Hailey
Deciding when to start collecting Social Security benefits is one of the most important financial choices you’ll ever make.
With changes expected in 2026 and beyond, understanding how age, work, and life expectancy affect your payout is crucial.
While you can begin receiving benefits as early as age 62, doing so permanently reduces your monthly amount.
Waiting until your Full Retirement Age (FRA) — typically 67 for those born in 1960 or later — ensures full benefits.
And if you delay until age 70, you can earn Delayed Retirement Credits that increase your monthly check by up to 24%.
Quick answer (future-ready)
- Earliest age: 62 (permanent reduction; up to –30% if your Full Retirement Age (FRA) is 67).
- Full benefit: FRA 67 for those born in 1960 or later.
- Max monthly benefit boost: Wait to age 70 for Delayed Retirement Credits (about +8% per year after FRA, up to +24% at 70).
- 2026 updates: COLA +2.8%, earnings test limits up, taxable wage cap $184,500, and one credit = $1,890.
How to decide your best age
Choosing when to claim is personal. It depends on cash needs, health & longevity, work plans, and spouse benefits.
There’s no single “best” age for everyone—the right time is the one that fits your circumstances.
What changes in 2026 (why this matters for the future)
- COLA: Benefits rise 2.8% starting with January 2026 payments.
- Earnings test (working while claiming):
- Under FRA: $24,480/year in 2026; $1 withheld for every $2 over the limit.
- Reaching FRA in 2026: $65,160/year before the month you hit FRA; $1 withheld for every $3 over.
- At/after FRA: no earnings limit.
- Taxable wage cap: $184,500 in 2026.
- Work credits: $1,890 earns 1 credit; $7,560 earns all 4 credits in 2026.
What your monthly check looks like by starting age
Assumes FRA = 67 (born 1960+). Percentages are relative to your full (PIA) benefit.
| Claiming age | % of your full benefit | Key notes |
|---|---|---|
| 62 | ~70% | Max reduction ~30% (based on formula). Suits those needing income now or with shorter life expectancy. |
| 67 (FRA) | 100% | Balanced choice; no reduction and no delay credits. |
| 70 | ~124% | +8%/yr after FRA via Delayed Retirement Credits, stops at 70. Highest lifetime monthly if you live longer. |
Break-even idea (age where waiting “catches up”)
Many analyses show the breakeven point between claiming early vs later often lands around your late 70s to ~80—live beyond that and delaying typically wins; pass earlier and claiming sooner may pay more lifetime. Use your own estimates to tailor this.
Special considerations for 2026 filers
- Still working? If you’ll be under FRA in 2026 and expect wages well above $24,480, claiming early can trigger withholdings under the earnings test. Benefits are recalculated at FRA, but cash-flow matters.
- High earners: Your 2026 payroll taxes apply only up to $184,500 of wages for Social Security. This doesn’t change the claiming rules but can affect planning.
- Average checks and COLA: The 2.8% COLA lifts all benefit levels, but the percentage reduction/bonus for timing stays the same—so the age decision math doesn’t change.
Strategy snapshot
- Choose 62 if you need income now, have health concerns, or don’t plan to work much.
- Choose 67 if you want the middle ground with no reduction and minimal rule complexity.
- Choose 70 if you aim to maximize monthly income, have longer life expectancy, or can bridge with savings.
For a future-proof plan in 2026 and beyond: know your FRA (usually 67), weigh the –30% at 62 vs ~+24% at 70, check how the 2026 earnings limits and 2.8% COLA affect cash flow, and run a breakeven check using your own estimates.
A thoughtful timing choice can add tens of thousands over retirement—especially if you expect to live into your 80s.
FAQs
Can I work and collect before FRA in 2026?
Yes, but if you’re under FRA, you can earn $24,480 in 2026 before withholdings; the year you reach FRA, the higher limit is $65,160 (only for months before FRA). After FRA, there’s no limit.
How much bigger is my check if I wait to 70?
About +8% per year after FRA, up to ~+24% at 70; increases stop at 70.
What if I claim at 62 with FRA 67?
Your benefit is permanently reduced by up to ~30% (based on the monthly reduction formula).