Social Security Benefit if You Claim at 70
Delaying Social Security to age 70 with a $6,000 AIME maximizes your monthly benefit through delayed retirement credits.
How to use this tool
- Enter your average indexed monthly earnings (AIME) — see your SSA statement.
- Pick the age at which you plan to claim benefits.
- Read your estimated monthly and annual benefit and your PIA at full retirement age.
- Try different claiming ages to see the effect of claiming early or delaying.
Waiting until 70 to claim Social Security earns delayed retirement credits of 8% per year past full retirement age, maximizing your lifetime benefit.
Frequently asked questions
- How is my Social Security benefit calculated?
- Your average indexed monthly earnings (AIME) are run through a two-bend-point formula to get your primary insurance amount (PIA), then adjusted up or down based on the age you claim relative to full retirement age (67).
- How much do I lose by claiming at 62?
- Claiming at 62 with a full retirement age of 67 reduces your benefit by about 30% permanently — a $2,600.92 PIA becomes roughly $1,820.64 per month.
- How much do I gain by waiting until 70?
- Delaying past full retirement age earns 8% per year in delayed retirement credits, up to a maximum of 24% extra at age 70. There is no benefit to waiting beyond 70.
- Is this an official SSA estimate?
- No. It is a simplified educational estimate using the published bend-point formula. For an official figure, use your personalized Social Security statement at SSA.gov.