How Much Extra You Can Get in 2026 by Waiting Just One More Month to File

Are you approaching retirement age and wondering when to file for Social Security? This is one of the most important financial decisions you'll ever make. The timing of your Social Security claim can mean thousands of dollars in extra benefits each year.

Many people don't realize that waiting just one more month to file can significantly boost their monthly checks. This happens because of how the Social Security Administration calculates your benefits. Read on to discover exactly how much extra you could get by delaying your claim.

Understanding Your Full Retirement Age

Your full retirement age (FRA) is the age when you can claim 100% of your Social Security benefits. For most people retiring in 2026, this age is 66 or 67. It depends on your birth year.

If you were born in 1960 or later, your FRA is 67. People born between 1943 and 1954 have an FRA of 66. Those born between these years have an FRA that gradually increases.

Knowing your FRA is crucial. It serves as the baseline for calculating early or delayed retirement credits. You can claim benefits as early as age 62. However, doing so will reduce your monthly payments permanently.

The Cost of Filing Early

Filing before your FRA comes with a significant penalty. Your benefits get reduced by a certain percentage for each month you claim early. This reduction stays with you for life.

For example, if your FRA is 67 and you file at 62, you'll receive only 70% of your full benefit. That's a 30% reduction. Even filing just one year early at age 66 means accepting a smaller check.

The reduction isn't linear either. It's calculated using two different rates. The first 36 months before FRA reduce benefits by 5/9 of 1% per month. Any additional months beyond that reduce benefits by 5/12 of 1%.

The Power of Delayed Retirement Credits

Here's where waiting becomes financially rewarding. For every month you delay filing past your FRA, you earn delayed retirement credits. These credits increase your benefit amount.

The magic number is 8% per year. That breaks down to about 0.67% per month. This means waiting just one month past your FRA increases your benefit by roughly 0.67%.

These credits continue to accumulate until age 70. After that, there's no additional benefit to waiting. So the sweet spot for maximum benefits is between your FRA and age 70.

Calculating Your Monthly Increase

Let's put actual numbers to this concept. Suppose your full retirement benefit at age 67 is $2,000 per month. That's $24,000 per year.

If you wait one month to file, you'd receive an extra 0.67%. That's approximately $13.40 more per month. Over a full year, that's about $160.80 extra.

Now imagine waiting an entire year. An 8% increase on $2,000 means an additional $160 per month. That's $1,920 more per year. Over a 20-year retirement, that's $38,400 in extra benefits.

The Compounding Effect Over Time

The beauty of delayed retirement credits is that they're permanent. Once you claim at a higher rate, you receive that increased amount for life. This includes any cost-of-living adjustments.

Social Security benefits receive annual cost-of-living adjustments (COLAs). These adjustments apply to your base benefit amount. Therefore, a higher base means larger COLA increases each year.

This creates a compounding effect. Your increased benefit grows even more over time. The longer you live, the more valuable this strategy becomes.

When Waiting Makes the Most Sense

Delaying benefits isn't the right choice for everyone. Several factors should influence your decision. Your health status is a primary consideration.

If you're in excellent health with a family history of longevity, waiting makes financial sense. You'll likely live long enough to recoup the delayed payments. The increased monthly checks become more valuable over time.

Your current financial situation also matters. If you have other income sources or retirement savings, you can afford to wait. This allows your Social Security benefit to grow while you live off other resources.

When You Should File Earlier

Sometimes filing early makes more sense. If you have serious health issues that may shorten your lifespan, claiming sooner is wise. Getting benefits now could provide more total lifetime value.

Your employment status is another factor. If you've been laid off or can't work, you may need the income immediately. Waiting becomes impractical when you have pressing financial needs.

Some people also consider their spouse's situation. Spousal and survivor benefits create additional complexity. Sometimes coordinating when each spouse files can maximize household benefits.

The Break-Even Analysis

Financial planners often use break-even analysis to guide this decision. This calculation shows when delayed benefits overtake early benefits. It helps you understand the long-term impact.

Generally, if you delay from 67 to 70, your break-even point is around age 80. This means you'd need to live past 80 to come out ahead. For someone delaying just one year, the break-even point comes much sooner.

The average life expectancy for Americans is around 77 for men and 80 for women. However, once you reach retirement age, your expected lifespan increases. Many retirees live well into their 80s and 90s.

Planning Your 2026 Strategy

If you're turning 67 in 2026, you have an important decision ahead. Consider your birthday carefully. Each month matters when it comes to maximizing benefits.

Let's say your birthday is in February 2026. Filing in March instead of February gives you one more month of delayed credits. That small delay translates to a permanent increase in your monthly check.

Create a filing timeline. Look at your 67th birthday month. Then evaluate whether you can comfortably wait additional months. Even waiting until your birthday plus one month makes a difference.

Other Sources of Income Matter

Your decision shouldn't happen in isolation. Consider all your retirement income sources. Do you have a pension or rental income? What about investment accounts or a working spouse?

Multiple income streams give you flexibility. You can delay Social Security while tapping other resources first. This strategy often provides the best long-term financial outcome.

Some retirees use a bucket strategy. They draw down taxable accounts first while letting Social Security grow. Then they claim at age 70 with maximum benefits. This approach can also provide tax advantages.

The Impact on Your Spouse

Your filing decision affects your spouse's benefits too. When you pass away, your spouse receives the higher of their own benefit or yours as a survivor benefit. If you maximized your benefit, your spouse inherits that higher amount.

This is especially important if you were the higher earner. Delaying your claim protects your spouse's financial future. The survivor benefit can make a significant difference in their retirement security.

Some couples use a coordinated strategy. The lower earner might file earlier while the higher earner delays. This provides some income now while maximizing the future survivor benefit.

Making Your Final Decision

Ultimately, the choice depends on your unique circumstances. There's no one-size-fits-all answer. Take time to analyze your situation carefully.

Consider consulting a financial advisor. They can run personalized projections based on your specific numbers. Many advisors offer Social Security optimization services.

Remember that waiting just one month can add thousands to your lifetime benefits. For those who can afford to delay, the math usually favors patience. Your future self will thank you for maximizing this crucial retirement resource.