Social Security is one of the most important sources of income for retirees, but did you know that the age at which you choose to claim your benefits can have a significant impact on how much you receive each month?
While the average retiree collects about $2,000 per month, some individuals can qualify for much higher payouts. Here’s how to maximize your Social Security benefits, whether you claim at 62, full retirement age (67), or wait until 70.
Do You Qualify for the Maximum Possible Benefit?
To receive the maximum possible Social Security benefit, you must have earned a high salary over a long period. Social Security calculates your benefit based on your lifetime earnings, adjusting for inflation up to age 60 and then taking your highest 35 years of income into account.
The amount you can receive depends on the total of those earnings.
However, there is a limit to how much income is subject to Social Security taxes. For 2025, the contribution and benefit base, which determines how much of your income is taxed for Social Security, is $176,100.
If you earn more than this amount, any income above the cap won’t count towards your Social Security benefits. To maximize your benefits, you need to have 35 years of earnings at or above this threshold.
The Impact of Claiming Age on Your Benefit
When you claim your Social Security benefits can have a significant impact on how much you receive each month. There are three common ages at which people claim their benefits:
- Age 62 (Early Claiming)
- The most common age for claiming benefits, but the earliest you can claim. Claiming at 62 reduces your monthly benefit by up to 30% compared to what you would receive at full retirement age.
- Age 67 (Full Retirement Age)
- If you were born in 1960 or later, your full retirement age is 67. Claiming at full retirement age means you’ll receive your primary insurance amount (PIA), which is the full benefit based on your earnings history.
- Age 70 (Maximum Benefit)
- Delaying benefits until age 70 increases your monthly check. You’ll receive an additional 8% per year for every year you delay after reaching full retirement age. For someone born in 1955, this means a 30.67% increase in monthly benefits.
Maximum Possible Benefits at Different Ages
Here’s a look at the maximum possible Social Security benefits you could receive at ages 62, 67, and 70:
| Retirement Age | Maximum Possible Benefit |
|---|---|
| Age 62 | $2,831 |
| Age 67 | $4,043 |
| Age 70 | $5,108 |
As you can see, the maximum possible benefit at age 70 is significantly higher—about 80% more—than the amount you’d receive at age 62.
For those who earned a high salary throughout their career, waiting until 70 to claim Social Security can result in a substantial increase in their monthly income.
Factors to Consider When Deciding When to Claim
The decision of whether to claim Social Security early, at full retirement age, or at age 70 depends on several factors:
- Longevity: If you have a family history of longevity and are in good health, waiting until 70 may be your best option. Life expectancy data shows that you’ll likely receive more in total benefits by waiting until 70 than by claiming earlier.
- Spouse’s Benefits: If you have a spouse, their potential survivor benefits should be part of your calculation. Survivor benefits allow your spouse to collect the higher of their own Social Security benefit or yours if you pass away before them. Delaying your benefits until age 70 maximizes your spouse’s survivor benefits as well.
- Financial Needs: If you need the income sooner rather than later, claiming earlier may make sense. However, if you can afford to wait, doing so will significantly increase your benefits.
- Tax Strategy: For high earners, the early years of retirement can be an excellent time to position your retirement accounts in a tax-efficient way. Once you begin receiving Social Security, avoiding taxes on that income becomes more difficult.
The $23,760 Social Security Bonus Most Retirees Miss
Many retirees are unaware of little-known strategies that can increase their Social Security benefits by thousands of dollars each year.
For example, one simple trick could pay you as much as $23,760 more annually. By understanding how to maximize your benefits, you can retire with more confidence and financial security.
Should You Claim Early, Wait for Full Retirement Age, or Delay Until 70?
If you’ve earned a high salary and are in good health, waiting until age 70 is often the best strategy to maximize your Social Security benefits. However, personal circumstances—such as your health, financial needs, and marital status—should influence your decision.
For many high earners, delaying until 70 can also provide added financial security by allowing you to grow other retirement assets and minimize taxes in the early years of retirement.
If you’re unsure about the best approach for your situation, it’s a good idea to consult with a financial planner to make the most of your Social Security benefits.
FAQs
What is the maximum Social Security benefit I can receive?
The maximum Social Security benefit varies depending on the age at which you claim. At age 62, the maximum is $2,831, at full retirement age (67), it’s $4,043, and at age 70, it’s $5,108.
How can I qualify for the maximum Social Security benefit?
To qualify for the maximum benefit, you need to have earned at or above the Social Security contribution base ($176,100 in 2025) for 35 years of your career.
Should I claim Social Security at 62, 67, or 70?
Claiming at 70 is usually the best choice for those who can afford to wait. This gives the largest monthly benefit. If you claim at 67 (full retirement age), you’ll receive your primary insurance amount. Claiming early at 62 reduces your benefit by up to 30%.
What are survivor benefits in Social Security?
Survivor benefits are paid to your spouse if you pass away before them. Your spouse can receive the higher of your benefit or their own, which makes delaying Social Security until 70 especially beneficial for married couples.
How much more will I get if I wait until age 70 to claim Social Security?
If you wait until age 70, you can receive up to 30% more per month than if you claim at full retirement age (67), and up to 80% more than if you claim at 62.
