A whopping 88% of current retirees rely on Social Security to make ends meet, according to a 2024 survey from pollster Gallup, and 60% of that group say their benefits are a major source of income.

Determining what age to begin claiming benefits is one of the most important Social Security choices you’ll make, and that decision will affect your monthly income for the rest of your life. If you’re going to be relying on your benefits in retirement, it’s wise to make this decision carefully.

While your claiming age is a highly personal decision that depends on your unique circumstances, there’s plenty of data to back up one age in particular.

How your age affects your benefit amount

First, it’s crucial to know how, exactly, the age you claim will affect your monthly payments. You can file for Social Security as early as age 62, but for every month you wait, you’ll earn slightly larger checks. Those bonuses max out at age 70, so while you can delay past that age, there’s no financial incentive to do so.

Your full retirement age is somewhere in the middle of that range, falling at either age 66 or 67, depending on your birth year. This is the age at which you’ll receive 100% of the benefit you qualify for based on your work history.

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By filing at age 62, your benefit will be permanently reduced by up to 30% from what you’d receive at your full retirement age. If you wait until age 70, though, you’ll receive your full benefit plus a bonus of at least 24% per month.

The average retired worker collects around $1,298 per month at age 62, according to the Social Security Administration, while the average benefit at age 70 is around $2,038 per month. That’s a difference of roughly $740 per month, which can go a long way in retirement.

The best age to claim — according to research

Again, your claiming age will depend on your individual situation, so there’s no one-size-fits-all answer. That said, when it comes to the financial side of this decision, multiple studies suggest that age 70 is definitively the best option.

A 2019 study from United Income, for example, examined retirees’ claiming decisions and compared them to the individuals’ earnings throughout the rest of their retirement. They then used that data to determine how many retirees filed at the “optimal” age to maximize their lifetime income.

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The researchers found that age 70 was the optimal choice for 57% of study participants, while only 6.5% of retirees were financially better off by filing before age 64. Furthermore, they found that the average retired household could increase their lifetime income by around $111,000 by filing at the ideal age.

A separate study from the National Bureau of Economic Research came to a similar conclusion. These researchers found that 91.6% of households could optimize their lifetime income by waiting until age 70 to file, while a staggering 99.4% could maximize their income by waiting until at least age 65 to file.

Among those age 45 to 62, specifically, the median amount gained over a lifetime by claiming benefits at the ideal age was $225,944. Across all age groups, the median gain was around $158,069 in lifetime income.

When it may be better to file early

Keep in mind that these studies only looked at the financial component of this decision. While delaying benefits might be the best way to maximize your lifetime income, that alone doesn’t necessarily mean it’s the ideal choice for everyone.

If you have reason to believe you might live a shorter-than-average lifespan, for example, filing early could pay off. You’ll still receive smaller payments each month, but you might collect more in total than if you were to delay benefits.

Even if you expect to spend several more decades in retirement, filing earlier can still give you more time to enjoy your senior years. For some people, a few extra years in retirement is far more valuable than the boost in benefits by delaying claiming.

There’s no right or wrong time to take Social Security, and it’s a highly personal decision. While data suggests that waiting until age 70 is the best financial choice, looking at the big picture and considering your goals will make it easier to decide on the ideal age for you.

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