When to Claim Social Security

Social Security is one of the few predictable income sources many of us can count on in retirement. But knowing when to claim it? That part isn’t so straightforward. 

If you’re still trying to get a handle on how Social Security works, we recommend starting with What to Know Before You File for Social Security. It covers eligibility, benefit types, taxation, and how Social Security fits into your broader financial plan. 

But if you’re already thinking about timing your benefits, whether now, later, or somewhere in between, this blog is for you. 

Understand the Claiming Age Options

There are three key ages to understand when deciding when to start benefits: 

• • Early Eligibility: Age 62 is the earliest you can claim, but your monthly benefit will be permanently reduced. 
  • Full Retirement Age (FRA): Between 66 and 67, depending on your birth year. Claiming at the FRA gives you your full benefit amount.
  • Delayed Retirement: If you wait until after FRA, your benefit increases by about 8% per year until age 70.

If you’re healthy, don’t need the income right away, and have other resources to draw from, waiting can significantly boost your lifetime payout. 

It’s Not Just About Age

Timing your benefits is about more than just hitting a milestone birthday. Ask yourself: 

• • What are my income needs? If you need income at 62, that may outweigh the longer-term math. 
  • How long do I expect to live? The break-even point for delaying benefits is usually around age 80. If you expect a longer life based on health or family history, delaying could pay off. 
  • Will I keep working? Earning income while collecting before FRA can reduce your benefits temporarily. 
  • What other income sources do you have? Pensions, investment accounts, or rental income may give you more flexibility in when to claim. 

There’s no one-size-fits-all answer. But thinking through your lifestyle goals and long-term plan can help clarify the best move for you.

Spousal Benefits Can Change the Equation

One detail that often gets overlooked? Spousal and survivor benefits. And it can cost couples thousands if they’re not coordinated. 

A few years ago, we met with a couple during one of their annual reviews. The husband had just retired at 67 and started collecting his Social Security benefits. His wife had already retired and began taking her benefits at 63.

When we reviewed their statements, something didn’t add up. She had been a homemaker for much of her life, and her benefits were significantly lower than his, but it hadn’t been adjusted when he filed. 

It turns out she was eligible for a spousal benefit increase and never received it. After a call to the Social Security Administration, not only was her monthly benefit correct, but she also received a lump-sum back payment of around $20,000. 

That kind of outcome is rare, but it highlights how easy it is to miss essential filing rules. 

How to Feel More Confident About When to File

You don’t have to figure this out alone. Before you file, it’s worth checking:

• • Your earnings history, as recorded in your Social Security account. 
  • How benefits may shift if you work part-time or claim early. 
  • Whether you’re eligible for spousal, divorced spouse, or survivor benefits. 

If it still feels unclear, that’s normal. Social Security timing is a big decision, and one that deserves careful thought. At The Retirement Planning Group, we help clients map out when to claim based on their retirement income needs, health outlook, and family dynamics. 

Because claiming Social Security isn’t just a matter of checking a box, it’s a strategic decision. We’re happy to walk you through the tradeoffs so you can feel confident in the timing that’s right for you.