When Should You Claim Social Security?
Updated: Feb 14
The #1 question on most people's minds as they approach retirement is, when should they claim Social Security? You'll be eligible to claim 100% of Social Security benefits at your Full Retirement Age, but you're allowed to claim Social Security as early as age 62. Depending on when you were born, your Full Retirement Age is between age 66 and 67.
Table Of Contents
Claim Social Security Early
Claim Social Security At Full Retirement Age
Claim Social Security At Age 70
What Happens To Your Benefit If You File Later
The earlier you file, the less you'll receive in benefits each month.
Let’s talk about when you can claim Social Security.
👉CLAIM SOCIAL SECURITY EARLY (Between ages 62 and 67)
While claiming Social Security early reduces your monthly benefit, it also means that you'll be collecting checks longer. For every year that you claim early, you give up between 5% to 6.67% of your full benefit.
There are a few common reasons why you might want to claim Social Security early:
You need income early in retirement.
You don't want to draw your retirement savings yet (and want to let them grow at market rates).
You have a high-earning spouse and want to let their benefit potentially grow while claiming your own.
You believe you might have a lower life expectancy than average.
👉CLAIM SOCIAL SECURITY AT YOUR FULL RETIREMENT AGE (Ages 66-67)
If you claim at your Full Retirement Age (FRA), you'll give up the opportunity to let your benefit continue to grow. There are 3 primary reasons to claim at your FRA.
You won't lose out on any benefit amount
You can work and still collect your full benefit (because the Annul Earnings Limitations goes away).
You can suspend your benefits at any time before age 70 to allow your benefits to start growing again.
👉CLAIM SOCIAL SECURITY AT AGE 70
If you delay claiming Social Security past your Full Retirement Age, your benefit will grow each year until you reach age 70. Since your benefit doesn't grow past age 70, there's no reason to delay claiming past that age.
Wondering when is the best time for you to file for Social Security so you can balance your benefits, tax exposure, and retirement lifestyle? Schedule your free assessment below.
Your Free Retirement Check-Up
My free assessment will show you step-by-step how to reduce taxes, invest smarter, and retire early.
I want you to know exactly how I can help before you pay me a single dollar.