How much does Social Security increase if I wait until 70?
Your Social Security benefit grows 8% for every year you delay claiming past your full retirement age, up to age 70. If your full retirement age is 67 (anyone born 1960 or later), claiming at 70 pays about 124% of your full benefit, while claiming at 62 pays only about 70%. That is a difference of roughly 77% between the smallest and largest possible monthly check, locked in for life.
Last reviewed August 17, 2026 · Published August 17, 2026 · Mere Benefits Data Desk
The 8% delayed retirement credit stops cold at age 70, so there is never a reason to wait past your 70th birthday to file. The credits also apply only to your own retirement benefit. Spousal benefits and survivor claims on your record follow different rules, and if you are still working, delaying has a second quiet advantage: high-earning years after your full retirement age (FRA) can replace lower years in your 35-year benefit calculation.
What each claiming age pays (FRA of 67)
| Claiming age | Share of full benefit | Monthly check if full benefit is $2,000 |
|---|---|---|
| 62 | ~70% | $1,400 |
| 65 | ~86.7% | $1,733 |
| 67 (FRA) | 100% | $2,000 |
| 68 | 108% | $2,160 |
| 69 | 116% | $2,320 |
| 70 | 124% | $2,480 |
These percentages come straight from the Social Security Administration’s reduction and delayed-credit formulas for anyone born in 1960 or later, which as of 2026 covers everyone newly eligible at 62.
A worked example in real dollars
Say your full benefit at 67 is $2,000 per month. Claim at 62 and you get about $1,400. Wait until 70 and you get $2,480. That is $1,080 more every month, or $12,960 more per year, for choosing 70 over 62, before any cost-of-living adjustments. And COLAs compound the gap: the 2.8% COLA for 2026 adds about $39 per month to the age-62 check but about $69 per month to the age-70 check, because each year’s percentage increase applies to a bigger base.
Waiting is not automatically the right answer. Claiming at 70 instead of 62 means giving up eight years of checks, and the break-even point typically lands in your early 80s. Health, family longevity, whether you are still working, and whether a spouse will someday inherit your benefit as a survivor all belong in the decision. That last point is the one people miss: when one spouse dies, the survivor keeps the larger of the two checks. Delaying the higher earner’s benefit to 70 is often really a purchase of lifetime income protection for the surviving spouse.
The part you cannot undo
Here’s what I tell clients: this is a one chance to get it right, forever decision. Outside of a narrow 12-month withdrawal window where you repay everything received, the claiming age you choose sets your base benefit for life. Before you file, get your actual benefit estimate from your my Social Security account at ssa.gov, run the numbers at 62, FRA, and 70, and make the choice on paper before you make it on an application.
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