You’ve surely heard conflicting advice about Social Security. One person insists, “Take the money as soon as you can at 62 – you never know what could happen.” Another swears, “Wait until 70, you’ll get a much bigger check.” If you’re nearing retirement, you might feel caught in the middle. Deciding when to start Social Security is one of the biggest retirement choices you’ll face, and it can feel like a high-stakes guessing game. In this article, we’ll go over your options and potential deciding factors as to when one age might be best for you.But be warned: these are general guidelines, and without professional guidance, you might as well be flipping a coin. Every family and financial situation is unique, and what works for your seemingly similar friend could be a disaster for your own retirement plans.
The Trade-Off: Now or Later?
At its core, the decision comes down to a trade-off: taking smaller checks sooner or larger checks later. You can start benefits as early as age 62, or delay up to age 70 (there’s no additional benefit to waiting past 70). Your “full” benefit – the amount you’re entitled to at your Full Retirement Age (FRA) – kicks in around age 66–67, depending on your birth year. Claiming at 62 means locking in a permanent reduction (roughly 25–30% less per month than your full benefit), whereas waiting until 70 earns you delayed retirement credits, boosting your monthly benefit by about 8% for each year after FRA. In other words, the longer you wait, the bigger the monthly check.
It might help to think of Social Security like a lifetime monthly paycheck. Starting that paycheck early at 62 means you’ll collect more checks in total, but each one will be significantly smaller. Waiting longer means fewer total checks, but each will be significantly larger. It may surprise you to discover that the system is designed to be actuarially fair. If you live around an average lifespan, the total amount paid out evens out. However, most of us don’t live exactly “average” lives, and that’s where your personal circumstances matter.
Social Security Benefits Calculator
Enter your Full Retirement Age benefit amount to see potential benefits at different claiming ages
*These calculations are estimates based on current Social Security rules and could vary based on individual circumstances. Actual benefits may differ.
As shown above, if your full benefit is $2,000 at 67, taking Social Security at 62 would permanently drop it to about $1,400 (a 30% reduction). But if you wait until 70, your monthly check grows to roughly $2,480 (about 24% higher than at 67). This delay bonus can be valuable if you expect a long retirement. On the flip side, taking benefits early gives you income in hand for more years, which can be crucial if you need the money or have health concerns.
Health and Life Expectancy: Playing the Long Game
One key factor in this decision is how long you think you’ll live (a delicate question, but important). Social Security’s formulas are built around average life expectancy. According to the Social Security Administration, about 1 in 3 65-year-olds today will live until at least age 90, and 1 in 7 will live to 95. Women tend to live longer than men, and married couples have a good chance that one spouse will live well into their 90s. If you’re in great health and have a family history of longevity, waiting for a larger benefit can pay off over time. In fact, if you expect to live beyond roughly age 82 or 83, waiting until 70 will likely produce more total lifetime Social Security benefits than claiming earlier. Think of it this way: a bigger monthly check really adds up if you collect it for 20 or 30 years.
On the other hand, if you have serious health issues or a shorter life expectancy, taking benefits earlier can make sense. After all, the point is to make sure you get to enjoy the fruits of your contributions. There’s no sense in waiting for a higher benefit if it’s unlikely you’ll be around to receive it for many years.
Marital Status and Spousal Benefits
Are you married? If so, timing your Social Security claim isn’t just about you. It’s about your spouse, too! Social Security offers important benefits for spouses. For example, at full retirement age, you’re eligible for either 100% of your own benefit or up to 50% of your spouse’s benefit once they have filed, whichever is higher. This means a lower-earning spouse can receive a boost based on the higher earner’s work record. In addition, if one spouse passes away, the survivor can keep the larger of the two benefits going forward.
Because of this, couples often coordinate their claiming strategies. A common approach is for the higher-earning spouse to delay claiming, while the lower-earning spouse might claim earlier. By waiting, the higher earner locks in a larger monthly benefit for life, which not only benefits them but also potentially the surviving spouse later on. Since there’s about a 50% chance one member of a 65-year-old couple will live beyond 90, a bigger Social Security check can be a lifesaver for that surviving spouse in their older age.
