AJ_Watt/Getty Images
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our review methodology for products and services.
20 years
help you get rich
trusted by
millions of readers
When it comes to Social Security, the age at which you claim has a huge impact on retirement income.
“Deciding when to claim Social Security is one of the most important retirement decisions for Americans. And it’s irreversible,” said Rick Reed, vice president and director of the defined contribution practice. Sehgala benefits and human resources consulting firm, wrote in an email. “There is no one right age for everyone.”
Here are the costs retirees need to know in 2026.
Claiming Social Security at age 62
The earliest you can claim Social Security retirement benefits is at age 62. While this means you’ll start receiving a monthly check to help cover the bills, it also has some drawbacks.
“Claiming benefits earlier, such as at age 62, results in lower monthly payments because the total entitled benefit amount is distributed over a longer period,” Reed explains.
According to Reed, claiming at age 62 results in a permanent reduction in monthly benefits of up to 30%.
“Delaying claims beyond full retirement age increases benefits incrementally each year, increasing by about 8% annually until age 70,” they wrote.
Despite the financial impact, this doesn’t mean you should never file an early claim. Reed explained that the decision about when to claim depends on life expectancy, available savings and overall retirement goals.
Claiming Social Security at age 65
Full retirement age, or the age at which you can receive 100% of your earned benefits, is 67 for people born in 1960 or later. The FRA used to be 65, which is why many people still associate that age with claiming full Social Security benefits. However, changes to the program gradually raised the minimum age. This means claiming today at age 65 results in a reduced monthly benefit instead of the full amount.
“Your retirement benefit at age 67 is assumed to be 100. For each month earlier you claim, your benefit will be reduced by 5/9 of 1% for 36 months (three years),” says Melanie Musson, finance expert. Quote.comWrote in an email. “So, if you claim benefits at age 65, you’ll receive 13.3% less than you would at the full retirement age of 67.”
Claiming Social Security at age 70
Claiming Social Security at age 70 provides the maximum monthly benefit for life.
“The financial gap is huge,” said CEO Yehuda Tropper. Beka Life Settlements. “If you claim at age 62, the maximum monthly benefit is $2,969. Delaying until age 70 increases that to $5,181.”
Waiting may not be worthwhile for everyone, especially those who are in poor health, have a short life expectancy or are struggling with financial troubles.
“If you’re in good health, it’s reasonable to wait until age 70 and you can either continue working until age 70 or use other investments to bridge the gap until age 70,” Tropper said.