Retirement Social Security

Should You Wait Until 70 to Claim Social Security? Here's What The Math Really Says

Delaying your Social Security payments until age 70 doesn't always pay off.

Edited by Andrea Basse

Updated Jan. 12, 2026

When you're planning for retirement, Social Security plays a key role in deciding when you'll stop working and how much money you'll need in your retirement savings to live the lifestyle you want. If you'd like the largest monthly benefit amount, holding off on claiming Social Security until age 70 is tempting, but the math might not work out for you as you expect.

Here's what you should know about when delaying Social Security does and doesn't make sense, and how the numbers look in sample scenarios.

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How your claiming age affects Social Security benefits

The Social Security Administration (SSA) allows you to start claiming your Social Security benefits as early as age 62 and as late as age 70. The specific age is important because it determines the permanent monthly benefit amount you'll receive in your retirement years.

Depending on your birth year, your full retirement age will be 66 to 67, and that's when you'd receive the full benefit amount you're entitled to based on your earnings history. Claiming earlier leads to up to a 30% reduction in your full benefit at age 62.

However, you'd get around an 8% increase in your monthly benefit for every 12 months you delay claiming Social Security after your full retirement age. At age 70, the delayed retirement credits would total 24% to 32%, leaving more room in your retirement budget.

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What the numbers look like by age

To illustrate how your monthly payments and lifetime benefit amount would differ based on when you claim Social Security, let's run through some hypothetical scenarios.

Assume that your monthly benefit at your full retirement age of 67 would be $2,000, which is around the average expected amount for retired workers in Jan. 2026. Also, you expect to live until age 82.

Claiming early at age 62: Due to the 30% benefit reduction, you'd receive $1,400 per month for 240 months (20 years), adding up to a lifetime benefit of $336,000.
Claiming at the full retirement age of 67: In this case, you'd receive your full $2,000 benefit amount for 180 months (15 years). Your lifetime benefit increases by $24,000 to $360,000.
Claiming late at age 70: Thanks to delayed retirement credits, your benefit amount would be $2,480, or 24% higher than the $2,000 received at age 67. But you'd receive benefits for only 144 months (12 years), so your lifetime benefit would be $357,120, or $2,880 less than at 67.

When running such scenarios, be aware of Social Security payment limits. The maximum someone receiving Social Security at their full retirement age in 2026 is $4,152, meaning someone could get up to $5,149 if they claimed at age 70 and got a 24% increase.

Why waiting until 70 might not be best for you

As the example showed, claiming Social Security at 70 doesn't always result in a higher amount over time. It comes down to longevity or life expectancy, which averaged 78.4 years for Americans in 2023 and was higher for women (81.1 years) than men (75.8 years). You'll need to receive the higher payments long enough to surpass the lower payment amounts received over more years.

Even if your family members lived well into their 80s or 90s, there's always some uncertainty about whether you'll do the same. This is true even if you're in good health, as accidents and sudden illnesses can happen.

Additionally, waiting longer requires having sufficient funds elsewhere, such as in a retirement account, to cover your expenses. If you have to draw down your assets too quickly, you risk missing out on potential returns and running out of money sooner.

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When waiting until 70 might be the smart decision

If you plan to beat the average life expectancy and are OK with risk, claiming your Social Security benefits at age 70 could both pay off over time.

Returning to the scenario above, if you lived to age 85 instead of 82, delayed retirement would work in your favor. You'd receive $2,480 per month with a 24% increase, resulting in a $446,400 lifetime benefit. That's $14,400 more than the $432,000 lifetime benefit for your full retirement age.

Waiting until age 70 may also be a wise move if you're still working or have substantial assets that help you cover your expenses without significant financial strain. Plus, your future cost-of-living adjustments will apply to your increased benefit amount.

Consider all key factors before claiming Social Security

While your life expectancy is a major factor in determining when to claim Social Security, consider these other factors as well:

Plans to work: If you'll likely earn substantial income from a job in your 60s, you might not immediately need your Social Security payments, which are partially taxable if your income is high enough. Plus, waiting to claim Social Security until at least your full retirement age can help you avoid temporary benefits reductions due to the annual earnings test.
Additional retirement income sources: Pensions, retirement plan withdrawals and annuities might provide you with enough income to comfortably delay claiming Social Security and maximize your monthly benefit amount. However, consider the long-term impact of drawing down assets.
Impact on survivor benefits: If you pass away, the age at which you claimed Social Security impacts the benefit amount that eligible survivors, such as your spouse, receive. So, waiting longer can work in your loved ones' favor.

Since the decision can be complex, consider working with a financial advisor who can review your situation, run the numbers, and consider the impact on your retirement savings.

Review your Social Security statement for estimates

You can also log in to your my Social Security account to see projected benefit amounts at different ages. You'll be able to see your earnings history and simulate the impact of higher or lower earnings. The SSA also offers an annual statement, available online and by mail, with estimates for different types of benefits and important rules to know.

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Bottom line

Claiming Social Security at 70 may be the best move if you live a very long life and have the financial cushion to stay afloat in the meantime. But regardless of when you claim it, keep in mind that Social Security is designed only to cover part of your expenses in your retirement years.

To avoid running out of money in retirement, make sure you're regularly investing money in a retirement account and know your target goal. You may also want to consider a backup plan, such as part-time work.

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