Research provides an exceptionally clear-cut answer.
The age you sign up for Social Security is one of the most important factors influencing your benefit amount, and it can affect your payments by hundreds of dollars per month.
Filing at your full retirement age (which is age 67 for everyone born in 1960 or later) will earn you 100% of your benefit based on your earnings history. By claiming earlier than that, your payments will be reduced, while delaying benefits up to age 70 will result in the largest possible monthly payments.
These adjustments can add up, too. Among retired workers, the average benefit at age 62 is just $1,298 per month, according to the most recent data from the Social Security Administration. Meanwhile, the average payment at age 67 is roughly $1,884 per month and $2,038 per month at age 70.
In some cases, filing at 62 is still worthwhile despite the reductions. Other times, though, you may be far better off waiting a few years. While everyone’s situation is unique, here’s what the research says about the best ages to begin taking Social Security.
Should you claim early or delay?
In a 2022 study from the National Bureau of Economic Research, analysts examined older adults’ filing ages and how those decisions affected their lifetime benefit amount.
The results? It pays to delay. Researchers found that 91.6% of workers would receive the largest lifetime benefit by filing at age 70, and a staggering 99.4% would collect more in total by waiting until after age 65 to begin claiming.
The study also broke down the data by age group and found that among those age 45 to 62, filing at the optimal age would boost the median lifetime benefit by $225,944. Among those age 45 to 54, specifically, optimizing the benefit start date could result in a median increase of $271,790 over a lifetime.
| Age Group | Increase in Median Lifetime Benefit by Optimizing Claiming Age |
|---|---|
| 45 to 54 | $271,790 |
| 55 to 62 | $181,623 |
| 63 to 69 | $117,090 |
Source: National Bureau of Economic Research. Table by author.
In other words, according to these statistics, waiting until age 70 (or at least until after age 65) is the ideal decision for more than nine in 10 older adults, and filing at the optimal age could boost your lifetime benefit by hundreds of thousands of dollars.
When it pays to file early
Although the data suggests that delaying benefits is the best move for virtually all retirees, these statistics only account for the financial side of this decision.
There are valid reasons to consider claiming early, even if it reduces your lifetime benefit. For example, if you’re forced to retire early due to health issues or job loss, taking Social Security as soon as you retire can help preserve your savings and create a more financially secure retirement.
In some cases, you could actually increase your lifetime benefit by filing early. If you live an average or longer-than-average lifespan, delaying Social Security could help you earn more in total. But if you have reason to believe you may live a shorter-than-average lifespan, you may collect more over a lifetime by filing sooner.
Finally, sometimes your best decision comes down to personal preferences. Maximizing your benefits can be a smart goal, but it’s not everything. If you want to retire early and you have a robust nest egg, taking benefits early can provide some extra income in your early 60s to make retirement more affordable.
Your ideal claiming age will depend on several factors, and the financial aspect is important to consider. However, by considering the big picture and weighing your goals and priorities, you can decide on the best age for your situation.
