Updated

Updated · Yahoo Finance · Sep 3

Social Security Checks Peak at $2,225 in Ages 70-74 as Early Claims Cut Benefits 30%

Updated

Updated · Yahoo Finance · Sep 3

Social Security Checks Peak at $2,225 in Ages 70-74 as Early Claims Cut Benefits 30%

Q: Could the looming 2032 trust fund depletion make claiming Social Security at 62 smarter than waiting until 70?

Not for most people. The trust fund outlook alone usually is not a strong reason to claim at 62 instead of waiting until 70. Under current projections, the Old-Age and Survivors Insurance trust fund would be depleted in 2032, but Social Security would not disappear. Payroll taxes would still finance most benefits. Recent trustees’ estimates indicate retirement benefits could be paid at roughly 78% after depletion if lawmakers do nothing. That risk would affect people who claimed early and people who delayed; claiming at 62 does not shield you from an across-the-board cut. What early claiming does do is lock in a permanently smaller monthly check. For someone with a full retirement age of 67, claiming at 62 can cut benefits by up to 30%, while waiting from full retirement age to 70 raises benefits by about 8% a year. That is why average benefits for ages 62 to 64 are far below those for ages 70 to 74. The key question is whether a possible future cut is larger than the value of delaying. In most cases, it is not. Even if Congress failed to act and benefits were reduced across the board, a higher benefit claimed at 70 would still usually remain higher than a reduced benefit claimed at 62. Claiming at 62 can still make sense for people with poor health, shorter life expectancy, immediate cash needs, or job loss. But for healthy retirees, especially married higher earners whose choice can raise survivor benefits, waiting often remains the stronger long-term strategy.

3 articles · Updated · Yahoo Finance · Sep 3

$2,225.12 was the average monthly Social Security benefit for retirees aged 70-74 at the end of 2025, the highest of any age band in the latest SSA annual supplement.
Benefits were lower on both sides of that peak: ages 62-64 averaged $1,450.74, while payments gradually eased to $1,902.18 for ages 90-94.
The gap reflects claiming timing and work history, with the SSA saying filing before full retirement age can reduce monthly checks by as much as 30%.
That leaves early claimants aged 62-64 collecting about $774 less per month than retirees aged 70-74, making age-group comparisons a key retirement-planning benchmark.