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How much will my Social Security benefit increase if I wait to file?

If you start collecting your Social Security benefit at 62 you will be penalized.

Social Security cards and money

Waiting to file could increase your benefit.


What is the difference between Social Security and SSDI?

How long should I wait?

Each year that you wait to claim your Social Security benefit it will increase. In order to understand year-over-year increases, understanding early-filing reductions may be helpful. Read more about it here.

For 36 months leading up to your Full Retirement Age (FRA), you’ll face a 5/9 of 1% reduction for each month. For example, if you file exactly 36 months before reaching your FRA, your benefit will be reduced by 20%.

For months greater than the 36 before your FRA, the reduction is calculated based on 5/12 of 1% per month. This results in a 5% reduction for each year greater than the 3 before reaching FRA.

The maximum reduction in benefits happens when you file to start receiving them at 62, the earliest age of eligibility.

After reaching your FRA there is another increase called Delayed Retirement Credit. This credit is 2/3% per month which is an 8% increase each year you delay.


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