Is This Really the Best Age to Claim Social Security? Here’s What the Data Shows.

When should you claim your Social Security benefits? This question is actually a lot more complicated than it seems. And that’s not just because you have a wide range of choices — although you do, as you can claim benefits any time between ages 62 and 70.

The big challenge is that the age when you claim benefits will affect both monthly and lifetime income.

Now, the good news is that there is some pretty clear data about the best age to start your checks if you’re hoping to maximize your monthly and lifetime income. The bad news is that most people are not claiming benefits at the age that the data suggests is optimal

So, what does the research say about when you should start your benefits, and is that really the right time?

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Here’s when the data says to claim Social Security

Multiple studies have been done to determine when the best age is to claim Social Security. And they all reveal the same thing: The right age to start benefits is 70.

This age was revealed to be the right choice for most retirees in a 2019 United Income study. The study determined that 57% of retirees generated more lifetime income when they waited to start Social Security until 70 (the age when you can no longer earn any more delayed retirement credits).

The National Bureau of Economic Research also came to the same conclusion in a 2023 study. But, in this case, the NBER found that more than 90% of American workers ages 45 to 62 would generate more lifetime income if they claimed at 70.

The numbers aren’t inconsequential either. The United Income Study found earlier claims (which were more common) led to retirees leaving $111,000 per household on the table, and the NBER found $182,370 was lost due to suboptimal claiming.

This extra income that you get by waiting comes from avoiding early filing penalties that result when you claim benefits before your full retirement age. Plus, you also earn delayed retirement credits for each month you wait after FRA until 70.

Is 70 really the right age to claim Social Security?

Looking at the data, it seems pretty clear that a delayed Social Security claim would usually make good sense. After all, an extra $100,000+ in your later years can go a long way toward increasing your financial security.

Of course, there are some situations when this clearly wouldn’t be the right move.

If you’re single with no one else to receive survivor benefits and are in poor health, claiming at a younger age makes sense because you may not live long enough to even collect any benefits if you wait. And, if you are collecting spousal benefits, which don’t increase after your FRA, delaying until 70 also wouldn’t make sense because you wouldn’t earn extra money by delaying.

But, in many other circumstances, putting off your claim really is the right move, if it’s possible given your career opportunities and other income sources.

Social Security income is really valuable because your benefits offer features that other retirement income sources don’t. For example, Social Security cost-of-living-adjustments happen most years. These help benefits keep pace with inflation. You also get to keep collecting Social Security until you die. There’s generally no guarantee of that with income from your retirement plans.

Of course, you’re either going to have to live on savings until you get to 70 or work for a long time to make a delayed claim possible. You’ll need to factor that into your retirement planning process. But with multiple studies showing that 70 gives you by far the best odds of maxing out lifetime income, and with delaying providing hundreds or even thousands of dollars more each month once you claim benefits, it seems pretty clear that 70 is the right age to start benefits if you can make it happen.

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