How Much More You Could Get From Social Security at 70 Compared With 65

Choosing when to begin Social Security benefits is a major retirement decision. Filing too soon can leave you with a smaller monthly payment for the rest of your life, while waiting can increase your check but also carries the risk that you may not live long enough to make up the difference.

If you’re deciding between claiming at 65 or waiting until 70, the average benefit amounts below show the gap.

Average Social Security Benefits at 65 and 70

The average retired worker who claimed Social Security at 65 received $1,607.27 per month, according to the Social Security Administration. By age 70, that average rises to $2,274.68 monthly. That works out to a difference of $667.41 each month, or roughly $8,009 a year, depending on when benefits begin.

Because full retirement age is 66 or 67 for most people, depending on birth year, claiming at 65 is still considered early. The payment is reduced, though not as much as it would be at 62.

Why the Difference Is So Large

The SSA bases benefits on lifetime earnings, using the highest 35 years of inflation-adjusted income. But the age you claim also affects the amount you receive.

Starting benefits before full retirement age leads to a permanent cut. For example, claiming at 62 can lower monthly benefits by as much as 30%, and that reduction lasts for life.

After full retirement age, delayed retirement credits can raise benefits by up to 8% for each year you wait until 70. So if your full retirement age is 67 and you wait until 69, your benefit would be 16% higher than what you would have received at 67. There is no additional increase for waiting beyond 70.

What the Extra Money Can Cover

An additional $667 a month, or about $8,009 a year, can make a meaningful difference for someone living on a fixed income.

That amount could cover a full year of Medicare Part B premiums, which are usually deducted directly from Social Security payments, with money left over for groceries, utilities, transportation, or other medical expenses.

The Bottom Line

There is no single best age to claim Social Security. The right choice depends on your personal circumstances, not just the numbers.

Key factors include life expectancy, marital status, work plans, and whether you need income right away. You can also use the SSA’s life expectancy calculator to help estimate your options.

If you have other retirement savings and good health, waiting until 70 may be worth considering because it can produce a larger monthly benefit.