Planning for retirement is something most of us think about, but there’s one key decision that can seriously impact how much money you’ll have: when to claim Social Security. It’s something many people don’t fully understand, but it can make a huge difference in your monthly income.
Many retirees choose to start their benefits as soon as they turn 62, but is that really the best move? Let’s break down the numbers to show you how much you can actually get and what you need to do to earn the maximum possible Social Security benefit.
Why the Age You Claim Makes Such a Big Difference
First, let’s talk about the basics. Social Security benefits are available starting at age 62. But that’s just the earliest option. There’s something called your full retirement age (FRA), which is based on your birth year. For most people retiring now, FRA is about 66 years and 8 months.
Here’s where it gets interesting: if you wait until age 70 to claim, your monthly check will be much bigger than if you start at 62. This is because Social Security rewards people who delay collecting their benefits by giving them a bump up in payments for each month they wait after full retirement age, up until 70.
So, while it can be tempting to grab your benefits as soon as you’re eligible, waiting means you’ll have more money coming in every month—sometimes a lot more.
How to Qualify for the Maximum Benefit
If you want the absolute highest Social Security benefit, it’s not just about waiting longer. Your earnings history plays a huge role too.
Here’s how it works: every year, the Social Security Administration (SSA) sets a limit called the contribution and benefit base. This is the maximum amount of your income that’s taxed for Social Security. For 2025, that number is $176,100. You only pay Social Security tax (6.2% from you + 6.2% from your employer) on income up to that amount.
Now, to qualify for the maximum benefit, you need to earn at least that amount every year for 35 years. That’s because Social Security calculates your benefit based on your highest 35 years of earnings.
It sounds simple, but of course, it’s not easy—this is something typically only high earners achieve. Even after you turn 60, your earlier earnings stop being adjusted for inflation. But if you keep working and earning more than you did in the past, your benefit can still grow.
What Is the Maximum Monthly Benefit in 2025?
Let’s get to the good part—the actual numbers. If you’re in a high-paying career and manage to hit the maximum taxable earnings every year, here’s what you can expect to collect in 2025:
| Retirement Age | Maximum Monthly Benefit |
|---|---|
| 62 | $2,831 |
| 66 | $3,795 |
| 70 | $5,108 |
That’s a huge difference. By waiting until 70, you could receive about 80% more per month than if you started collecting at 62. Over the years, this can add up to tens of thousands—or even hundreds of thousands—of dollars more in total.
Why Full Retirement Age Matters
It’s important to know that your full retirement age affects your benefit amount. For people turning 62 this year, FRA is 67. But for those who turned 70 this year, their FRA was 66 years and 2 months. The bonus payments you get for delaying benefits depend on how long you wait past your FRA.
Every month, you delay after your FRA, which gives you about a 0.7% increase in your monthly check, up to age 70. So, waiting not only gives you a bigger check—it can also be a smart move for your long-term financial health.
Should You Wait Until 70? Here’s What to Consider
Delaying your Social Security can sound great, but it’s not the right move for everyone. Here are some things to think about:
- Your health: If you’re in good health and expect to live into your 80s or 90s, waiting until 70 usually makes financial sense. But if you have health concerns, it might be smarter to claim earlier.
- Your spouse’s benefits: If you’re married, your spouse may be able to collect survivor benefits after you pass away. This means your decision can also impact your spouse’s future income.
- Your need for income: Some people simply need the money at 62, especially if they’ve stopped working. In that case, claiming early might be the best option, even if the check is smaller.
How to Delay Social Security Successfully
If you decide to delay collecting your benefits, there are two main ways to make it work:
- Keep Working: The easiest way to delay Social Security is to keep working until 70. This can also help you save more and continue building up your retirement accounts.
- Save Strategically: If you want to retire before 70 but still delay Social Security, you’ll need to save up enough to cover those years without Social Security income. One simple way is to invest regularly in a retirement account.
Smart Saving Tips
If you have a 401(k) through your employer, take full advantage of it. In 2025, you can contribute up to $23,500 (or $30,500 if you’re 50 or older). Many employers also match your contributions, which is basically free money.
No 401(k)? No problem. You can open an IRA (Individual Retirement Account) and contribute up to $7,000 (or $8,000 if you’re 50+). These accounts can grow tax-free or tax-deferred, helping your money grow faster.
A simple and safe investment option is something like the Vanguard S&P 500 ETF, which follows the stock market and has low fees. Even Warren Buffett recommends it for long-term investors.
A Bonus Tip Most Retirees Miss
Most people don’t realize there are little-known ways to boost your Social Security benefits. For example, one trick could increase your annual Social Security income by up to $22,924! Taking the time to learn these strategies now can make a big difference in your retirement lifestyle.
Final Thoughts
When it comes to Social Security, patience really does pay off. If you’re in good health and can afford to wait, claiming at 70 can give you a much bigger check and more security in your later years. But remember, your situation is unique. Always look at your personal health, savings, and family situation before making a decision.
No matter when you decide to claim, understanding how the system works—and how to maximize your benefits—can help you retire with more confidence and peace of mind.
Deepak Grover is a dedicated content writer at OTE News, specializing in government affairs, public policy, and current events. With a keen eye for detail and a passion for factual reporting, he ensures readers receive accurate and insightful news. Deepak holds a degree in Political Science and has experience in research-driven journalism.
When not writing, he enjoys reading historical books, exploring hiking trails, and staying updated with global political trends. His commitment to ethical journalism makes him a trusted voice at OTE News.