Deciding the best age to retire — 62, 65, or 70 — can have massive effects on your Social Security benefit, financial security, and quality of life. In 2025, rules in the U.S. mean the full retirement age (FRA) is generally 67 for those born 1960 or later.
If you retire early (at 62 or 65), you get reduced monthly benefits. If you wait until 70, you receive delayed retirement credits, meaning higher payments for the rest of your life.
This article breaks down how much you lose or gain, what to consider (health, lifespan, expenses), and which age might make the most sense in different situations.
Full Retirement Age, Early Claiming & Delayed Retirement Credits
- Full Retirement Age (FRA) for many people born in 1960 or later is 67. At FRA you receive 100% of your Primary Insurance Amount (PIA).
- If you claim at 62, you permanently reduce your benefit. The reduction can be about 30% compared to what you’d get at FRA.
- If you wait past FRA, up to age 70, you receive delayed retirement credits. That means your benefit increases by a fixed rate (about 8% per year) for each year you delay after your FRA until 70.
Dollars & Differences: How Much You Get at Each Age
Here are some real numbers for 2025 showing how much the maximum Social Security benefit is at each retirement age, and how much you lose or gain, depending on when you start.
| Retirement Age | Max Monthly Benefit in 2025 | % Change vs. Full Retirement Age | Comment on Benefit |
|---|---|---|---|
| Age 62 | ~$2,831 | ≈ −30% (reduced compared to FRA) | Earliest you can claim; biggest permanent reduction |
| Age 65 | (~$3,500-$4,000 depending on FRA) | ≈ −10-15% reduction vs FRA | Better than 62, but still not full benefit |
| Full Retirement Age (~66-67) | ~$4,018 | 0% change; you receive full PIA | No reduction; base for delayed credits |
| Age 70 | ~$5,108 | ≈ +24-30% increase vs FRA | Highest monthly benefit; no advantage beyond 70 |
When 65 Matters Beyond Social Security
- Medicare eligibility begins at age 65. That means health insurance premiums and medical costs usually become covered, reducing out-of-pocket burden.
- At age 65, even though Social Security is still reduced (if FRA is later), you gain that health care piece which is costly before 65.
Real-World Numbers: Average & Maximum Benefit in 2025
- Average monthly Social Security benefit for retired workers in 2025 is around $1,900-$2,000 depending on age and gender.
- Maximum benefit one could receive if delaying to 70 is over $5,100/month for someone with highest earnings.
- If claiming at 62, maximum benefit for highest earners is about $2,831/month.
There is no one-size-fits-all answer to whether you should retire at 62, 65, or 70. Retiring at 62 gives you income sooner, but at a steep cost in monthly benefit. Retiring at 65 gives partial benefit and the vital advantage of Medicare.
Waiting until 70 gives the highest monthly payments and best long-term income—but requires patience, good health, and enough resources to wait.
To choose wisely, weigh your health, financial needs, life expectancy, savings, and how important each dollar of monthly benefit is for your future. Use the numbers above and consider running projections or speaking with a retirement planner.
Ultimately, the age you claim Social Security can be one of the most powerful decisions you ever make for your financial future.
FAQs
If I retire at 62, will I get less forever?
Yes. Claiming early at 62 means your monthly benefit is permanently reduced. Even after reaching full retirement age, you won’t “make up” what you lost in early years.
Does waiting until 70 always mean more money?
In most cases yes, because of delayed retirement credits. But if your lifespan is short, or if you need income earlier and don’t have other resources, waiting may not be worth the delay.
How does Medicare at age 65 factor in?
Turning 65 gives you access to Medicare, which can reduce your healthcare costs. Even if your Social Security benefit is reduced (if your FRA is later), healthcare savings at 65 often make that age an important milestone.