When Should I Take Social Security?
Compare claiming at 62, 67, or 70 and see how timing affects your total retirement income
Quick Answer
It depends on your specific situation. Taking Social Security at 62 gives you money sooner but reduces benefits by about 30%. Waiting until 70 maximizes monthly benefits with an 8% increase per year after full retirement age. Use our calculator to compare both scenarios with YOUR actual numbers.
Your Three Social Security Claiming Options
Early Claiming
Start benefits as early as possible
Full Benefits
100% of your calculated benefit
Delayed Claiming
Maximum monthly benefit amount
See The Impact With Visual Projections
Our calculator shows you side-by-side comparisons of claiming at different ages, factoring in portfolio withdrawals, taxes, and longevity.
Key Factors To Consider
1. Your Health & Expected Longevity
If you expect to live past 80, delaying often pays off. Break-even is typically around age 78-80. Use family history and current health to estimate.
2. Your Current Savings & Portfolio Size
Larger portfolio? You can afford to delay and let SS max out while living off investments. Smaller portfolio? Early claiming might provide needed income.
3. Other Income Sources
Pension? Part-time work? Rental income? These affect when you NEED Social Security vs when it's optimal to START it.
4. Spousal Benefits (If Married)
Married couples have complex strategies. Higher earner delaying can maximize survivor benefits. Model both spouses together.
5. Tax Implications
Up to 85% of Social Security can be taxable depending on other income. Timing affects your overall tax burden in retirement.
Common Scenarios
✓ Good Reasons to Claim at 62
- • Poor health or family history of shorter lifespan
- • Need income now (limited savings)
- • Large portfolio can grow while drawing SS
- • Forced early retirement / job loss
✓ Good Reasons to Delay Until 70
- • Excellent health / longevity in family
- • Sufficient savings to fund 62-70
- • Still working with good income
- • Want to maximize survivor benefits for spouse
Stop Guessing. Start Modeling.
Use our free retirement calculator to compare Social Security claiming strategies with YOUR specific numbers
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Frequently Asked Questions
What is full retirement age (FRA)?
For people born in 1960 or later, full retirement age is 67. This is when you receive 100% of your calculated Social Security benefit. Claiming earlier reduces benefits, claiming later increases them.
How much do I lose by claiming at 62?
If your FRA is 67, claiming at 62 reduces your benefit by approximately 30%. If you're entitled to $2,000/month at 67, you'd get about $1,400/month at 62.
How much do I gain by waiting until 70?
Delaying from FRA (67) to 70 increases your benefit by 8% per year, or about 24% total. That $2,000 benefit becomes approximately $2,480/month.
Can I change my mind after claiming?
Within 12 months of claiming, you can withdraw your application (pay back all benefits received). After 12 months, you can suspend benefits at FRA and restart later for delayed credits, but you can't undo early claiming penalties.
Should I claim early and invest the money?
This strategy rarely works out mathematically. The 8% annual increase from delaying (guaranteed) is hard to beat with investments (risky). Plus, early benefits are reduced for life. Model both scenarios with our calculator.