Money Expert Clark Howard: How Much More You Can Make by Waiting on Social Security

Retirement should be a time of relaxation, rest, and enjoyment. It should not be a time of financial stress. Ideally, you’ve worked hard and saved for decades and now you can call it quits at work and live comfortably. For many, Social Security benefits play a significant role in retirement income.

Read More: I’m Retired and Regret Claiming Social Security at 70 — Here’s Why

Find Out: 4 Things You Must Do When Your Retirement Savings Reach $50,000

As of August 2024, the Social Security Administration reported that about 72.5 million Americans receive a Social Security payment each month. Of those people, about 55.6 million are age 65 or older–that’s more than three-quarters of all Social Security recipients in the U.S.

However, the monthly benefit amount you’ll receive is based on two factors: your highest earning years throughout your career and at what age you choose to claim benefits. You’ll be eligible to claim Social Security benefits any time after you turn 62, but you can also wait until age 70 to receive the maximum benefit for life.

The main benefit of waiting? Each month you delay claiming Social Security, your benefit grows.

Here’s how much more you can earn collecting Social Security, as outlined by money expert Clark Howard.

Trending Now: Boomers Hold Half of U.S. Wealth-- So Why Are Thousands Living Without Homes?

Collecting Social Security at age 62

Using Fidelity’s Social Security calculator , a 62-year-old single man earning $80,000 per year expected to live into his 70s who claims benefits right away can expect to earn a monthly benefit of $1,759 or a lifetime benefit of $274,404.

Meanwhile, if this man lives into his 90s, he can expect to earn a lifetime benefit of $696,564.

Discover More: What a Middle-Class Social Security Check Could Look Like in 2025

Waiting To Collect Social Security Until Age 67

If the same man waits until full retirement age (FRA) of age 67 and is expected to live into his 70s, he can expect to earn a monthly benefit of $2,512 or a lifetime benefit of $241,152.

Meanwhile, if this man lives into his 90s, can expect to earn a lifetime benefit of $844,032.

Waiting To Collect Social Security Until Age 70

If the same man waits until the age of 70 and is expected to live into his 70s, he can expect to earn a monthly benefit of $3,116 or a lifetime benefit of $186,960.

Meanwhile, if this man lives into his 90s, can expect to earn a lifetime benefit of $934,800.

Based on the calculations above, this man can expect to earn a lifetime benefit of about $87,444 less by waiting to collect benefits at age 70 rather than age 62, if he’s expected to live into his 70s.

Depending on your longevity, waiting until you’re older to collect benefits can mean that your lifetime benefit will be much smaller if you don’t live until a very old age.

Meanwhile, if he lives into his 90s, he can expect to earn a lifetime benefit of about $238,236 more by waiting to collect benefits at age 70 rather than age 62–that’s almost a quarter of a million dollars more.

If your family history shows that people live until they’re much older, waiting until age 70 to collect benefits should be a strong consideration to secure your financial future.

This article originally appeared on GOBankingRates.com : Money Expert Clark Howard: How Much More You Can Make by Waiting on Social Security