Filing for Social Security retirement benefits is a personal decision. Therefore, it should be you the one that choose the right age. If you are not sure of what is best for you, you can always hire a financial advisor and talk to other retirees who may speak from experience.
As a matter of fact, filing at 70 is the best age you can file for Social Security from a financial point of view. This will be when you can receive 100% of your retirement benefit together with a 24% extra from delayed credits. Before this age, benefits are reduced, after it, they stop growing.
Social Security at 70
Only those who file for Social Security retirement benefits at 70 can receive a payment of up to $5,108. To get such a large payment you must meet additional requirements though.
Workers who file at 70, work for 35 years in jobs covered by SSA and earned the contribution and benefit base all this time can get up to $5,108 in 2025. Not only can filing at 70 be beneficial from a financial point of view, but it also has other advantages.
- you will continue active
- you may love your job so it will not be a burden
- your family may qualify for higher survivor benefits
- you may have tax benefits
Social Security at 62
According to the Administration, the largest benefit payment in retirement at 62 is worth up to $2,831. Therefore, there is a considerable difference if compared to the maximum payment at age 70.
On average, 62-year-olds received about $1,311.44 in June 2024. After the 2025 COLA increase, it may have become about $1,343. For your information, the average payment at 70 was $2,067 in June 2024 and about $2,118 in 2025 with the boost.
Although you will receive a much lower payment at 62, you will have more time to enjoy life, meet up with friends and family, and take up all the hobbies you would like to try. Check SSA’s Statement for more detailed information about your future payment amounts by age. Do not forget inflation reduces buying power so what is enough in 2025, may not be in 20 years time.
