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If you claim before reaching full retirement age, you receive less than your PIA. In other words, the longer you wait to claim, the larger your benefit will be (with a cap at age 70).
In fact, the differences between claiming early and claiming late are amplified when you look at the maximum possible Social Security benefits at ages 62, 67, and 70.
The advantage of an age 70 claim is that you're guaranteed to maximize your monthly benefit, which will be between 24% and 32% more than what you would have received at your full retirement age ...
Data source: Social Security Administration. Chart by author. Here's the maximum possible 2025 Social Security benefit at 62, 67, and 70. Earning a high salary throughout your career is just one ...
There's a huge difference in the maximum retirement benefit of someone claiming as soon as possible at age 62 and someone who waits until their benefits have completely maxed out at age 70.
That means workers born in 1960 or later (whose FRA is age 67) can increase their benefit by 77% if they claim Social Security at age 70 as opposed to age 62. That is true regardless of lifetime ...