Social Security beneficiaries who wait up until age 70 in to claim benefits can actually receive up to $5,251 per month and this is the highest maximum benefit in history. There are millions of Americans who rely on Social Security as their primary source of income and it’s important for these individuals to maximise their benefits.
How Social Security Benefits Are Calculated
Social Security payments are based on three main factors:
- Your lifetime earnings.
- The age you start claiming benefits.
- Your work history, especially your highest 35 earning years.
It can be noted that if wait until Full Retirement Age (FRA) to claim benefits, you will receive 100% of your benefits, however, should you wait up until age 70, you benefits increase by approximately 8% per year up after FRA until age 70.
Why Waiting Until 70 Pays Off
Many may want to collect benefits as soon as possible, however, if possible, wait until age 70 so that you are able to receive the maximum out of your benefits.
For example:
- If someone claims benefits at the age of 62, the benefits may be reduced by approximately 30%.
- In contrast to this, those who wait until 70 can receive up to 32% more than their full retirement benefit.
Why Benefits Keep Rising
Rising pay levels and consistent yearly COLA increases are major contributors to the record-high maximum benefit in 2026. Together with years of robust salary growth, the 2.8% COLA for 2026 raised the maximum benefit to unprecedented levels.
Even though the increase is a good thing, it also shows that the costs of goods and services are also increasing consistently.
The Catch: You Have to Earn (and Wait) for It
It’s important to note that not everyone will qualify for the $5,251, to be eligible you must:
- Earned the maximum taxable wage base for at least 35 years.
- Wait to claim benefits up until age 70.
The Bigger Picture: Longevity and Security
Sadly, not everyone can wait until age 70 to claim benefits. There are some people who in jobs that are physically demanding, therefore, they cannot work for longer. On the other hand, some may experience health issues and may also be unable to work until age 70.
However, those who can afford to wait should definitely consider it in order to receive the maximum out of your benefits.
Planning Around the New Record
The need of strategic planning and retirement timing is further highlighted by the increased maximum benefit. If you’re getting close to retirement age and still working, think about:
- Trying to work for longer where possible, as every year counts.
- Coordinating benefits with your spouse to maximize household income.
- Consider other savings and investment options so that you can use this during your 60s and claim your Social Security benefits when you turn 70.
- Make use of your online Social Security account to check your benefits and use the tools provided to estimate your benefits at different ages.
It’s important to plan from now so that you are able to have a peaceful retirement.
The Bottom Line
It can be extremely beneficial to wait up until age 70 to claim Social Security as this will ensure that you receive the maximum out of your benefits, approximately $5,251 per month in 2026.
There are a lot of things that are changing in the world and so is Social Security. With that being said, beneficiaries should keep themselves updated with verified information relating to these changes. The end goal is a stress-free retirement and it’s important to plan from now.
Seek assistance from a financial advisor if you need to and make wise financial decisions.