Retirement is one of the biggest milestones in an American’s life. The promise of Social Security benefits is a major financial relief, but the age at which you choose to retire can significantly impact your monthly check. Whether you retire at 62, 65, 67, or even 70, the amount you receive will vary—and so will your ability to fully enjoy those golden years.
So, what’s the best age to retire? Should you take a smaller check early and enjoy more years of freedom, or wait longer for the biggest payout possible? Let’s break it down.
Retiring at 62: Early Freedom, But at a Cost
For those eager to start enjoying retirement, 62 is the earliest possible age to claim Social Security. But there’s a catch—your benefits are reduced by up to 30% compared to waiting until full retirement age (FRA).
For example, if your full benefit is $2,000 per month, retiring at 62 means you’ll only receive $1,400 per month for the rest of your life.
Pros of Retiring at 62:
- More years to enjoy retirement
- Ideal if you have other income sources or savings
- Useful if you have health concerns and may not live into old age
Cons of Retiring at 62:
- Significant reduction in benefits
- Less financial security in later years
- Potentially higher medical costs without Medicare, which starts at 65
Retiring at 65: A Middle Ground
Retiring at 65 is a compromise between getting benefits early and waiting for a larger check. While you still won’t receive 100% of your Social Security benefits, the penalty is smaller than at 62.
Pros of Retiring at 65:
- Benefits are higher than at 62
- You qualify for Medicare, reducing healthcare expenses
- Still have several years to enjoy retirement
Cons of Retiring at 65:
- Slightly reduced Social Security benefits
- Less time to save compared to delaying retirement
Retiring at 67: The Full Benefit
For most Americans born after 1960, 67 is the full retirement age (FRA), meaning you’ll receive 100% of your Social Security check. If you can wait until this age, you’ll be financially rewarded.
Pros of Retiring at 67:
- Full Social Security benefits
- More financial stability in old age
- Ideal for those who enjoy their careers or need to keep working
Cons of Retiring at 67:
- Fewer years to enjoy retirement
- May be too late for some who want to travel or pursue hobbies
Retiring at 70: The Maximum Paycheck
If you can hold off until 70, you’ll unlock the biggest possible Social Security check. By waiting, your benefits increase by about 8% per year past FRA, maxing out at age 70.
For those who have good health and can financially afford to wait, this is the best way to maximize lifetime income. The maximum Social Security benefit in 2024 is $5,180 per month, but only for those who delay until 70 and had a high lifetime income.
Pros of Retiring at 70:
- Highest monthly Social Security check
- Strong financial security for old age
- Ideal for those with longer life expectancy
Cons of Retiring at 70:
- Fewer years to enjoy retirement
- Requires financial discipline to wait that long
When Will Social Security Beneficiaries Receive Their Next Check?
For those already receiving Social Security benefits, here’s when you can expect your next payment:
- February 3rd (Monday): Retirees, survivors, and disabled individuals who received benefits before May 1997
- February 12th (Wednesday): Birthdays between 1st and 10th
- February 19th (Wednesday): Birthdays between 11th and 20th
- February 26th (Wednesday): Birthdays between 21st and 31st
- February 28th (Friday): SSI beneficiaries will receive early payments for March
The Verdict: When Should You Retire?
Ultimately, the best age to retire depends on your financial situation, health, and personal goals.
- If you want more time to enjoy life, retiring at 62 could be worth the trade-off.
- If you want a balance of security and freedom, 65 or 67 may be the best choice.
- If you want to maximize your benefits, 70 is the way to go—if you can wait that long.
No matter when you choose to retire, understanding your Social Security options is key to making the right decision for your future.
