Retirement Social Security

The Monthly Difference Between Social Security Benefits at 62 and 70 Is Shocking - Here’s the Number

There's a reason you need to choose your filing age carefully.

By Maurie Backman , Edited by Laura Hohenstein

Updated Oct. 22, 2026

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Many older Americans today are living on just Social Security. And if you plan to be in that boat because you're having a hard time saving for retirement, it's important to understand how your monthly Social Security benefits are calculated. That could help give you an idea of what to expect income-wise.

Social Security takes your 35 highest-paid years of income into account when calculating your retirement benefits. Earlier wages are adjusted for inflation in that formula.

But your filing age also makes a big difference in your ultimate Social Security check, and it's important to recognize that filing for benefits at 62 might lead to a very different financial outcome than claiming benefits at 70.

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When you're allowed to sign up for Social Security

The earliest age you can claim Social Security is 62. However, if you want to collect your monthly benefits without a reduction, you'll need to wait for full retirement age (FRA) to file, which is 67 for people who were born in 1960 or later.

Once FRA arrives, you still have options for claiming benefits, and you don't have to sign up right away. For each year you delay your Social Security claim beyond that point, until the age of 70, your benefits will get an 8% increase.

Now you can technically claim Social Security after you reach 70, but there's no reason to wait longer, since you won't accrue delayed retirement credits. As such, you'll often hear 70 referred to as the latest age to file.

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The gap between Social Security benefits at 62 versus 70

Since claiming Social Security at age 62 results in reduced benefits and filing at 70 results in boosted benefits, as you might imagine, the gap between the two ages is huge. As of December 2025, the average Social Security benefit paid at age 62 was $1,424, versus an average of about $2,275 at age 70, a difference of about $851 a month.

Of course, this data just tells us how much Social Security was paying 62- and 70-year-olds as of late last year. Many 70-year-olds in that boat didn't necessarily claim Social Security at 70.

But to illustrate what a difference claiming at 62 versus 70 might make, let's say your Social Security benefit is $2,000 at age 67. If you file at 62, you'll get $1,400 a month. If you wait until 70, you'll get $2,480. That's a gap of $1,080 a month.

When to claim Social Security at 62

Claiming Social Security at 62 isn't always a mistake. It could make sense when:

You're unable to work due to health problems or economic circumstances and need money right away to cover your costs.
You need to be able to quit a bad job that's harming your mental or physical health.
You're retired and living off of investments you want to leave untouched during a major market crash.
You don't expect to live a long life and think an early claim will result in a larger lifetime Social Security check.
You're single and don't have a spouse to worry about in terms of reduced survivor benefits from Social Security.

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When to claim Social Security at 70

Claiming Social Security at 70 does lead to larger monthly checks, but that doesn't mean everyone should wait that long. If you don't have good health, filing for Social Security at 70 could leave you short on lifetime income. However, filing at 70 could make sense when:

Your health is great, and you have a family history of longevity.
You love your job and plan to keep working until age 70 anyway.
You have plenty of savings to support yourself outside of the stock market, and you don't expect to need your benefits anytime soon.
You're the higher earner in your household and expect your spouse to outlive you, which would leave them with a larger survivor benefit.

Bottom line

Even if you're willing to live frugally so you can save money in retirement, you need to make sure your Social Security checks are able to cover your essential expenses. And that's why it's so important to choose your filing age carefully.

There's no universal "best" age to claim Social Security, and the right age for you may be wrong for someone else. And it's certainly not a given that filing for Social Security at 70 is the right choice despite the higher benefits because you may need the money sooner, and a delayed claim may not be of value in terms of lifetime benefits.

The key, therefore, is to weigh your filing options carefully and make a choice based on your situation. And remember, you may not end up claiming Social Security at 62 or 70. Rather, your filing age might land somewhere in the middle. And that's perfectly fine if it works for you.

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