“When should I take Social Security?”
The short answer is: it depends on your personal situation. There’s no one-size-fits-all answer, but there are some important things to think through before you decide.
Whether you take benefits at age 62, your full retirement age (usually 66 or 67), or delay until 70 can make a big difference in your monthly income—not just now, but over the course of your lifetime.
Taking Social Security Early (Age 62)
You can start as early as age 62, but your benefit will be permanently reduced. Depending on your birth year, this reduction could be around 25–30% compared to waiting until your full retirement age.
This can make sense if:
You need the income right away
You’re retiring early and don’t have other income
Your health or family history suggests a shorter life expectancy
Just a heads-up: if you’re still working and under your full retirement age, your benefit may be temporarily reduced if you earn more than the annual limit.
Waiting Until Full Retirement Age (66–67)
If you wait until your full retirement age (FRA), you’ll get your full, unreduced benefit. There’s also no penalty for working while receiving Social Security once you’ve hit FRA.
This option is a common middle ground and can be a smart move for:
People who plan to work a bit longer
Folks who don’t need the income just yet
Those who want a more stable monthly income for life
Delaying Until Age 70
If you wait past your FRA, your benefit grows by about 8% per year until age 70. That can mean a significantly larger monthly check for the rest of your life.
Delaying can be especially helpful if:
You’re in good health and expect to live into your 80s or beyond
You don’t need Social Security income right away
You’re the higher earner in a couple and want to maximize the survivor benefit
This strategy doesn’t work for everyone, but in many cases, the math shows it pays off in the long run.
What Should You Do?
When clients ask me this question, I walk them through these key factors:
Do you need the income now, or can you afford to wait?
How’s your health and family longevity?
Are you married? (Coordinating benefits with your spouse can lead to better results.)
What other sources of income will you have?
How does Social Security fit into your broader retirement income plan?
We also look at break-even points—where the total amount you collect over your lifetime would be higher by waiting. For some, that number is in the early 80s. If you expect to live beyond that, delaying often makes sense.
The Bottom Line
You’ve paid into Social Security for decades, so it’s only fair to make the most of it. The “best” time to claim really depends on your income needs, health, tax situation, and long-term goals.
If you’re unsure what’s right for you, we can run the numbers together and come up with a plan that makes sense for your unique situation.