Many Americans may not be getting the full amount they deserve from Social Security. A small change in when you start collecting your payments could actually help you earn thousands of dollars more each year. Yet, most people don’t even know this option exists. Let’s break it down in simple terms so you don’t miss out.
What Is the Simple Switch?
The switch is simple: wait until age 70 to start collecting your Social Security payments. That’s it. Instead of starting at the earliest age of 62, if you can wait, you get paid more each month—for the rest of your life.
A study from the American Association of Retired Persons (AARP) found that only 25% of Americans knew about this benefit. Many people start collecting payments early because they’re not aware of how much more they could get by waiting.
How Much More Could You Get?
Waiting until 70 can give you up to 76% more money compared to starting at 62. That’s a big difference. For example, if you would get $1,000 a month at age 62, you could get $1,760 a month if you waited until 70. Over a year, that adds up fast.
According to economist Laurence Kotlikoff from Boston University, this higher payout continues for the rest of your life—so the longer you live, the more you benefit.
Why Do People Miss Out?
Many people don’t understand how Social Security works. The AARP study showed that only 40% knew that 62 is the earliest age to start receiving payments. Even fewer people knew that divorced spouses may also qualify for benefits based on their ex-spouse’s work history—as long as the marriage lasted at least 10 years.
This lack of knowledge means millions may be taking smaller payments for life without knowing they had other options.
What About Spousal and Divorce Benefits?
If you’re divorced but were married for at least 10 years, you might be able to get benefits from your former spouse’s work history. Sadly, only 44% of people knew about this.
Also, if your spouse earned more than you, you could get higher payments based on their record—especially if you didn’t work full-time for most of your life.
Why Doesn’t Everyone Wait Until 70?
Waiting sounds great, but it’s not always possible. Some people have to retire early due to health issues or money problems. If you need the cash sooner, you might not have a choice.
Also, some people worry that Social Security won’t be around in the future. A Gallup poll showed that 75% of Americans are worried about the program running out of money.
Will Social Security Run Out?
Reports suggest that the Social Security retirement fund could run low by 2032. If that happens, benefits could be cut by 24%. For example, a couple who both worked could lose about $18,100 a year in benefits starting in 2033.
This problem is made worse by government spending, like Donald Trump’s “Big Beautiful Bill,” which could drain funds faster than expected.
What Happens If the Fund Runs Out?
If the Social Security trust fund runs out, the government will still pay benefits, but they’ll be reduced. By law, they can only pay out what they collect in taxes. That means payments would automatically shrink unless new funding is added.
Around 70 million Americans depend on Social Security checks every month. So, this issue affects a huge number of people.
Waiting to claim Social Security until age 70 can help you earn up to 76% more in benefits every year for the rest of your life. Yet, most Americans don’t know about this. While it’s not always possible to delay due to personal situations or health problems, knowing your options can help you plan smarter for retirement.
Understanding key facts like spousal benefits and future changes in Social Security funding is important too. Don’t miss out—learn your rights, make informed choices, and get what you deserve.
