If I Could Tell All Retirees 1 Thing About Social Security, I'd Say to Do This Before You Claim Benefits

Social Security claiming age permanently determines monthly benefits: full retirement age (FRA) is 66–67 depending on birth year, claiming at 62 reduces checks by as much as ~30% while delaying to age 70 increases them by roughly 24–32%. Because benefits are locked in once you file (aside from annual COLA), the choice of when to claim materially affects lifetime income—SSA data cited shows the average retiree collects about $739 more per month at 70 versus 62—so claiming strategy should be incorporated into retirement-timing, portfolio drawdown and income-planning decisions.

Analysis

The article emphasizes that Social Security claiming age permanently alters monthly benefits: full retirement age (FRA) is between 66 and 67 depending on birth year, filing at age 62 reduces benefits by up to ~30%, and delaying to age 70 increases benefits by roughly 24%–32%. It notes that once you file your benefit is generally locked in for life apart from annual cost-of-living adjustments, and a 2023 Nationwide Retirement Institute survey found about half of U.S. adults mistakenly believe early filers later receive an automatic increase at FRA.

The piece quantifies the practical effect for income planning using Social Security Administration 2023 data, observing the average retiree collects about $739 more per month at age 70 than at 62, which materially affects drawdown strategy and the adequacy of retirement savings. It frames claiming age as a trade-off: delaying produces significantly larger guaranteed monthly income useful for shortfalls, while early claiming can enable earlier retirement if investors can tolerate permanently smaller checks.

The article includes a marketing claim about a "$22,924" boost presented as a tactic to maximize benefits; this is promotional and not substantiated within the reporting. Given the permanent nature of adjustments, the article recommends choosing claiming age deliberately and treating FRA as a neutral middle ground when decisions are uncertain.

Key Decisions for Investors

• Model retirement cash flows with scenario runs using -30% at 62 and +24%–32% at 70 and include the SSA $739/month average gap to test breakeven and longevity sensitivity
• Assume benefits are locked once claimed (aside from COLA); do not plan on automatic increases at FRA for those who filed early
• If portfolio savings are insufficient, prioritize delaying claims toward 70 to increase guaranteed monthly income; if savings are robust and early retirement is the objective, incorporate the permanent reduction from claiming at 62
• Treat the cited $22,924 ‘‘bonus’’ as an unverified marketing claim and require transparent assumptions before using such figures in financial plans