Social Security Spousal Benefits Explorer
Select your situation to see potential spousal benefits
Own Benefit
Spousal Benefit (50%)
Own Benefit
Ex-Spousal Benefit
Own Benefit
Survivor Benefit
Important Disclaimer: This calculator is for educational purposes only and provides estimates based on general Social Security rules. Your actual benefits may differ significantly based on your individual work history, earnings record, and specific circumstances. Please consult with a qualified financial advisor or contact the Social Security Administration directly for personalized benefit calculations and planning advice.
Also, keep in mind special situations. If you’re divorced but were married for 10+ years, you can still claim a spousal benefit based on your ex’s record (up to 50% of their benefit), and it won’t reduce their benefit at all. And if you’re widowed, you can claim a survivor benefit as early as age 60. https://www.ssa.gov/pubs/EN-05-10084.pdf The bottom line is that marriage adds another layer to the decision. You’re making a choice that can affect two lifetimes, not just one.
Working in Retirement and Other Income Sources
Do you plan to keep working? If you retire from your job and have no other income, Social Security might be your primary paycheck. But if you’re still working or have other income streams (like a pension or investments), you have more flexibility on when to start Social Security.
If you claim benefits before your FRA and continue to earn a paycheck, Social Security imposes an earnings limit. In 2025, for example, if you’re under your full retirement age, about $23,400 of annual wage income is exempt, but beyond that, $1 in benefits will be withheld for every $2 you earn over the limit (and in the year you reach FRA, it’s $1 for every $3 above a higher threshold around $62,160). This so-called earnings test can temporarily reduce or even eliminate your Social Security checks if you have substantial income from work.
Working in Retirement Impact Calculator
See how working income affects your Social Security benefits before Full Retirement Age
Earnings Test Impact
Important: This calculator provides estimates for educational purposes. Actual earnings test calculations may vary based on monthly vs annual limits, timing of benefit claims, and other factors. Consult Social Security Administration or a financial advisor for personalized guidance.
Importantly, once you hit full retirement age, this penalty disappears, and Social Security will recalculate your benefit to credit you for the months your checks were withheld, resulting in a higher monthly benefit. But the key point is that if you plan to keep working in your early-to-mid 60s and earn a healthy income, it often makes sense to wait on claiming Social Security, otherwise you might be giving up needed benefits now, even if you’ll end up getting the money back later.
Do you have other retirement income to live on for a while? If you’ve saved up investments or have a pension, you might be able to delay Social Security and let that benefit grow while using your other assets for income in the meantime. Conversely, if Social Security will make up the bulk of your retirement income and you don’t have much in savings, you may need to claim earlier out of necessity. In fact, many Americans simply don’t have substantial assets by retirement. If that sounds like your situation, covering your expenses might require taking Social Security as soon as you stop working.
The Impact of Inflation (COLA)
A great feature of Social Security is that it’s indexed to inflation. Each year, benefits receive a cost-of-living adjustment (COLA) to help your payments keep up with rising prices. For example, Social Security recipients got a 8.7% COLA increase in 2023, followed by a 3.2% increase for 2024, and 2.5 percent in 2025. These adjustments mean your income from Social Security maintains its purchasing power over time, which is especially important in a long retirement.
But how does this factor into the timing decision? If you delay benefits, you not only lock in a higher base amount, but all future COLA increases apply to that larger amount. In other words, the bigger the check you start with, the bigger each year’s inflation bump will be in dollar terms. For instance, a 3% COLA on a $2,000 monthly benefit adds about $60 more per month, whereas 3% on a $1,400 benefit adds $42. Over a decade of COLA increases, the gap between an earlier, smaller benefit and a later, larger benefit can widen significantly. Of course, COLA works for everyone – if you claim early, your $1,400 will also get the same percentage raises, but starting bigger means even bigger increases in absolute dollars. This is another reason those who can afford to wait might choose to do so.
Making the Decision: What’s Right for You?
