When Should I Claim Social Security Benefits?
Choosing when to claim Social Security is one of the most important retirement decisions you will make. Your claiming age affects your monthly benefit, the income available to a surviving spouse, the amount you may need to withdraw from your investments, and potentially how much of your benefit is taxable.
What Is the Best Age to Claim Social Security?
There is no single best age for everyone.
You can generally begin receiving Social Security retirement benefits at age 62, but claiming before your full retirement age permanently reduces your monthly benefit. Waiting beyond full retirement age increases your monthly benefit until age 70.
The right age for you depends on several factors:
- Your current income needs
- Your health and family longevity
- Whether you are still working
- Your spouse’s Social Security benefits
- Your other retirement income and investments
- Your tax situation
- The amount you may need to withdraw from retirement accounts while waiting
Your Social Security decision should be evaluated as part of your complete retirement plan, not as an isolated choice.
Social Security at 62, Full Retirement Age, or 70
The three most commonly compared claiming ages are 62, full retirement age, and 70.
| Claiming age | What it means |
|---|---|
| Age 62 | The earliest age most people can claim retirement benefits. Your monthly benefit will be permanently reduced. |
| Full retirement age | The age when you become eligible for your full retirement benefit. It is between 66 and 67, depending on your birth year. |
| Age 70 | The age when delayed retirement credits stop. Waiting beyond age 70 does not create additional delayed retirement credits. |
For people born in 1960 or later, full retirement age is 67. Claiming at age 62 can reduce the monthly retirement benefit by approximately 30 percent. Delaying from age 67 until age 70 can increase the monthly benefit by approximately 24 percent, before future cost of living adjustments.
Social Security provides a full retirement age calculator based on your birth date.
Example of Claiming at 62, 67, or 70
Assume someone is eligible for a $2,000 monthly benefit at a full retirement age of 67.
| Claiming age | Illustrative monthly benefit |
|---|---|
| 62 | $1,400 |
| 67 | $2,000 |
| 70 | $2,480 |
This example is based on Social Security’s benefit reduction and delayed retirement credit formulas. It does not include future cost of living adjustments, additional earnings, taxes, or other individual factors.
Claiming at 62 provides income sooner but results in a smaller monthly benefit. Waiting until 70 provides a larger monthly benefit, but the retiree must fund expenses from other sources while waiting.
That tradeoff is why the decision requires more than a simple break even calculation.
Seven Factors to Consider Before Claiming Social Security
1. Your Need for Income
Some people need Social Security immediately after leaving work. Others have pensions, cash reserves, taxable investments, or retirement accounts that can support them while they delay.
Claiming early can reduce the amount you need to withdraw from your investments during the first years of retirement. Delaying can provide a larger monthly benefit later, but it may require larger portfolio withdrawals in the meantime.
2. Your Health and Life Expectancy
Health and longevity can influence the claiming decision, but neither can be predicted with certainty.
Someone with serious health concerns may place greater value on receiving benefits sooner. Someone with a family history of longevity may place greater value on the larger monthly benefit available by delaying.
Social Security is also a form of longevity protection because retirement benefits generally continue for life.
3. Whether You Are Still Working
You can work and receive Social Security, but an earnings test may apply if you claim before full retirement age.
In 2026, Social Security generally withholds $1 in benefits for every $2 earned above $24,480 if you will remain below full retirement age for the entire year.
If you reach full retirement age during 2026, the higher earnings limit is $65,160. Social Security generally withholds $1 for every $3 earned above that amount before the month you reach full retirement age. Beginning with the month you reach full retirement age, the earnings test no longer applies.
Benefits withheld under the earnings test are not necessarily lost. Social Security recalculates your monthly benefit after you reach full retirement age to account for months when benefits were withheld.
Review the current Social Security retirement earnings test before making a claiming decision.
4. Your Investment Portfolio
Your claiming decision can affect how much you need to withdraw from your investments, especially during the first years of retirement.
Claiming early may reduce withdrawals during a market decline, but it also creates a smaller monthly Social Security benefit. Delaying may provide more guaranteed monthly income later, but it can require additional withdrawals while you wait.
A retirement analysis should compare these alternatives under different market conditions rather than assuming investments will earn the same return every year.
5. Spousal Benefits
A spouse may qualify for a benefit based on their own work record or a spousal benefit based on the other spouse’s record.
A full spousal benefit can equal up to 50 percent of the worker’s benefit at full retirement age. Claiming a spousal benefit early generally reduces the amount. Delayed retirement credits earned by the higher earning spouse do not increase the maximum spousal benefit while both spouses are living.
If someone qualifies for both their own retirement benefit and a spousal benefit, Social Security generally pays their own benefit first. If the spousal amount is higher, Social Security may add an additional amount so the combined payment equals the higher eligible benefit.
Learn more from the Social Security Administration’s spousal benefit guidance.
6. Survivor Benefits
Social Security planning for married couples should consider what happens after one spouse dies.
