If you’re approaching retirement and thinking about when to start collecting Social Security, here’s something you absolutely need to know: waiting just a little longer could boost your monthly benefits by up to 30%. That’s not a small difference—it could mean thousands more each year, for the rest of your life.
Here’s how it works, why it’s worth considering, and how to make the smartest choice for your retirement future.
💡 The Basics: What Is Full Retirement Age?
Your Full Retirement Age (FRA) is the age at which you’re entitled to 100% of your Social Security benefit. For most people retiring in 2025, this is age 67 (if you were born in 1960 or later).
You can start claiming benefits as early as age 62, but doing so comes with a trade-off: a permanent reduction in your monthly benefit. On the flip side, if you delay benefits past your FRA, you’ll earn what are called delayed retirement credits.
📈 How Delaying Can Boost Your Benefits
For every year you wait after your FRA (up to age 70), your Social Security benefit increases by 8% per year.
Let’s break that down:
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Wait 1 year past FRA → ~8% increase
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Wait 2 years → ~16% increase
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Wait 3 years (until age 70) → ~24% increase
But here’s the kicker—if you compare claiming at age 62 to age 70, the difference can be up to 30% or more, depending on your earnings history. That means:
💰 A $1,500 monthly benefit at age 62 could become over $2,000 by age 70.
🧠 Why Waiting Might Make Sense
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Here are a few reasons to consider delaying:
1. Long-Term Financial Gain
If you live well into your 80s or beyond, waiting to claim can significantly increase your total lifetime benefits.
2. Survivor Benefits for Your Spouse
A higher benefit also increases the survivor benefits your spouse could receive if you pass away first.
3. Protection Against Inflation
Larger base benefits mean larger future cost-of-living adjustments (COLAs), which are tied to your monthly amount.
⚖️ When Early Claiming Might Still Work
Delaying isn’t for everyone. You might choose to claim early if:
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You need income right away
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You have health issues or a shorter life expectancy
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You’re no longer working and want to avoid dipping into savings
It’s all about your personal situation—and doing the math.
🔧 Tips to Maximize Your Benefit
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Check your Social Security statement at SSA.gov to see your estimated benefits at different ages.
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Consider working a few extra years if possible—your highest 35 earning years determine your benefit.
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Consult a financial advisor to align your claiming strategy with your full retirement plan.
✅ Final Thought: Patience Pays Off
Retiring smarter doesn’t always mean retiring later—but knowing your options puts you in control. Waiting even a couple of years past your FRA can lead to a 30% boost in your Social Security check—a move that could help you live more comfortably and confidently throughout retirement.
Don’t leave money on the table—retire smart and claim wisely.
