For millions of retirees, Social Security is the backbone of financial stability. In fact, without it, nearly 16 million older Americans would fall below the poverty line, according to 2023 data from the Center on Budget and Policy Priorities. That makes it all the more important to know how to maximize your benefits.
Surprisingly, about three-quarters of U.S. adults don’t know about one key Social Security rule that could significantly increase their monthly checks.
The Biggest Factor That Shapes Your Benefit
Several elements determine how much you’ll receive from Social Security—your earnings history, years worked, and even your marital status. But the most powerful factor is when you start claiming benefits.
You can claim as early as age 62, but that permanently reduces your benefit by up to 30%.
To get your full benefit, you must wait until your full retirement age (FRA), which is 66 or 67 depending on your birth year.
Waiting until age 70 can boost your payments significantly, as your monthly check grows each year you delay past FRA.
This makes your claiming age one of the most critical retirement decisions you’ll ever make.
The Little-Known Do-Over Rule
Here’s the part most people don’t know: you get one chance to undo your decision if you file too early.
Within the first 12 months of claiming, you can withdraw your application, pay back any benefits you’ve already received, and restart later for a higher benefit.
Only 26% of Americans know this option exists, according to a 2025 Nationwide Retirement Institute survey.
This “reset button” can be valuable if, for example, you claim at 62 but then go back to work—or if you simply realize delaying benefits would be smarter for your long-term finances.
How Much of a Difference Can Delaying Make?
Here’s how the average monthly benefit grows depending on your claiming age (SSA 2024 data):
| Claiming Age | Average Monthly Benefit |
|---|---|
| 62 | $1,342 |
| 65 | $1,611 |
| 67 | $1,930 |
| 70 | $2,148 |
As you can see, the difference between claiming at 62 vs. 70 is more than $800 per month—a major boost to your retirement income.
When Claiming Early Still Makes Sense
Of course, delaying isn’t always realistic. Some people may need the income right away due to:
Job loss or being forced into early retirement.
Health concerns that shorten life expectancy.
A desire to enjoy benefits earlier rather than risk waiting.
In these cases, filing early may be the better option. What’s important is that you make the decision based on your situation—not by accident or misunderstanding.
Social Security can make or break retirement, but how you handle your claiming strategy will determine just how much you get. While filing early offers quick access to funds, waiting can dramatically boost your monthly check.
And with the little-known option to withdraw your claim within the first year, retirees have more flexibility than they realize. By knowing the rules and weighing your options carefully, you can set yourself up for greater financial stability in retirement.
