Choosing when to take Social Security is one of the most important retirement decisions you’ll make. While many Americans file early, doing so can significantly reduce lifetime benefits. In 2023, the average age for newly retired workers claiming benefits was 65.2 years, with age 66 being the most common filing age.

Here’s how average monthly benefits increased by age in 2023:

• Age 62: $1,292

• Age 66: $2,106

• Age 70–74: $3,162

Although you can file at 62, waiting until full retirement age (66–67) or later boosts your monthly check. For every year you delay past full retirement, your benefit increases by about 8%, up to age 70.

Still, waiting may not always be best. If you need the money earlier or expect a shorter lifespan, filing sooner could be the right move. For those with longer life expectancies and solid savings, delaying could maximize lifetime benefits.

A simple break-even analysis shows filing at 62 vs. 70 breaks even around age 78. If you live past that, delaying usually pays off.

Bottom line: There’s no one-size-fits-all answer—consider your finances, health, and goals. Consulting a financial advisor can help guide your decision.