When to Claim Social Security: Weighing Your Options
You can claim Social Security retirement benefits anytime from 62 to 70, and the timing affects your monthly amount for life. Here is how to weigh the trade-offs.
The short version
- Claiming at 62 permanently reduces your monthly benefit; waiting past full retirement age increases it until 70.
- The right timing depends on health, other income, work plans and marital status.
- Your personalized estimates are available through your my Social Security account.
In this guide
One of the most important retirement decisions is when to start Social Security retirement benefits. You can begin as early as age 62 or as late as age 70, and the age you choose affects your monthly benefit for the rest of your life. There is no single right answer, but understanding the trade-offs can help you make an informed choice.
The basics of timing
Full retirement age (FRA) is the age at which you receive 100 percent of your primary insurance amount, the benefit based on your lifetime earnings. For anyone born in 1960 or later, FRA is 67.
Claiming early (as early as 62): Your monthly benefit is permanently reduced. If your FRA is 67, claiming at 62 gives you about 70 percent of your full benefit.
Claiming later (up to 70): For each year you wait past FRA, your benefit grows through delayed retirement credits of 8 percent per year. If your FRA is 67, waiting until 70 gives you about 124 percent of your full benefit. There is no additional increase for waiting past 70.
Factors to consider
Your health and family history. If you expect to live a long life, waiting may provide more total income over your lifetime. If you have serious health concerns, claiming earlier may make sense.
Your need for income now. If you need the money to cover living expenses, claiming earlier may be necessary. If you have savings, a pension or are still working, you may be able to wait.
Whether you are still working. If you claim before FRA and keep working, the Social Security earnings test may temporarily withhold some benefits if your earnings exceed certain limits.
Your marital status. For married couples, the timing of the higher earner's claim affects the survivor benefit the other spouse may receive. Delaying can mean a larger survivor benefit.
Other income and taxes. Depending on your total income, part of your benefits may be taxable. The timing of withdrawals from retirement accounts can interact with this.
Medicare enrollment. Medicare eligibility starts at 65 regardless of when you claim Social Security. If you are not receiving Social Security at 65, you generally need to sign up for Medicare yourself.
The break-even idea
Some people calculate a "break-even age," the point at which the total amount received by waiting equals the total received by claiming early. This can be a useful reference, but it is only one factor. Many people also consider the value of a larger guaranteed, inflation-adjusted income later in life.
Get your personal numbers
The best place to start is your own record. Create a my Social Security account at ssa.gov to:
- See your estimated benefits at different claiming ages
- Review your earnings history for accuracy
- Use planning tools
Questions to ask yourself
- How long do I expect to work, and how much will I earn?
- What other income sources will I have?
- What are my expected living expenses?
- If I am married, how will my decision affect my spouse, both now and as a potential survivor?
- How comfortable am I relying on savings while delaying benefits?
Get help
Social Security staff can explain your options but cannot tell you when to claim. A fee-only financial planner can help you analyze your situation. Free resources are also available through nonprofit organizations.
Terrameritavi is an independent publication and is not affiliated with the Social Security Administration. This article is general information, not financial advice.
