When Should You Claim Social Security?

When Should You Claim Social Security?

The age you start Social Security permanently sets your monthly benefit. Few retirement choices matter this much, and you only get to make it once.

The trade-off

You can claim as early as 62, but your benefit is permanently reduced. Wait until your full retirement age (66 or 67) and you get the full amount. Delay to 70 and it rises about 8% for each year past full retirement age.

A simple comparison

With a primary insurance amount of $2,000 at full retirement age 67, claiming at 62 might pay about $1,400 a month, while waiting to 70 could pay roughly $2,480. That gap is lifelong.

What to weigh

If your health is poor or you need the income now, earlier claiming can make sense. If you're healthy and have other resources, delaying maximizes lifetime benefits and survivor protection. Spousal and survivor rules can change the right answer, so don't decide on the check alone.

The Social Security claiming calculator compares the monthly benefit at 62, full retirement age, and 70 so the trade-off is concrete.