Deciding when to claim Social Security is one of the most significant financial milestones in your retirement journey.
While you can start collecting benefits as early as age 62, doing so comes with a trade-off.
According to the Social Security Administration, claiming at 62 permanently reduces your monthly check by up to 30% compared to your full retirement age.
To receive full benefits, you must reach your full retirement age, which is 67 for anyone born in 1960 or later.
If you choose to wait even longer, your monthly check continues to grow by roughly 8% each year until you reach age 70.
For 2026, the maximum monthly payments based on claiming age highlight this drastic difference:
- Age 62: $2,969 per month
- Full Retirement Age (67): $4,152 per month
- Age 70: $5,181 per month
To qualify for these highest possible amounts, you must have earned at least the annual taxable maximum—which is $184,500 in 2026—for 35 years of work history.
Though waiting until 70 yields the highest check, claiming earlier at 62 can still be the right personal decision if you face immediate health or financial needs.
You can set up a personal account on the SSA website to review your real earnings history and project your personal benefits.