With all these factors – age, health, marriage, work, and finances – it’s clear why deciding when to claim Social Security can be more than confusing. The SSA itself emphasizes that there is no universally “best” age; it all boils down to your personal circumstances. But just to recap, here are some general guidelines that can help:
Consider claiming earlier (before full retirement age) if: You’re no longer working and need the income now to make ends meet, or you’re in poor health and unlikely to reach an average life expectancy. Also, if you’re the lower-earning spouse in a couple and your partner (with the higher benefit) plans to wait, taking your benefit early can inject some income while the bigger benefit grows.
Consider waiting (closer to age 70) if: You’re still working (especially if your income would trigger benefit withholding or extra taxes), or you’re in good health (with family history of longevity) and expect to live well beyond the average. Waiting is also wise if you’re the higher-earning spouse and want to maximize the survivor benefit for your spouse – a larger benefit now means a larger safety net for them later.
Social Security Claiming Decision Tree
Answer a few questions to get personalized guidance on when to claim
What is your current work status?
How is your health and family longevity?
How urgent is your need for income?
Are you married?
Do you have other retirement income sources?
How is your health?
What's your health outlook?
Who has the higher earning record?
How's your health and financial situation?
Consider Claiming Now (Age 62+)
Based on your responses, claiming Social Security benefits as soon as possible may be your best option. You need the income now and waiting might not provide significant advantages in your situation.
- Immediate income to cover essential expenses
- Removes uncertainty about future benefit changes
- Money in hand today vs uncertain future
Consider Claiming Soon (Age 63-65)
You might benefit from claiming benefits within the next 1-2 years rather than waiting until Full Retirement Age. Balance your current needs with some benefit optimization.
- Some income now while preserving most of your benefit
- Reduces anxiety about waiting too long
- Still captures reasonable monthly benefit amount
Wait Until Full Retirement Age (67)
Claiming at your Full Retirement Age appears to be a balanced approach for your situation. You'll get your full benefit without early claiming penalties.
- 100% of your earned benefit with no reductions
- No earnings test restrictions if you work
- Good balance between optimization and waiting
Consider Waiting Until Age 70
Based on your situation, you could benefit significantly from delaying Social Security until age 70. Your circumstances suggest this strategy could maximize your lifetime benefits.
- 32% higher monthly benefit than at FRA
- You have other income sources to bridge the gap
- Your health suggests you could collect for many years
Coordinate with Your Spouse
As the higher earner, your claiming decision affects both you and your spouse's future security. Consider a coordinated strategy that maximizes benefits for both of you.
- Your benefit becomes the survivor benefit
- Delaying increases both current and survivor benefits
- Your spouse might claim early while you wait
Consider Early Spousal Strategy
Since your spouse has the higher earning record, you might consider claiming your benefit early while your spouse delays to maximize the larger benefit.
- Provides some current income for the household
- Allows the larger benefit to grow until age 70
- Maximizes survivor benefit protection
Consider Earlier Claiming
Given health concerns, claiming benefits sooner rather than later might be wise. While you'll receive reduced benefits, you'll have more certainty about receiving them.
- Reduces uncertainty about future health
- Provides income during potentially expensive years
- Bird in the hand vs two in the bush approach
Important: This decision tree provides general guidance for educational purposes only. Your actual optimal claiming strategy depends on many personal factors not captured here. Consider consulting with a qualified financial advisor who can analyze your complete financial picture and provide personalized recommendations.
In Conclusion
Social Security may end up being a core pillar of your retirement income, so you want to make an informed choice that aligns with your life expectancy, financial needs, and family situation. With the stakes so high, speaking with an expert should be one of your top priorities years before you head into retirement.
At G&R Financial Solutions, we help Americans navigate pivotal decisions like when to claim Social Security as part of a holistic retirement plan, how to fill income gaps, and ways to keep more of your income in your pocket via tax-optimziation strategies. Feel free to contact us for a personalized consultation by choosing a day and time that works for you below. We’re here to help you retire better, with a plan that fits your life.
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