Should you claim Social Security at 62 or wait until 70? New research shows which choice pays more.
Every year, a fresh batch of hundreds of thousands of seniors face the same agonizing question: Should I start collecting Social Security benefits now?
The structure of the program makes timing the claim absolutely critical. Waiting longer can boost your benefits substantially, often more than a few extra years of work or a slightly higher paycheck. The date you file paperwork could be the most important decision you make in retirement, especially if your plan relies heavily on benefits income.
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So, should you claim benefits as early as possible at age 62, or wait until age 70 to maximize your payout? Here’s what you need to know.
The math isn’t even close
A landmark paper published by the National Bureau of Economic Research (NBER) in 2023 made it clear that waiting is the best option for nearly everyone approaching retirement (1). More than 90% of workers between the ages of 45 and 62 should wait until the age of 70 to collect. At the very least, the majority of workers should wait until the age of 65.
Impatience can be really expensive.
“The median loss for this age group in the present value of household lifetime discretionary spending is $182,370,” the NBER report says.
A similar analysis by the Bipartisan Policy Center (BPC) found that the gap in monthly benefits between those who claim at age 62 versus those who claim at 70 or later is 77% (2).
Even using the 2026 average retired-worker benefit of $2,071 as a baseline, claiming at 62 drops that check to roughly $1,450 per month (3). Waiting until 70 pushes it to about $2,568. That’s a gap of more than $1,100 monthly, or over $13,400 a year. The difference compounds for every year you collect benefits.
Simply put, the math isn’t even close. The system is designed to reward patience, and waiting just a handful of years to file your claim can be a real game-changer. Unfortunately, many Americans overlook that math.
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Many Americans file early
Despite the clear numbers, most Americans claim benefits earlier than researchers recommend.
Roughly 45% of Social Security beneficiaries filed before the age of 65, according to the BPC (2). About 29% filed their claim at the earliest eligible age of 62. Only one in 10 seniors waited until 70 or later.
Part of the reason may be confusion about how the Social Security system works. For instance, 55% of American adults say they don’t know much about it, and the same share mistakenly believe the full retirement age is 65, according to Allianz Life (4).
But the knowledge gap isn’t the only factor. Lifestyle needs, concerns about the future of the Social Security trust fund and expectations about personal health and longevity can push people to claim early. Nearly 54% of U.S. adults told Allianz Life they weren’t sure about the best time to file.
Life rarely cooperates with spreadsheets, and many workers end up claiming early because of personal circumstances. For some retirees, that monthly check is a financial lifeline, even if it comes with a substantial cut.
Bottom line
If you’re eligible for Social Security in 2026 but haven’t filed yet, delaying until 70 is usually the optimal approach. On paper, it maximizes your payout.
In effect, it’s similar to an 8% annual guaranteed return with inflation protection built in, backed by the U.S. government. Few investments offer that combination, making it one of the most powerful financial moves available in retirement.
That said, if your personal circumstances or immediate financial needs require you to claim early, accepting a lower monthly benefit may still be justified.
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Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
National Bureau of Economic Research (1); Bipartisan Policy Centre (2); Social Security (3); Allianz Life (4.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.