Social Security Benefits: Delaying Claim to Age 70 Pays Off

Delaying Social Security benefits until age 70 adds an 8 % boost for each year past full retirement age, potentially increasing monthly checks substantially. Three situations where waiting is advantageous are: (1) retirees with limited savings who need larger monthly income; (2) individuals in good health with a family history of longevity, making the extra months of higher benefits worthwhile; and (3) higher‑earning spouses who wish to secure a larger survivor benefit for their partner.

For those who claim at age 62, the average monthly benefit is about $1,380 after the 2026 cost‑of‑living adjustment, roughly 30 % lower than the average $1,975 paid to beneficiaries who wait until full retirement age (67 for most workers). The reduced amount reflects the permanent cut applied to early claimants, though it may still be beneficial for people with shorter life expectancies or immediate financial needs.