Retirement planning is a crucial decision, and one of the most debated topics is when to claim Social Security benefits. While you can start collecting as early as age 62, experts often recommend Wait Until 70 for Social Security to maximize your monthly payments. Here’s why delaying could be a smart financial move.
How Delaying Social Security Increases Benefits
The Social Security Administration (SSA) has a built-in reward system for those who wait. If you claim at full retirement age (FRA)—which is 67 for those born after 1960—you receive 100% of your benefit. However, if you delay until age 70, your benefit increases by 8% per year after FRA, up to a total boost of 32%.
For example, if your FRA benefit is $3,500 per month, waiting until 70 could increase it to around $4,620 per month. This additional income can make a significant difference in long-term financial security, especially with rising costs of living and Also check out The Main Reason for Applying for Social Security at the Age of 70.
Key Requirements for Maximum Social Security Benefits
To qualify for the highest possible payout, you need to meet these conditions:
- Have at least 35 years of earnings in the workforce.
- Earn at least 40 work credits, which typically means 10 years of full-time work.
- Contribute enough annually—in 2025, earning $1,810 equals one credit, with a maximum of 4 credits per year.
Ideal Candidates for Wait Until 70 for Social Security
- Healthy retirees with a longer life expectancy who want to maximize benefits.
- Those with alternative income sources to cover expenses before 70.
- Individuals wanting higher survivor benefits for a spouse.
Who Might Claim Earlier?
- Those with health issues who may not benefit from delaying.
- Individuals in financial distress who need income immediately.
- People with lower lifetime earnings, where additional waiting may not significantly impact benefits.
Social Security Payment Schedule for February 2025
Social Security payments are distributed based on birth dates. Here’s the schedule for February 2025:
| Birth Date Range | Payment Date |
| 1st – 10th | February 19 |
| 11th – 20th | February 26 |
| 21st – 31st | February 26 |
Important Update: Early SSI Payment
If you receive Supplemental Security Income (SSI) along with Social Security, note that March 1st falls on a weekend. This means SSI payments will be issued on February 28th instead.
Stay Updated and Check out Will Social Security Automatically Enroll You At 70 to Avoid Costly Mistakes
FAQs
Wait Until 70 for Social Security is worth it?
Yes, if you have a longer life expectancy and can afford to wait, delaying benefits can result in significantly higher monthly payments.
What happens if I claim Social Security at 62?
If you claim at 62, your benefits will be reduced to around 70% of the full amount you would receive at FRA.
Can I work while delaying Social Security?
Yes, you can continue working past FRA without your benefits being reduced, and your future benefits may increase based on your earnings.