Choosing when to claim Social Security is one of the most important financial decisions Americans make as they approach retirement. While the program is often described as straightforward, the timing of when you start benefits can dramatically change how much money you receive each month—and over your lifetime.
In 2026, retirees commonly weigh three key claiming ages: 62, 67, and 70. Each option comes with trade-offs that affect income security, lifestyle flexibility, and long-term financial stability. Understanding how these ages compare can help you make a confident and informed decision.
Understanding How Social Security Works
Social Security is a federally administered retirement program designed to replace a portion of your pre-retirement income. While working, you contribute through payroll taxes. In retirement, you receive monthly benefits calculated using three main factors:
- Your highest 35 years of earnings
- The age at which you claim benefits
- Annual cost-of-living adjustments
You can begin claiming retirement benefits as early as age 62 or delay them as late as age 70. The earlier you claim, the smaller your monthly payment. The longer you wait, the larger your check becomes.
What Is Full Retirement Age in 2026?
Full retirement age, often referred to as FRA, is the age at which you are entitled to receive 100 percent of your earned Social Security benefit. For most people retiring in 2026, the FRA is 67.
Claiming at FRA means your benefit is neither reduced nor increased. It serves as the benchmark against which early and delayed claiming amounts are measured.
Claiming Social Security at Age 62
Age 62 is the earliest point at which you can begin receiving Social Security retirement benefits. This option appeals to individuals who want or need income as soon as possible.
However, claiming at 62 comes with a permanent reduction in monthly payments. For those with a full retirement age of 67, benefits are reduced by about 30 percent.
This reduction lasts for life. Even as cost-of-living adjustments are applied, they are calculated on a lower base amount. Over a long retirement, this can result in significantly less total income.
Claiming at 62 may make sense if you have health concerns, limited savings, or immediate financial needs. For others, it can limit long-term financial flexibility.
Claiming at Full Retirement Age: 67
Claiming Social Security at 67 allows you to receive your full benefit amount as calculated by the Social Security Administration. There are no penalties and no reductions.
For many retirees, FRA represents a balanced choice. It provides predictable income without the permanent cut associated with early claiming, while avoiding the need to delay benefits for several additional years.
At this age, you also face fewer restrictions if you continue working. Earnings limits that apply to early claimers no longer reduce benefits once FRA is reached.
Delaying Benefits Until Age 70
Delaying Social Security beyond full retirement age increases your benefit through delayed retirement credits. These credits raise your monthly payment by approximately 8 percent per year until age 70.
By waiting until 70, you can receive the highest possible monthly Social Security benefit available to you. There is no financial advantage to delaying beyond 70, as credits stop accruing at that point.
This strategy is especially attractive for individuals who expect to live longer, have other sources of income, or want to maximize survivor benefits for a spouse.
Average Social Security Benefits by Claiming Age in 2026
While individual benefits vary based on earnings history, the following averages help illustrate how claiming age affects monthly income:
Claiming at 62 results in an average monthly benefit of approximately $2,969.
Claiming at 67 provides an average monthly benefit of around $4,152.
Claiming at 70 increases the average monthly benefit to about $5,181.
The difference between claiming at 62 and waiting until 70 can exceed $2,000 per month. Over time, that gap can translate into hundreds of thousands of dollars in additional lifetime income.
Why Timing Has Such a Big Impact
Social Security is structured to be actuarially fair, meaning benefits are adjusted based on how long the system expects to pay you. Claiming early means receiving payments over more years, so monthly amounts are reduced. Claiming later shortens the expected payout period, so benefits are higher.
The right timing depends on personal circumstances, including:
- Overall health and family longevity
- Employment status and income needs
- Savings and investment balances
- Spousal benefits and household planning
There is no universal best age. The optimal choice varies from person to person.
Social Security Payment Schedule in 2026
Once benefits begin, payments are issued monthly based on your birth date:
Birthdays from the 1st to the 10th receive payments on the second Wednesday of each month.
Birthdays from the 11th to the 20th are paid on the third Wednesday.
Birthdays from the 21st to the 31st are paid on the fourth Wednesday.
Most beneficiaries receive payments through direct deposit, which is faster and more secure.
Key Points to Remember When Choosing an Age
Claiming at 62 provides early access but permanently reduces benefits.
Claiming at 67 delivers full, unreduced payments.
Claiming at 70 offers the highest possible monthly income.
Benefits stop increasing after age 70.
Long-term planning often matters more than short-term convenience.
Understanding these trade-offs can help prevent regret later in retirement.
Final Thoughts
Social Security decisions shape retirement income for decades. While claiming at 62 may feel appealing, it often results in lower financial security over time. Waiting until full retirement age provides stability, while delaying until 70 maximizes guaranteed income.
The best choice depends on health, finances, and personal priorities. Taking time to evaluate options, run benefit estimates, and align claiming strategies with broader retirement goals can lead to a more confident and comfortable future.
In 2026 and beyond, informed timing remains one of the most powerful tools for maximizing Social Security benefits.