A surviving spouse may qualify for a survivor benefit based on the deceased spouse’s record. Depending on the circumstances and claiming age, the survivor benefit may be as much as 100 percent of the deceased worker’s benefit.
This means delaying the higher earner’s retirement benefit may increase the income available to the surviving spouse. Survivor benefit rules differ from regular spousal benefit rules and should be evaluated separately.
Review Social Security survivor benefit eligibility for complete requirements.
7. Taxes and Other Retirement Income
Social Security benefits can be federally taxable.
The IRS uses a calculation commonly called combined income. It generally includes adjusted gross income, tax exempt interest, and one half of annual Social Security benefits.
Benefits may become taxable when combined income exceeds $25,000 for an individual filer or $32,000 for a married couple filing jointly. Depending on income, up to 85 percent of Social Security benefits may be included in taxable income. This does not mean Social Security is taxed at an 85 percent tax rate.
IRA withdrawals, pension income, investment income, and Roth conversions can affect this calculation. Social Security claiming should therefore be coordinated with retirement income and tax planning.
Review the IRS guidance on Social Security income and consult a qualified tax professional regarding your individual situation.
Should You Claim Social Security Early?
Claiming early may be worth evaluating when:
- You need income to meet essential expenses
- You have significant health concerns
- Claiming could help reduce portfolio withdrawals during unfavorable markets
- You are single and survivor planning is not a factor
- Your broader retirement analysis supports taking benefits sooner
Claiming at 62 is not automatically a mistake. It simply involves accepting a smaller monthly benefit in exchange for receiving payments earlier.
Should You Delay Social Security Until 70?
Delaying may be worth evaluating when:
- You have other resources available to fund retirement
- You expect a longer retirement
- You want a larger monthly benefit later in life
- You are the higher earning spouse and want to strengthen potential survivor income
- Your retirement plan can support the additional withdrawals required while you wait
For people born in 1943 or later, delayed retirement credits generally increase the monthly retirement benefit by 8 percent per year after full retirement age until age 70.
Review the Social Security delayed retirement credit rules for additional information.
Do Not Forget About Medicare
Social Security and Medicare have different starting rules.
If you delay Social Security beyond age 65, you may still need to enroll in Medicare. Delaying Medicare without qualifying employer coverage can result in delayed coverage or potential penalties.
Your Social Security claiming decision should not automatically determine your Medicare enrollment decision.
How Pearl Wealth Group Approaches Social Security Planning
At Pearl Wealth Group, we evaluate Social Security as one part of your complete retirement picture.
Through Your Financial EKG™, we can compare different claiming ages while considering:
- Retirement expenses
- Investment withdrawals
- Pension income
- Spousal and survivor benefits
- Taxes and Roth conversion opportunities
- Healthcare and Medicare
- Market risk
- Longevity assumptions
The goal is not to select the same claiming age for everyone. It is to help you understand how each option may affect your retirement income and financial plan.
Frequently Asked Questions About Social Security
What is the best age to claim Social Security?
There is no universally best age. The appropriate claiming age depends on your income needs, health, employment, marital status, investments, taxes, and retirement goals.
How much is Social Security reduced if I claim at 62?
For someone born in 1960 or later with a full retirement age of 67, claiming at 62 generally reduces the retirement benefit by approximately 30 percent. The exact reduction depends on your birth date and claiming month.
How much does Social Security increase if I wait until 70?
For people born in 1943 or later, delayed retirement credits generally increase the monthly benefit by 8 percent per year after full retirement age until age 70. Someone with a full retirement age of 67 may receive approximately 24 percent more per month by waiting until 70, before cost of living adjustments.
Can I work while receiving Social Security?
Yes. If you claim before full retirement age, the retirement earnings test may temporarily withhold some benefits when earnings exceed the annual limit. The earnings test no longer applies beginning with the month you reach full retirement age.
Can my spouse receive half of my Social Security benefit?
A spouse’s full benefit can equal up to 50 percent of the worker’s benefit at full retirement age. The actual amount depends on the spouse’s own benefit, claiming age, and other eligibility rules.
Are Social Security benefits taxable?
They can be. Depending on filing status and combined income, up to 85 percent of Social Security benefits may be included in federally taxable income.
How can I estimate my Social Security benefit?
Create or sign in to your personal Social Security account to review estimates based on your earnings history and different claiming ages. You can access the official Social Security benefit estimate online.
Take the Next Step
Your Social Security decision should work together with your investments, taxes, healthcare, and retirement income strategy.
If you would like help comparing your options, contact Pearl Wealth Group to discuss how Social Security planning can be incorporated into Your Financial EKG™.
Schedule a conversation with Pearl Wealth Group
This article is provided for general educational and informational purposes only. It should not be considered personalized investment, tax, or legal advice. Social Security and tax rules can change. Consult the Social Security Administration and qualified financial and tax professionals regarding your individual circumstances.