Social Security experts say waiting until age 70 maximizes retirement benefits

Financial advisers caution that the popular practice of claiming Social Security at age 62 can permanently reduce monthly payments. Early filing may cut benefits by up to 30%, and the loss can amount to a median lifetime shortfall of about $182,000, according to research from the National Bureau of Economic Research.

Delaying benefits until age 70, the full retirement age plus delayed retirement credits, increases the monthly amount and overall lifetime income for most retirees. Studies by United Income and the NBER show that waiting eight years can boost benefits by roughly 24% and often results in higher total earnings, especially as life expectancy has risen since the system was designed.

Experts note that personal circumstances—health, financial needs, and other retirement savings—still matter, but the data suggest that, for the majority of Americans, the optimal claiming age is 70 rather than the earliest eligible age of 62.