Social Security’s Max Benefit for Everyone 62 to 70 for the Rest of 2026

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The age when you claim Social Security benefits matters greatly to your finances. That’s because claiming them when you’re 62 versus waiting until 70 can amount to a $2,000 increase per month. 

Understanding your maximum benefit and how the Social Security Administration (SSA) calculates it can help you decide whether claiming when you’re 62 is worth it, or if you’re better off waiting.

Maximum Social Security Benefits by Claiming Age in 2026

The SSA publishes maximum monthly benefit amounts for retirees who earned at or above the taxable wage base for at least 35 years. These numbers include the cost-of-living adjustment.

While only a small share of retirees qualify for the maximum benefit, the age-based differences on how much you can claim apply to everyone.

How Social Security Benefits Are Calculated

Social Security retirement benefits are built on your Average Indexed Monthly Earnings (AIME). This is calculated based on your highest 35 years of earnings, adjusts them for inflation and averages the amounts into a monthly figure. If you worked fewer than 35 years, the remaining years calculated in your average will include zero-dollar years. 

Once the AIME is calculated, then the number is run through another set of calculations to arrive at your Primary Insurance Amount (PIA). That amount is the benefit you’ll receive if you claim at your full retirement. For those who are born in 1960 or later, the full retirement age is 67. 

While your earnings history determines your PIA, the age you claim determines whether the amount you’ll ultimately receive is paid out in full, increased or decreased. 

Why Benefits Are Lower When You Claim Younger

Sure, you can start claiming Social Security as early as 62 years old, but doing that will permanently reduce your monthly benefit. The lower benefits are because those who claim earlier are expected to receive benefits for a longer period of time. 

That means that if you claim at 62, you’ll typically receive 30% less permanently each month than if you were to claim at your full retirement age. 

Plus, you might receive even less if you’re still working before full retirement age. If you claim before you’re 67 (or whenever your full retirement age may be) and your income while working is higher than the SSA’s annual limit, you may see some of your benefits being reduced. 

Should You Wait for Delayed Retirement Credits?

If you can afford to hold off past age 67, you can significantly increase your monthly Social Security benefits. More specifically, you may be able to increase your benefits by around 8% per year you wait, up to age 70. 

Of course, whether you choose to wait will depend on factors like your health, average spending and other income sources. That’s why it’s important to look at your financial profile now and when you think you’ll need additional benefits. If you have a large amount of savings or enough earnings to wait until full retirement age and beyond, it could be worth it to hold off to receive a larger check.

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