Social Security offers a critical source of income for retirees, but the timing of when you claim these benefits can make a significant difference in your monthly checks. Claiming early at age 62 is a popular choice, but it comes with trade-offs. Here’s a breakdown of how early claiming affects your benefits and how to make the right decision for your circumstances.
How Social Security Benefits Vary by Age
The average Social Security benefit for all recipients in 2023 was $1,905.31 per month. This amount increased to $1,966.28 in 2024 due to a cost-of-living adjustment (COLA) and is expected to reach $2,015.44 in 2025. However, those who claim benefits at 62 receive less, with an average of $1,298.26 in 2023. Adjusted for COLAs, this increases to $1,373.30 by 2025.
By contrast, waiting until age 70–74 leads to the largest benefits, averaging $2,021.81 in 2023 and projected to grow to $2,138.67 by 2025. These differences reflect the Social Security Administration’s calculation methods, which penalize early claimers and reward those who delay.
How Benefits Grow Over Time
| Claiming Age | Annual Benefit Growth |
|---|---|
| From 62 to FRA | 5%–6.67% |
| From FRA to 70 | 8% |
While waiting until 70 ensures the highest monthly check, it also reduces the total number of payments over a lifetime, which may not align with everyone’s financial or health outlook.
When Claiming Early Makes Sense
1. Health and Longevity
If you have a shorter life expectancy, claiming at 62 allows you to collect more payments in total. However, this also permanently reduces the survivor benefits available to your spouse or dependents.
2. Immediate Financial Needs
For those without enough retirement savings or other income sources, early claiming can be a financial lifeline. If delaying benefits could push you into debt, it’s often better to claim early and avoid borrowing.
3. Marital Strategy
Married couples can maximize their collective benefits by employing a strategic approach. The lower earner might claim early, enabling the higher earner to delay benefits and qualify for a larger check. The lower earner could then switch to a spousal benefit if it’s higher than their own.
Is Claiming Early Worth It?
The choice of when to claim Social Security ultimately depends on your individual circumstances. While claiming early offers more checks, delaying benefits results in higher monthly payments. Balancing your immediate needs with your long-term financial goals is key.
For many Americans, small adjustments to their claiming strategy or other retirement plans can lead to significant financial improvements. For example, certain “Social Security secrets” could unlock additional income and help you retire with greater peace of mind.
No matter your decision, understanding the trade-offs and reviewing your options can help ensure you make the most of your Social Security benefits.
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