Understanding the optimal age to start collecting Social Security benefits is crucial for maximizing your retirement income. While you can begin receiving benefits as early as age 62, if you’re aiming to get 100% of your benefits, you’ll need to wait until you reach full retirement age (FRA). For those born 1960 or later, FRA is age 67.
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Full Retirement Age and Social Security Benefits
For those born after 1960, full retirement benefits are available at age 67. If you choose to start receiving benefits at age 66, you will receive 100% of the benefit calculated for you. However, if you decide to delay receiving benefits beyond your full retirement age, your monthly benefit will continue to increase until you reach age 70.
Here’s a breakdown of how delayed retirement affects your benefit:
- At Age 67:
If you start receiving benefits at age 67, you’ll get 108% of your monthly benefit, as this is 12 months after your FRA. - At Age 70:
If you wait until age 70, your benefit will increase to 132% of your monthly benefit—a significant boost, as you’ve delayed your benefits for 48 months. - Beyond Age 70:
Once you reach age 70, there will be no further increase in your monthly benefit, even if you delay your application.
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How Delayed Retirement Affects Your Social Security Benefit
For those considering delaying Social Security, the following chart illustrates how your monthly benefit increases with each additional month you wait after reaching full retirement age:
| Age You Begin Benefits | Percentage of Full Benefit |
|---|---|
| 66 | 100% |
| 66 + 1 month | 100.7% |
| 66 + 2 months | 101.3% |
| 66 + 3 months | 102.0% |
| 66 + 4 months | 102.7% |
| 66 + 5 months | 103.3% |
| 66 + 6 months | 104.0% |
| 66 + 7 months | 104.7% |
| 66 + 8 months | 105.3% |
| 66 + 9 months | 106.0% |
| 66 + 10 months | 106.7% |
| 66 + 11 months | 107.3% |
| 67 | 108.0% |
| 67 + 1 month | 108.7% |
| 67 + 2 months | 109.3% |
| 67 + 3 months | 110.0% |
| 67 + 4 months | 110.7% |
| 67 + 5 months | 111.3% |
| 67 + 6 months | 112.0% |
| 67 + 7 months | 112.7% |
| 67 + 8 months | 113.3% |
| 67 + 9 months | 114.0% |
| 67 + 10 months | 114.7% |
| 67 + 11 months | 115.3% |
| 68 | 116.0% |
| 68 + 1 month | 116.7% |
| 68 + 2 months | 117.3% |
| 68 + 3 months | 118.0% |
| 68 + 4 months | 118.7% |
| 68 + 5 months | 119.3% |
| 68 + 6 months | 120.0% |
| 68 + 7 months | 120.7% |
| 68 + 8 months | 121.3% |
| 68 + 9 months | 122.0% |
| 68 + 10 months | 122.7% |
| 68 + 11 months | 123.3% |
| 69 | 124.0% |
| 69 + 1 month | 124.7% |
| 69 + 2 months | 125.3% |
| 69 + 3 months | 126.0% |
| 69 + 4 months | 126.7% |
| 69 + 5 months | 127.3% |
| 69 + 6 months | 128.0% |
| 69 + 7 months | 128.7% |
| 69 + 8 months | 129.3% |
| 69 + 9 months | 130.0% |
| 69 + 10 months | 130.7% |
| 69 + 11 months | 131.3% |
| 70 or later | 132.0% |
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Important Considerations
- Medicare Enrollment: Even if you delay your Social Security benefits, you should still sign up for Medicare at age 65. Delaying Medicare beyond age 65 could lead to higher premiums later on.
- Maximizing Benefits: If you can afford to delay your benefits, waiting until age 70 will give you the largest monthly payment. However, if you need the income sooner, starting benefits at age 67 will provide you with 100% of your monthly benefit.
The Bottom Line: When Should You Claim Your Social Security?
The right time to start collecting Social Security depends on your financial needs, health, and retirement goals. If you can afford to delay, waiting until age 70 offers the highest benefit, but you can start at age 67 for full benefits. Consider your options carefully and consult a financial advisor to determine the best strategy for your retirement.
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