When planning for retirement, one of the most important questions you need to answer is how much Social Security you’ll receive. After all, Social Security benefits are a significant part of many people’s retirement income. But what if you want to maximise those benefits? The amount you receive varies for everyone. The key to a larger payout is based on factors like your work history, the amount you’ve earned during your lifetime, and when you decide to claim your benefits.
For many people, the best choice is to wait as long as possible before claiming Social Security benefits, and that means waiting until age 70. If you’re wondering how much you could expect if you wait until age 70, this article will help break down the details for you.
How Social Security Benefits Work
Social Security benefits are based on your earnings over your lifetime. These earnings determine your “primary insurance amount” (PIA), which is the basis for how much you can receive each month when you retire. Your benefits are calculated using the average of your 35 highest-earning years. If you don’t work for 35 years or earn zero in some years (for example, if you take a break from the workforce), those years are considered as zeros in the calculation, which can lower your monthly benefits.
The Social Security Administration (SSA) allows you to start collecting benefits as early as age 62, but the earlier you start, the smaller your monthly payout. If you choose to delay your benefits, however, your monthly payment will grow over time. You can begin receiving full benefits at your “full retirement age” (FRA), which is typically age 66 or 67, depending on your birth year.
However, you don’t have to stop there. If you delay claiming until age 70, you can increase your benefit amount by 8% per year. This means that the longer you wait (up to age 70), the more you will receive monthly.
The Impact of Waiting Until Age 70
Social Security benefits increase by a significant percentage if you wait until age 70 to begin claiming them. For example, let’s assume you’re eligible to receive $1,000 per month at age 66. If you wait until age 70 to start receiving benefits, you’ll get an additional 32% more, meaning you’ll receive $1,320 each month instead of $1,000. This might seem like a small increase, but over several years, it adds up to a lot more money in your pocket.
For those who delay, the increase in benefits can make a huge difference, especially for people who expect to live a long time after retirement. If you’re healthy and have a family history of longevity, waiting until age 70 can provide you with a much more comfortable retirement. If you’re unsure whether waiting is right for you, consider consulting a financial advisor who can help you weigh your options.
Why Waiting Until 70 is Best for Many People
Many people may be tempted to claim Social Security as early as possible at age 62, especially if they’re facing financial pressure or unsure about their future employment. However, delaying your Social Security claim until 70 could pay off in the long run. One study found that for 57% of people, waiting until age 70 is the best option to maximize benefits.
Why is that? The answer lies in longevity. While many people choose to claim early, the truth is that your benefits will grow if you can afford to wait. And, by waiting until 70, you avoid the risk of living longer than expected without the financial resources to support yourself. Given that many retirees could live for 30 years or more after retiring, this larger monthly benefit can provide much-needed peace of mind.
In addition to receiving a higher monthly benefit, waiting until age 70 also protects against inflation. Social Security benefits are adjusted each year based on the cost-of-living adjustments (COLAS), which means that your payments will be adjusted for inflation over time. These COLAS can help you maintain your purchasing power, even as inflation increases.
The Gender Gap in Social Security Benefits
It’s important to note that women tend to receive smaller Social Security benefits than men. This gap can be attributed to several factors, but one of the biggest is the gender wage gap. Women, on average, earn less than men throughout their careers. As a result, they contribute less to Social Security, which leads to lower benefits when they retire.

For example, the Institute for Women’s Policy Research found that women earn approximately 84 cents for every dollar that men earn. This gap in earnings results in women paying lower Social Security taxes and accumulating fewer benefits. Women are also more likely to take time out of the workforce to care for children or elderly family members, which can further lower their earnings.
Since Social Security benefits are based on your highest-earning 35 years, time away from the workforce results in zeros being factored into the formula, which lowers the overall amount you can expect to receive. This is why some women may need to rely more heavily on the decision of when to start collecting Social Security in order to make the most out of their benefits.
The $22,924 Social Security Bonus You Might Be Overlooking
There’s a little-known strategy that could boost your Social Security benefits by as much as $22,924 per year. Many retirees don’t realize that they can optimize their Social Security benefits with some smart strategies. For instance, if you’re married, you may be able to use spousal benefits to increase your overall payout.
One of the best-kept secrets is to wait until your “full retirement age” (FRA) to start claiming Social Security, which will ensure that you receive your full benefits. But, if you can delay even further and wait until age 70, you’ll be able to maximize your benefits even more. For many people, this strategy could add up to thousands of extra dollars over the course of their retirement.
What This Means for Your Retirement Planning
Ultimately, Social Security is a vital source of income for many retirees, but it should not be the only source of income. Planning for retirement requires a holistic approach that includes saving, investing, and maximizing Social Security. If you’re behind on your retirement savings, waiting until age 70 to claim Social Security benefits is one of the best things you can do to make up for lost time.
That being said, it’s important to consider your specific financial situation and health before making any decisions about when to claim Social Security. Everyone’s retirement needs are different, and there’s no one-size-fits-all approach. However, if you’re healthy and can afford to wait, delaying Social Security until age 70 is likely your best option.
Final Thoughts
When it comes to Social Security, there’s no question that timing matters. By delaying your benefits until age 70, you can significantly increase your monthly payout and improve your financial security in retirement. While it may not be the best choice for everyone, for many people, waiting until 70 is the smartest decision to maximize their benefits.
If you’re nearing retirement, now is the time to start thinking about your Social Security strategy. Take the time to understand the impact of when you claim, and remember that delaying could lead to a more comfortable, financially secure retirement.
Disclaimer: This article has been meticulously fact-checked by our team to ensure accuracy and uphold transparency. We strive to deliver trustworthy and dependable content to our readers.

Jon King is an experienced journalist with 3 years of experience in the field. With a strong background in investigative reporting, Jon is known for his in-depth coverage of crime news, finance news, local news, and USA news. Currently working with Mikeandjonpodcast, Jon brings his sharp investigative skills, where he provides timely updates and analysis on a wide range of topics. His commitment to delivering accurate and impactful news has earned him a reputation for providing insightful and comprehensive stories that resonate with his audience.