Understanding the Timing of Social Security Benefits
When it comes to Social Security, timing plays a crucial role—more than many might think. It’s a significant factor. The age at which you begin saving can greatly influence your monthly payments, affecting not just your daily expenses but also the longevity of your savings.
In 2026, the disparities in benefit amounts will be even clearer. So, what will the average benefits be for those starting at ages 62, 67, and 70?
“As a CPA and tax advisor, I frequently get questions from clients approaching retirement asking when they should start collecting their Social Security benefits,” shared Ashley Akin, a CPA and tax consultant. She noted that the answer varies for each individual but emphasized how the timing of one’s claim can noticeably affect benefits.
The Social Security Administration indicates that if you wait to receive benefits until age 70, your monthly amount will be higher.
The details regarding the accumulation of Social Security benefits typically depend on age:
Monthly Benefit Amount Increases from Age 62 to Age 70
Social Security benefits are an essential component of any financial strategy. Some individuals may lean toward claiming their benefits early so they can receive payments for a longer period.
According to Akin, a 62-year-old worker in 2026 would expect about $1,400 a month.
Meanwhile, for someone who turns 67 in 2026, the estimated monthly benefit would be around $2,017.
Akin explained that if that same 62-year-old chooses to delay claiming benefits until they reach age 70, they could receive over $2,250 monthly, depending on their prior benefit amounts.
Reasons for Early Claim vs. Waiting
Akin mentioned various reasons why some retirees opt for lower monthly benefits for life.
“A lower monthly benefit, paired with retirement savings and investments, might help you establish a sustainable cash flow plan for the future,” she elaborated.
On the flip side, some individuals prefer to wait before taking Social Security benefits, aiming to maximize their monthly payouts for greater cash availability during retirement.
The Bigger Picture: Timing Beyond Monthly Checks
“Many people mistakenly believe that Social Security is simply a monthly check,” Akin pointed out.
