From The Motley Fool · Kailey Hagen, CFP® · · 50s
Social Security Benefits at 62 vs 70
Your Social Security benefit grows by 5-8% yearly if you wait until 70 to claim.
In brief
Your Social Security benefit grows by 5-8% yearly if you wait until 70 to claim. Waiting until age 70 increases Social Security benefits by up to $2,589 monthly versus $1,462 at 62. Originally reported by The Motley Fool.
Average Social Security Benefit
The average Social Security benefit is $2,088 per month as of August 2026.
Early Claiming Impact
Claiming at 62 reduces your benefit to $1,462 monthly if you qualify for the average $2,088 check at 67.
Late Claiming Impact
Delaying until 70 increases your benefit to $2,589 monthly for the same average $2,088 check at 67.
Benefit Growth Rates
Benefits grow by 5.00% per year from 62 to 64, 6.67% from 64 to 67, and 8.00% from 67 to 70.
The bottom line
Waiting until age 70 increases Social Security benefits by up to $2,589 monthly versus $1,462 at 62.
