If you think 62 is the perfect age to start collecting Social Security, you might be missing out on thousands of dollars every year. While early retirement sounds tempting, experts warn that claiming your benefits too soon could drastically shrink your monthly payments—forever. Want to know how to unlock the largest Social Security check possible? The answer lies in the timing, and it could change how you plan your entire retirement.
For most Americans, the decision of when to retire is one of the biggest financial choices they’ll ever make. Social Security benefits are designed to provide lifelong income—but the amount you receive depends heavily on when you start claiming them. And while it might feel good to retire early, waiting just a few more years can mean a lot more money in your pocket every month for the rest of your life.
The Earliest You Can Claim: Age 62
You can start receiving Social Security at 62, and many Americans do. But there’s a trade-off: the government cuts your benefits by up to 30% if you claim early. And that reduction is permanent. So even though you get checks sooner, they’ll be significantly smaller for the rest of your life.
Let’s break that down with a real-world example. If your full retirement benefit is $2,000 per month at age 67, claiming at 62 would shrink that to around $1,400. That’s $600 less every month, or over $7,000 a year—money you won’t get back.
Full Retirement Age: When You Get 100% of What You Earned
Your “full retirement age” (FRA) is the point at which you’re eligible to collect your full benefit amount, based on your work history. It varies by birth year:
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If you were born between 1943 and 1954, your FRA is 66.
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If you were born in 1960 or later, it’s 67.
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If you’re born in between, it increases gradually.
Claiming at this age ensures you get the full amount you earned over your working life. For many people, this is a solid middle-ground option that balances a decent monthly check with access to funds at a reasonable retirement age.
The Maximum Benefit Age: Wait Until 70 and Get Paid More for Life
Here’s where things get really interesting: If you delay claiming your benefits past your full retirement age, the Social Security Administration rewards you.
For every year you wait beyond your FRA, your monthly benefit grows by about 8%—up until age 70. After that, there’s no additional increase. This can add up to 32% more per month if your FRA is 66 and you wait until 70.
So instead of getting $2,000 per month at 67, waiting until 70 could mean a monthly benefit of around $2,640—and that amount would stay locked in for the rest of your life, adjusted annually for inflation.
Who Should Wait, and Who Shouldn’t?
Delaying retirement isn’t for everyone, and it’s important to look at your full financial and personal picture:
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Wait until 70 if you’re in good health, have a longer life expectancy, and can afford to delay tapping into your Social Security. You’ll receive the maximum monthly payout, which can be especially helpful in your 80s and 90s when savings may dwindle.
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Claim early if you’re in poor health, can’t work any longer, or have few other sources of income. Early benefits may be smaller, but they can help keep you afloat.
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Consider your spouse: If you’re the higher earner and delay benefits, your surviving spouse may receive a higher monthly benefit after you pass away.
Your Break-Even Point: Why the Long Game Pays Off
Here’s a simple way to think about it: If you expect to live well into your 80s or 90s, waiting pays off. The “break-even point” for delaying benefits—meaning the age at which you’ve received more money by waiting—is usually around 78–81. After that, the extra monthly income becomes pure gain.
In other words, if you live a long life, waiting could add tens of thousands of dollars to your total Social Security income.
Final Thoughts: Timing Is Everything
Yes, it’s your money—but how and when you claim it can dramatically affect your financial stability later in life. If you want the highest possible Social Security benefit, waiting until age 70 is the magic number. That’s when you lock in the maximum monthly amount for life.
Still, every situation is different. Your health, job status, savings, and personal goals all matter. But whatever you do, don’t make the decision blindly. Talk to a financial advisor or use the calculators on SSA.gov to run the numbers before you commit.
