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Most Americans start collecting their Social Security retirement benefits at age 62, based on data from the Social Security Administration (SSA). This is the earliest you can claim — but is it really the best age?
ChatGPT was asked its opinion on the best age to collect Social Security. Here’s what it said.
The Best Age To Collect Social Security
ChatGPT started by saying the best age to start collecting Social Security retirement benefits depends on your financial needs, health, life expectancy and long-term goals. However, it noted that if it were to give a balanced opinion, 70 is often the most strategic age for those who can afford to wait.
However, only 4% of retirees wait until age 70 or later to claim Social Security, according to a study by nonprofit Transamerica Center for Retirement Studies.
Despite the financial upside, many retirees still claim early due to immediate income needs, health concerns or not knowing how much more they could receive by waiting. For those in good health and with other income sources to rely on in their 60s, waiting until 70 can mean tens of thousands of dollars more over the course of their retirement.
Maximized Monthly Benefit
“Waiting until age 70 means you receive your maximum possible monthly benefit,” ChatGPT declared. “That’s a guaranteed return — something hard to beat with other low-risk investments.”
If your full retirement age (FRA) is 66, and you delay until 70, data from the SSA showed that your monthly benefit increases to 132% of your FRA benefit. For those with FRA at 67, the increase is 8% per year of delay until age 70.
Protection Against Longevity Risk
“If you live into your 80s or 90s, delaying until 70 typically results in greater lifetime benefits,” ChatGPT said. “It’s like buying insurance against outliving your savings.”
Lifetime benefits max out at age 70. This is the latest point at which delayed retirement credits are applied. After that, there’s no additional financial reward for waiting. So, if you’re in good health and have additional sources of income, holding off can lead to the highest monthly benefit for the rest of your life.
Stronger Survivor Benefits
“If you’re the higher earner in a couple, delaying boosts the survivor benefit your spouse may receive. That can be a critical financial safety net,” ChatGPT explained.
When one spouse passes away, the surviving spouse is generally eligible to receive the higher of the two Social Security benefits. If you delayed benefits until age 70, you’re not just increasing your own monthly income, but you’re also potentially locking in a larger benefit for your spouse if they outlive you.
When Starting Earlier Might Make More Sense
ChatGPT added that it’s not a one-size-fits-all approach. Sometimes, starting earlier might make more sense, especially if:
You need the income to cover basic living expenses
You have serious health issues or a shorter life expectancy
You want to stop working and enjoy retirement sooner
You’re coordinating benefits with a spouse for a split claiming strategy