More Seniors Delay Social Security to Age 70 — But Is It the Right Move for You?
By Jane Miller | Senior Privacy News | September 16, 2025
A record number of Americans are waiting longer to claim Social Security benefits, with new data showing that more seniors are holding off until age 70 to maximize their monthly checks. According to the Social Security Administration (SSA), only 21% of retirees claimed at 62 in 2022, down from nearly 50% in the 1990s. Meanwhile, the share waiting until full retirement age (66–67) or later has steadily increased.
Experts say this trend reflects both financial necessity and growing awareness of the long-term benefits of delayed claiming.
Why Waiting Pays More
Delaying Social Security past your full retirement age can boost your benefits by roughly 8% per year up until age 70. For someone whose full retirement age benefit is $2,000/month, waiting until 70 would raise their check to about $2,640/month — nearly a 32% increase.
📊 Highlight: Monthly Benefit Comparison
| Age You Claim | Monthly Benefit* | Lifetime Impact** |
|---|---|---|
| 62 | $1,400 | Lower monthly checks for life |
| 67 (FRA) | $2,000 | Standard baseline |
| 70 | $2,640 | +32% higher income |
* Example based on $2,000 FRA benefit
** Excludes inflation adjustments
“For healthy seniors who expect to live into their 80s or 90s, delaying can add hundreds of thousands of dollars over a lifetime,” said Alicia Munnell, director of the Center for Retirement Research at Boston College.
Why Some Seniors Still Claim Early
Not everyone can afford to wait. A 2023 Transamerica survey found that 37% of retirees who claimed before full retirement age did so because they needed income immediately. Rising costs for healthcare, housing, and everyday expenses are driving many to file as soon as they’re eligible.
Additionally, individuals with health concerns or lower life expectancy may benefit more from claiming earlier.
The Hidden Factor: Medicare Premiums
Another wrinkle in the decision comes from Medicare. If you delay Social Security but sign up for Medicare at 65, you’ll need to pay premiums directly instead of having them deducted from your Social Security check. For some retirees, that can strain monthly budgets in the years before benefits begin.
Key Takeaways for Seniors
- Delaying pays off for many: Waiting until 70 can raise benefits by about one-third.
- Health & longevity matter: If you have chronic health conditions, earlier claiming may make sense.
- Budget pressures are real: Nearly 4 in 10 early claimers report doing so out of financial need.
Bottom Line
The shift toward later claiming reflects both greater awareness of the math — and growing uncertainty about financial security in retirement. Experts recommend that seniors weigh health, income needs, and family longevity before making a decision.
Disclaimer
This article is for informational purposes only. Seniors concerned about deepfake scams should seek support from trusted organizations and never send money without verifying requests. Not intended as legal or financial advice.
References
- Social Security Administration (SSA). Annual Statistical Supplement, 2023. SSA.gov
- Center for Retirement Research at Boston College. The Age of Social Security Claiming.
- Transamerica Center for Retirement Studies. 19th Annual Retirement Survey of Workers and Retirees, 2023.
- U.S. Department of Health & Human Services. Medicare Costs at a Glance, 2024.