If you claim Social Security at 62 (the earliest age), you lock in the smallest possible monthly check. For every year you wait past 62, the Social Security Administration gives you “delayed retirement credits” that permanently boost your benefit—usually 5–8% per year depending on your birth year.
A Quick History of Delayed Retirement Credits
Delayed credits started in 1972 at just 3% per year. Congress bumped it to 8% per year for people born 1943 and later. That simple change turned Social Security into one of the best “guaranteed returns” most Americans will ever see.
Why Waiting Past 62 Is a Game-Changer Today
With people living into their late 80s and 90s, waiting often means thousands of extra dollars every year in retirement—especially if you’re in good health or have a spouse who will inherit a bigger survivor benefit.
How Much More Will You Actually Get? (2026 Numbers)
Your Full Retirement Age (FRA) is probably 67. If your FRA benefit is $2,000/month:
- Claim at 62 → ~$1,400 (30% reduction)
- Claim at 67 → $2,000
- Claim at 70 → ~$2,480 (24% increase over FRA)
That’s an extra $1,000+ per month just for waiting eight years!
Benefit Increase Table by Claiming Age (Born 1960 or later – 8% per year)
| Claiming Age | Reduction/Increase vs FRA | Approx. % of FRA Benefit |
|---|---|---|
| 62 | –30% | 70% |
| 63 | –25% | 75% |
| 64 | –20% | 80% |
| 65 | –13.3% | 86.7% |
| 66 | –6.7% | 93.3% |
| 67 (FRA) | 0% | 100% |
| 68 | +8% | 108% |
| 69 | +16% | 116% |
| 70 | +24% | 124% |
Real-Dollar Comparison Table (2026 average benefit at FRA = $2,000)
| Age You Claim | Monthly Check | Yearly Income | Lifetime at age 85 (approx.) |
|---|---|---|---|
| 62 | $1,400 | $16,800 | $386,400 |
| 67 | $2,000 | $24,000 | $432,000 |
| 70 | $2,480 | $29,760 | $475,200 |
Waiting until 70 can add almost $90,000 more by age 85!
Little-Known Facts & Stats
- 8% per year beats the long-term stock market average with zero risk.
- Over 50% of people still claim at 62 and leave hundreds of thousands on the table.
- Spousal & survivor benefits also rise when the higher earner delays.
Expert Tips to Maximize Your Check
- Use the SSA’s “my Social Security” calculator—it’s free and exact.
- If you’re still working, waiting past 62 avoids the earnings test.
- Consider a “restricted application” strategy if you’re married.
FAQs About Social Security Increases After Age 62
Q: Do benefits still get COLA increases if I delay?
A: Yes! You get cost-of-living adjustments every year you wait.
Q: What if I need the money at 62?
A: Claim early, but know you’re permanently reducing your (and your spouse’s) future checks.
Q: Is there any increase after age 70?
A: No—70 is the latest it pays to wait.
Final Thoughts: What Should You Do?
Delaying Social Security past 62 is one of the biggest financial levers most Americans have. For many healthy people, waiting until 70 is like getting an 8% guaranteed, inflation-protected raise every year. Run your own numbers at ssa.gov, talk to a fee-only planner, and decide what fits your life. Either way—now you know exactly how much Social Security benefits increase after age 62!