At age 62, you will become eligible to begin collecting Social Security benefits, but starting early is not always the best financial decision. In general, the longer you wait to claim Social Security, the larger your monthly benefit will be. That is why deciding when to begin collecting benefits is such an important part of retirement planning.
While taking benefits at age 62 may help relieve financial stress in the short term, it is also important to consider factors such as inflation, life expectancy, and long-term income needs. Waiting a few more years could provide greater financial security and comfort later in retirement.
In this article, we will discuss how your Social Security benefits may differ depending on the age at which you choose to begin collecting them.
Before diving into the differences between claiming ages, it is important to understand how Social Security benefits are calculated. The Social Security Administration (SSA) determines your benefit amount by averaging your highest 35 years of inflation-adjusted earnings. This figure is known as your Average Indexed Monthly Earnings (AIME).
If you worked fewer than 35 years, the missing years are counted as zeros, which can lower your benefit amount. In 2026, the SSA only taxes and counts earnings up to $184,500 when calculating benefits. Earnings above that amount will not increase your Social Security benefit. Additionally, alternative sources of income, such as pensions or investment income, are not included in the calculation.
Once you become eligible for benefits, you can create an account at SSA.gov to review your earnings history and estimated benefits.
Taking Social Security at Age 62
If you choose to begin collecting Social Security at age 62, the maximum monthly benefit in 2026 is $2,969. However, this amount is approximately 30% lower than what you could receive by waiting until full retirement age.
Another important consideration is whether you plan to continue working while collecting benefits. According to the SSA, individuals under full retirement age can earn up to $24,480 annually without reducing their Social Security benefits. If you earn more than that amount, Social Security will temporarily withhold $1 in benefits for every $2 earned above the limit. This earnings limit increases once you reach full retirement age.
Taking Social Security at Age 67
For individuals born in 1960 or later, age 67 is considered full retirement age. In 2026, the maximum monthly benefit at full retirement age is $4,152. Waiting until this age can significantly increase your monthly retirement income.
Just like claiming benefits at age 62, there are still earnings limits if you continue working before reaching full retirement age. In 2026, the SSA states that you can earn up to $65,160 without a reduction in benefits. If your earnings exceed that amount, benefits are temporarily reduced by $1 for every $2 earned above the limit.
Taking Social Security at Age 70
If you delay collecting Social Security until age 70, you will receive the maximum possible benefit. In 2026, the maximum monthly benefit at age 70 is $5,181, and there are no earnings limits once you reach this age.
Delaying benefits until age 70 can provide a substantial financial advantage throughout retirement. However, doing so may require you to continue working longer or rely on savings and investments to cover expenses during the delay period.
Determining the Best Time to Claim Social Security
Ultimately, the best time to begin collecting Social Security depends on your personal financial situation. Factors to consider include your retirement savings, investments, spouse’s income, health, life expectancy, and other sources of retirement income.
Some individuals choose to delay benefits in order to maximize their monthly income. To make this possible, they may rely on savings accounts, 401(k)s, Individual Retirement Accounts (IRAs), or other investments to bridge the income gap until benefits reach their highest level. This approach is often referred to as a “bridge strategy.”
Married couples may also benefit from coordinating their claiming strategies. In some cases, it may make sense for the higher-earning spouse to delay benefits while the lower-earning spouse claims earlier. This can help maximize household income over time.
Another option is continuing to work, either full-time or part-time. Additional working years may replace lower-earning years in your earnings history, potentially increasing your future benefit amount. In general, higher lifetime earnings result in higher Social Security benefits.
At the end of the day, there is no universal “right” age to begin collecting Social Security. Just because a friend, family member, or neighbor chooses to claim benefits at 62, 67, or 70 does not mean that same decision is “right” for you. The timing of your Social Security benefits should be based on your unique financial goals, needs, and retirement plans.
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