How much does Social Security increase from 62 to 70?

Oct 25, 2025 3 min read •

Social Security Retirement Planning Senior Finance

For those with a Full Retirement Age of 67, waiting until age 70 to claim benefits can increase the monthly payout by 24% over the full benefit amount, a significant jump compared to the permanent reduction incurred by claiming at 62. The question of how much does Social Security increase from 62 to 70 is central to many retirement decisions, involving complex calculations and long-term consequences.

Quick Summary

Social Security benefits received at age 62 are subject to a permanent reduction of up to 30%, whereas delaying until age 70 can increase benefits by 24% over your Full Retirement Age amount through Delayed Retirement Credits.

Key Points

Significant Increase: Delaying Social Security from age 62 to 70 can create a substantial and permanent increase in your monthly retirement benefit. [4]
Benefit Reduction at 62: Claiming at the earliest possible age of 62 can result in up to a 30% permanent reduction in your monthly payments. [1, 2]
8% Annual Boost: For each year you delay claiming benefits beyond your Full Retirement Age (FRA) up to age 70, you earn Delayed Retirement Credits (DRCs) that increase your benefit by 8%. [3]
70 is the Max Age: There is no financial incentive to delay claiming Social Security past age 70, as DRCs stop accruing at that point. [3]
Higher COLA Payments: Because annual Cost-of-Living Adjustments (COLAs) are applied to your benefit, starting with a higher base amount by delaying means larger absolute dollar increases each year. [5]

The Core Trade-Off: Claiming Early vs. Delaying Benefits

Deciding when to start receiving Social Security is one of the most critical financial decisions you will make for your retirement. The choice boils down to a fundamental trade-off: receiving a smaller monthly payment for a longer period of time, or waiting for a larger monthly payment over a potentially shorter period. For many, the difference between claiming at age 62 and waiting until age 70 can mean a substantial and permanent change in their monthly income.

The Financial Consequences of Claiming at Age 62

Age 62 is the earliest you can begin collecting Social Security retirement benefits, but doing so comes with a penalty. Your benefits are permanently reduced because you will receive them for a longer period. For those whose Full Retirement Age (FRA) is 67 (born 1960 or later), claiming at 62 results in a 30% permanent reduction in monthly benefits compared to the amount you would receive at your FRA. This reduction is not a temporary effect; it impacts your monthly payments for the rest of your life.

How the Early Claiming Reduction is Calculated

The reduction is calculated based on the number of months before your FRA you claim. For someone with an FRA of 67 who claims at 62, this means a total of 60 months of reduction, resulting in the maximum 30% decrease. [1, 2] This also affects the survivor benefits your spouse might receive if you pass away first, as their benefit is based on your claiming amount. [2]

Maximizing Your Payout with Delayed Retirement Credits

If you can afford to, waiting past your FRA to claim Social Security is the most effective way to increase your monthly benefits. The Social Security Administration provides Delayed Retirement Credits (DRCs) for each month you wait to file after reaching your FRA, up to age 70. [3] For individuals born in 1943 or later, these credits increase your monthly benefit by 8% for each full year you delay. [3] There is no additional benefit increase for delaying past age 70, making it the maximum age to aim for if your goal is the highest possible monthly payment. [3]

The Compounding Effect of Delaying Benefits

This 8% annual increase is significant. [4] Not only does it increase your initial benefit amount, but all future Cost-of-Living Adjustments (COLAs) will also be applied to this higher base amount. [5] This creates a powerful hedge against inflation for the rest of your life. [4] The difference in a monthly check between claiming at 62 and waiting until 70 can be substantial. [4]

Claiming Age Comparison: 62 vs. 67 vs. 70

Here is a simple comparison illustrating the impact of claiming age for someone with a Full Retirement Age of 67. [4]


Claiming Age	Benefit as % of FRA	Reason for Adjustment
Age 62	70%	Maximum permanent reduction for early claiming.
Age 67	100%	Full Retirement Age, receives Primary Insurance Amount.
Age 70	124%	Maximum benefit due to Delayed Retirement Credits.

This table clearly shows that a 54% difference exists between claiming at the earliest possible age (62) and the latest (70). [4]

Other Considerations When Planning Your Claiming Age

While the math is compelling, the decision is not purely financial. Your personal circumstances play a large role, including health and longevity, other income sources, spousal benefits, and continued employment. [4]

The Path to a More Secure Financial Future

For many retirees, the answer to how much does Social Security increase from 62 to 70 is the difference between a good retirement and a great one. While claiming early offers immediate income, delaying provides a guaranteed, inflation-protected boost that can last a lifetime. Evaluating your personal health, finances, and long-term goals is key to making the best decision. For the most accurate, personalized estimate, create a secure online account with the official Social Security Administration website at SSA.gov. [1]

Frequently Asked Questions

Your Full Retirement Age (FRA) is the age at which you are entitled to 100% of your earned Social Security benefits, based on your birth year. Your claiming age is simply the age you choose to start receiving those benefits, which can be as early as 62 or as late as 70. Claiming before your FRA permanently reduces your benefit, while claiming after increases it. [2]

If you were born in 1960 or later, your Full Retirement Age is 67. For every year you delay claiming benefits past age 67, you will earn an 8% increase in your monthly benefit. This continues until age 70, at which point your benefit is 124% of your FRA amount. [3]

Yes, if you are the higher-earning spouse and you delay your benefits, your eventual survivor benefit for your spouse will also be higher. [2] This is a crucial factor for couples to consider, as it provides a higher level of financial protection for the surviving partner.

If you claim benefits before your FRA and continue to work, your benefits may be temporarily reduced if your earnings exceed an annual limit. [1] However, once you reach your FRA, there are no limits on how much you can earn, and your benefits will not be reduced. The Social Security Administration will also recalculate your benefit at your FRA to give you credit for any benefits that were withheld due to earnings. [1]

Yes. Annual COLAs are applied to your earnings record starting at age 62, even if you haven't started receiving benefits yet. By the time you claim at age 70, you receive the maximum benefit amount plus the cumulative effect of all the COLAs since age 62, compounding the increase. [5]

For some, claiming at 62 can be the best option. This may include individuals with a shorter life expectancy due to health issues, or those who need the income immediately to cover living expenses and cannot wait. The decision depends heavily on individual circumstances and priorities. [4]

The most accurate way to estimate your personalized benefit amounts at different claiming ages is to use the online tools available on the official Social Security Administration (SSA) website. By creating a 'my Social Security' account, you can access your earnings record and receive tailored estimates. [1]

References

Medical Disclaimer

This content is for informational purposes only and should not replace professional medical advice. Always consult a qualified healthcare provider regarding personal health decisions.