Social Security, USA News: Deciding when to start collecting Social Security stands as one of the most critical choices a person can make during retirement planning. Claiming too early can lock in a smaller check for life, whereas delaying may yield a higher monthly payment, provided the individual lives long enough to offset the wait. Examining whether to collect at age 65 or age 70 reveals distinct differences in average payments for 2026.
According to the Social Security Administration, the average retired worker collecting Social Security at age 65 received $1,607.27 per month as of December 2025. By age 70, that average increases to $2,274.68 per month. This difference amounts to $667.41 per month, or approximately $8,009 per year, depending on the chosen collection timeline.
Because most individuals have a full retirement age of 66 or 67 depending on their birth year, claiming benefits at age 65 still occurs early. This early filing results in reduced benefits, though not as severe as claiming at age 62. The Social Security Administration calculates benefits using lifetime earnings, specifically utilizing the highest 35 years of earnings adjusted for inflation.
Filing before reaching the full retirement age triggers a permanent reduction in benefits. For instance, collecting at age 62 can reduce benefits by up to 30% for life. Once individuals pass their full retirement age, they accumulate delayed retirement credits of up to 8% for each year they wait until turning 70. For example, if an individual’s full retirement age is 67 and they begin collecting at 69, their benefits increase by 16% compared to the amount due at age 67. Waiting past age 70 offers no additional financial advantage.
An extra $667 per month or $8,009 per year can provide significant support for those living on a fixed income. This amount covers a full year of Medicare Part B premiums, which are typically deducted directly from a Social Security check, while leaving thousands of dollars available for groceries, utilities, transportation, and out-of-pocket medical costs.
Experts note that no single correct claiming age exists. While dollar amounts are important, personal circumstances should guide the final decision. Factors to evaluate include life expectancy, marital status, employment situation, and immediate income needs. Individuals can estimate their life expectancy using the Social Security Administration’s life expectancy calculator. For those with alternative retirement savings and good health, delaying benefits until age 70 can result in a substantially larger monthly check.
