then immediately face health challenges, however, you might not have much retirement left to enjoy.

Between these two options, which would you regret more? There's no right or wrong answer, as it's up to your personal preferences. But thinking about it in this light can make it easier to determine your priorities.

How much smaller will your benefit be at 62?

Before making your decision, it's wise to know exactly how much filing early will affect your payments.

To receive the full benefit you're entitled to, you'll need to file at your full retirement age. For everyone born in 1960 or later, that's age 67. If you have a full retirement age of 67 and file at age 62, your benefits will be permanently reduced by 30%.

The average retiree collects around $1,424 per month at age 62, according to December 2025 data from the Social Security Administration, while the average benefit at 70 is around $2,275 per month. That's a difference of roughly $850 per month.

Again, there's no single best age to take Social Security, as it will depend entirely on your unique circumstances. While delaying until age 70 is wise for those looking to maximize their monthly income, filing earlier can lead to a longer, more fulfilling retirement.

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