How to choose the right time to sign up
Logging in later increases your checks, but it also means you receive fewer. If your goal is to get the largest lifetime benefit possible, the appropriate claim age will depend on your life expectancy.
If you qualify for the $1,564 monthly benefit mentioned above and you live to age 85, you’ll get about $349,020 from the program by waiting to sign up until 70. That’s far more than the $302,220 you’ll pay. would get by logging into 62 right away.
But if you’re only turning 75, starting early is a much smarter choice. You would get $170,820 from the program by signing up at 62, compared to just $116,340 if you signed up at 70.
We cannot know exactly when we will die, but you should be able to estimate based on your personal and family health history.
make a my social security account and use the calculator there to estimate your monthly benefit at different starting ages. Then multiply each of these numbers by 12 to get your estimated annual benefits. Finally, multiply your annual benefit by the number of years you expect to be entitled to Social Security to get your estimated lifetime benefit.
For one of the examples in this section, I multiplied the monthly benefit of $1,939 from the table above by 12 to get an estimated annual benefit of $23,268. Then I multiplied this by 15 to get the $349,020 lifetime benefit for someone who claimed benefits from 70 to 85.