How Delaying Social Security to Age 70 Can Push Your 2026 Benefit Above $5,000 a Month
Written by
Jennifer Taylor
Edited by
Zuri Anderson
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Waiting to collect your Social Security benefit can pay off.
It might be tempting to start cashing checks at age 62, but holding out until age 70 will be more lucrative. Of course, not everyone can afford to delay Social Security benefits until age 70.
However, if you’re able to do so, you likely won’t regret waiting when you realize how much the postponement increased your monthly benefit.
Here’s How Delaying Social Security Can Push Your Monthly Benefit Above $5,000
Monthly Social Security benefits are different for everyone, but the math behind the process is the same.
Benefits are typically calculated by averaging up to 35 years of a worker’s average indexed monthly earnings, according to the Social Security Administration (SSA). From there, a formula is applied to the average to determine the primary insurance amount, which is the basis for your monthly benefit.
Along with your average career earnings, the age you start receiving your benefit also impacts the size of your monthly check.
For example, if you were born in 1964, you’ll turn 62 years old in 2026. This makes your full retirement age 67, according to the SSA.
If you opt to receive benefits at age 62, your benefit will be reduced to 70%, according to the SSA. You’ll get 100% of your benefit at age 67, but if you wait to start collecting checks until age 70, your benefit will increase to 124%, per the SSA.
You might be surprised to see how this adds up, when put in terms of receiving a monthly benefit that totals more than $5,000 per month. For example, if you earned the taxable maximum each year starting at age 22 and start receiving benefits in 2026, your age will play a major factor in the size of your check.
If you’re 62, your monthly benefit would be $2,969, according to the SSA. This number rises to $4,152 per month for 67-year-olds and jumps to $5,181 for 70-year-olds.
Final Take To GO
Good things come to those who wait. If you can delay receiving your Social Security benefit until age 70, you have a better chance of receiving a monthly check for more than $5,000.
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