SSA Shows Age 70 Claims Lift Social Security Benefits 77% Over Age 62
Updated
Updated · USA TODAY · Jun 23
SSA Shows Age 70 Claims Lift Social Security Benefits 77% Over Age 62
1 articles · Updated · USA TODAY · Jun 23
Summary
Social Security data released by the SSA show retired workers who claim at 70 can receive 77% more per month than those who start at 62, for people born in 1960 or later.
The gap comes from how benefits are set: the agency calculates a primary insurance amount from a worker’s 35 highest inflation-adjusted earning years, then cuts it for early claims or boosts it for delayed claims.
For the average 2024 retiree with a $2,116 primary insurance amount, claiming at 62 would mean about $1,481 a month, versus $2,624 at 70; delayed-retirement credits stop after 70.
The report also highlights confusion around the rules: 4 in 10 adults wrongly think benefits claimed early automatically rise at full retirement age, even though the reduction is permanent.