Should I take Social Security at 67 or 70?
Waiting from 67 to 70 raises your check by 24%, because you earn delayed credits of 2/3 of 1% for each month. On a $2,000 benefit that is $2,480 a month at 70 against $2,000 at 67, and the two plans break even at age 82 and 6 months.
Last updated: . Education, not financial advice.
What each year of waiting adds
| Start at | Monthly check | Share of full benefit |
|---|---|---|
| Age 67 | $2,000 | 100% |
| Age 68 | $2,160 | 108% |
| Age 69 | $2,320 | 116% |
| Age 70 | $2,480 | 124% |
There is no gain after 70. If you wait past 70, the check does not grow, so there is no reason to delay past that age.
Source: Delayed retirement credits (opens in a new tab), Full retirement age and reduction by claiming age (opens in a new tab)
The break-even
Starting at 70 passes starting at 67 in total dollars at age 82 and 6 months. With a 2% yearly discount the crossing is at age 84 and 11 months. In between, you collect for 3 years less but at a higher rate.
| Age reached | Started at 67 | Started at 70 |
|---|---|---|
| By age 75 | $192,000 | $148,800 |
| By age 80 | $312,000 | $297,600 |
| By age 85 | $432,000 | $446,400 |
| By age 90 | $552,000 | $595,200 |
| By age 95 | $672,000 | $744,000 |
Source: Delayed retirement credits (opens in a new tab), Early or late retirement calculator (opens in a new tab)
Who tends to benefit from waiting
- People in good health, or with long-lived parents, who can afford to wait.
- The higher earner in a couple. A survivor can inherit the delayed credits. At the survivor's full retirement age, that is $2,480 a month after a worker who started at 70, against $2,000 after one who started at 67.
- Anyone who has other income to live on until 70.
Source: Survivors benefits (opens in a new tab), Delayed retirement credits (opens in a new tab)
Waiting is not right for everyone. If you have health problems or need the income, starting earlier can make sense. Use the free guide to see a range that fits your answers.
Common questions
How much does my check grow each year I wait?
Delayed credits add 8% of your full benefit a year, which is 2/3 of 1% a month. Here that makes the check $2,160 at 68, up from $2,000 at 67.
Is there any gain from waiting past 70?
No. Delayed credits stop at 70.
Do delayed credits help my spouse?
A spouse's spousal benefit does not grow with your delayed credits. A surviving spouse's benefit does, because it is based on what you were getting.
Sources
- Delayed retirement credits (opens in a new tab)
- Full retirement age and reduction by claiming age (opens in a new tab)
- Early or late retirement calculator (opens in a new tab)
- Survivors benefits (opens in a new tab)
Keep reading
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Wait or Claim is independent. We are not affiliated with, endorsed by or connected to the Social Security Administration or any government agency. We give education, not financial, tax or legal advice. Check your own facts with Social Security (ssa.gov) before you file.