Americans can start claiming Social Security retirement benefits at age 62, and this is the earliest age allowed. But many experts say 62 may not be the best financial choice because waiting can increase your monthly payments. If you claim Social Security early, you receive more monthly checks over time, but each check is smaller.
Market Context
If you delay claiming benefits, your monthly payments keep increasing every year until age 70. USA Today said its earlier 2025 calculations showed that waiting until age 70 gives the average retiree the most lifetime Social Security money.
Overall, waiting from 62 to 70 can increase monthly benefits by about 76%. Experts say investing early Social Security payments could work in some cases, but it also comes with risks. A Motley Fool analysis found that if investments earned 5% a year, claiming at 62 could sometimes produce better results until around age 90.
If someone lives past age 90, waiting until age 70 could still leave them with more lifetime income. However, experts warn that investing always carries market risk, while Social Security payments are guaranteed by the government. Monique Morrissey said most retirement experts believe the core of retirement income should be as safe and secure as possible, and Social Security offers that security.
Company Performance
Some people think they should claim Social Security at 62 and invest the money themselves. For people born in 1960 or later, the full retirement age is 67. Claiming benefits at 62 means receiving about 30% less every month than claiming at full retirement age. Waiting after age 67 increases Social Security payments by about 8% each year until age 70.
Future Forecast
If someone is 62, no longer working, and has no other income, claiming Social Security early may be the only practical option. Romina Boccia of the Cato Institute said people may need to claim early if the only alternative is going into debt, via USA Today. However, claiming at 62 could still mean giving up about $182,370 in future Social Security income.
Your expected lifespan is one of the biggest factors when deciding when to claim Social Security. If you live past age 80, waiting until 70 usually gives you more money overall. Many people wrongly believe they will die in their 70s because the average US life expectancy is about 78 years.
Experts say this is misleading because life expectancy increases as people get older. By the time someone reaches age 62, they are generally expected to live into their 80s. Monique Morrissey said people are more likely to underestimate how long they will live than overestimate it, via USA Today. However, people with a terminal illness or serious inherited health condition may have a good reason to claim benefits earlier.
Many Americans worry that Social Security could run short of money in the future. Current estimates show the program could face a funding shortfall by 2032 if Congress takes no action. Without changes, monthly Social Security benefits could be reduced by about 28%. Fear of future benefit cuts has pushed some people to claim Social Security earlier than planned.
An AARP survey in 2025 found that about one in four Americans aged 62 to 66 had recently decided, or expected, to claim Social Security early, according to the AARP survey. Monique Morrissey said this fear is probably the biggest reason financially secure people claim early, via USA Today. Still, many retirement experts believe Congress is likely to step in before major benefit cuts happen.
Also read: How the Strait of Hormuz could affect Social Security checks as rising oil prices may boost 2027 COLA
Morrissey said cutting benefits for current retirees would be politically very difficult. She said if any cuts happen, they are more likely to affect younger workers than current retirees. Robert Brokamp of The Motley Fool said he believes benefit cuts for people already retired or close to retirement are very unlikely.
Experts say waiting until age 70 usually gives the average American the highest lifetime Social Security income, especially if they expect to live into their 80s or beyond. But the right decision still depends on your health, income, savings, family situation, and financial needs, so experts recommend looking at your own situation before claiming benefits.
Source
The biggest reason is people are living longer than they think, so larger monthly checks usually add up to more money over a lifetime. A research paper found that the average retiree who claims before age 70 loses about $182,370 in possible lifetime Social Security income, according to the scholarly paper cited by USA Today.
