Is This the Perfect Age to Start Collecting Social Security?

Claiming Social Security at the ideal age can transform your retirement. Nearly 30% of retirees say they depend on their benefits as their exclusive source of income, according to The Motley Fool’s Annual Social Security Cost-of-Living Adjustment Survey, and 54% of retirees report going back to work because their benefits are insufficient.

Research suggests that there’s one particular age claim that outshines the rest, and it could boost your lifetime income by over $100,000. However, there’s a big caveat to consider.

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What the data says about your claiming age

A 2019 report published by United Income examined the relationship between retirees’ claiming ages and their lifetime income, aiming to determine how much money older adults are leaving on the table by filing at a “sub-optimal” age.

Researchers found that 57% of retirees could generate more wealth over a lifetime by filing for Social Security at age 70. Furthermore, only 6.5% of retirees could maximize their lifetime wealth by claiming before age 64.

The impact of claiming at the optimal age is significant, too. Collectively, retirees will forego around $3.4 trillion in lifetime wealth by filing at the suboptimal age, researchers found. That works out to around $111,000 for the average retired household.

The answer isn’t as straightforward as it seems

On the surface, age 70 may seem like the clear winner when it comes to choosing a claiming age. However, the research considers only the financial side of this decision. While finances are an important factor to consider, your unique priorities will play a much bigger role in your choice.

For some people, finances are the top priority. If you know you’re going to be relying on Social Security for most or even all of your income in retirement, delaying claiming until 70 to earn larger checks is a smart move. The average retiree receives around $850 more per month in benefits at age 70 than at 62, according to December 2025 data from the Social Security Administration, and that can go a long way.

For others, though, finances take a back seat to other priorities. If your main goal is to spend as much time as possible in retirement, filing for Social Security at 62 might serve you better. Filing early will reduce your payments by up to 30%, but for many retirees, that’s a worthwhile trade-off – especially for those battling health issues or eager to enjoy a more active lifestyle in retirement.

When should you take Social Security?

While the data may point to age 70 as the perfect age to take benefits, the right choice for you depends on your unique situation. Some retirees may benefit from delaying, while others can make the most of their senior years by filing early.

By weighing your priorities and considering where you’re willing to make sacrifices, it will be easier to make the best choice for your retirement.