Retiring at age 70 unlocks a record maximum benefit of $5,357, while early retirement has reductions and penalties
The Social Security Administration (SSA) has set the new figures for 2026. After the 2.8% cost-of-living adjustment (COLA), the maximum monthly benefit for a worker retiring at Full Retirement Age (FRA) next year will be $4,152.
However, this figure, the most frequently cited, is only the starting point of a personal financial equation whose final result varies dramatically depending on the month in which one decides to begin receiving benefits. So, you’ll see that, depending on the age you claim your benefits, that’s what your payment will be.
2026 Social Security Top Benefits What You Get at 62, 67, and 70
For workers with a peak earnings history, the decision to retire at age 62, the earliest possible age, means accepting a significant and permanent reduction in benefits. In 2026, the maximum benefit at that age is estimated at $2,906, representing a 30% reduction from the FRA amount.
This penalty, designed to balance benefit payments over a longer period, is greatest for those born in 1960 or later, whose FRA is age 67. For older age groups, the reduction is smaller, but still notable.
At the opposite end of the spectrum, patience has a quantifiable reward. Delaying retirement beyond the FRA generates delay credits, which increase benefits by approximately 8% annually. For the worker who reaches the income cap and can afford to wait until age 70, the reward in 2026 will be an estimated maximum monthly check of $5,357.
This figure is 29% higher than the FRA benefit and nearly 84% higher than retiring at age 62. The SSA’s message is clear: each month of waiting between the FRA and age 70 translates into a permanent increase in the benefit amount.
These Maximum Amounts Are Not Within Everyone’s Reach
They are the result of a work career of at least 35 years in which income equal to or greater than the maximum taxable income, which will rise to $184,500 in 2026, has been earned. Only income subject to this Social Security tax is considered when calculating benefits.
Furthermore, those who choose to work after starting to receive benefits but before reaching their FRA (Foreigner’s Retirement Age) must consider the income test. In 2026, $1 will be deducted from benefits for every $2 earned above $24,480. This rule is relaxed in the year FRA is reached, and is eliminated entirely starting the month in which FRA is reached.
The 2.8% COLA, while lower than the 8.7% peak in 2023, is in line with the average of the past decade and will increase the average benefit for all retirees by about $56 per month.
However, some of this gain will be offset by the anticipated increase in the Medicare Part B premium, which is automatically deducted from the Social Security check for most beneficiaries.
