For many people, Social Security is the biggest asset they bring into retirement. Depending on your earnings history, your benefit can add up to several hundred thousand dollars over a 20- or 30-year retirement, and it pays you income for as long as you live. When you claim affects your monthly income, your taxes, and your spouse’s benefits, so with that much at stake, it is no surprise this decision can feel overwhelming.
The good news is that you do not have to make this decision in the dark. Below, we walk through how your benefit is calculated, how it changes depending on when you claim, and the factors we help clients weigh before choosing their age.
How much Social Security will you get?
To see what you can expect, start by creating an account at ssa.gov. Once you log in, you can view your estimated monthly benefit at each claiming age, along with a year-by-year record of your earnings.
Because your benefit is based on your highest 35 years of earnings, a missing or incorrect year could lower it. Log in every so often to make sure each year has been recorded correctly, since errors are much easier to fix while you still have your W-2s or tax returns on hand.
Social Security benefits by age
You can start collecting as early as 62, but your benefit is only “full” once you reach full retirement age, which is 67 for anyone born in 1960 or later. Claim before then, and your monthly check is permanently reduced. Wait past 67, and it grows every year until 70.
Here is how that looks as a percentage of your full benefit:
| Claiming age | Percentage of your full benefit |
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | about 87% |
| 66 | about 93% |
| 67 | 100% |
| 68 | 108% |
| 69 | 116% |
| 70 | 124% |
In practical terms, the earlier you claim, the more checks you receive over your lifetime, but each one is smaller. The longer you wait, the larger each check becomes, and that larger amount stays with you for life, plus any annual cost-of-living adjustments.
Should you take Social Security at 62?
For some people, claiming at 62 is the right call. If you need the income to retire and do not have much in savings to bridge the gap, or if your health or family history suggests a shorter retirement, starting early lets you collect for as many years as possible. For married couples, it can also make sense for the lower earner to start collecting if the higher earner plans to delay their benefit.
For others, claiming early means giving up a meaningful amount of income. If you are in good health, have savings you can draw from in the meantime, or are the higher earner whose benefit your spouse may one day depend on, waiting often leads to more income over a long retirement.
What is the best age to take Social Security?
There is no single best age that works for everyone. The right answer depends on how Social Security fits alongside the rest of your financial picture, and a few factors usually carry the most weight.
Whether you are still working. If you plan to keep working before full retirement age, claiming early rarely makes sense. You may not need the income yet, and if your earnings are above an annual limit, Social Security will temporarily hold back part of your benefit.
Your life expectancy. None of us knows exactly how long we will live, but your health and family history help shape the projections behind your retirement plan. If those projections point to a long retirement, waiting for a larger check often adds up to more over time. If health concerns suggest a shorter horizon, claiming sooner may be the better fit.
Your spouse. If you are married, when you claim determines when your spouse can begin a spousal benefit, and it directly affects the survivor benefit they would receive after one of you passes away. That is why couples should plan both claiming ages as part of one coherent strategy.
Your retirement accounts. If much of your savings sits in pre-tax accounts like a 401(k) or IRA, the IRS will eventually require you to start taking withdrawals, known as required minimum distributions (RMDs), and larger balances mean larger withdrawals and larger tax bills. For many healthy retirees, it can make sense to live on those retirement accounts in the early years and delay Social Security. Drawing the accounts down sooner can help reduce future RMDs, while waiting to claim locks in a higher Social Security benefit for life.
That strategy can feel uncomfortable at first, because taking large withdrawals early in retirement looks risky when you see it on its own. When you can see it alongside a long-term projection of your taxes and income, it often turns out to be the stronger choice.
When should you apply for Social Security?
You can apply up to four months before you want your benefits to begin, either online at ssa.gov, by phone, or at a local Social Security office. Applying a few months ahead gives Social Security time to process your application so your first payment arrives when you expect it.
If you plan to wait past 65 to claim, remember to sign up for Medicare on its own. Enrollment runs through Social Security, but it only happens automatically if you are already collecting benefits.
Is Social Security taxable?
It can be, and how much depends on your other income in retirement. Social Security looks at what it calls your combined income: half of your Social Security benefit plus your other taxable income, such as withdrawals from IRAs and 401(k)s, RMDs, pension payments, interest, dividends, and any part-time wages.
If that combined income is above $25,000 for a single filer or $32,000 for a married couple filing jointly, part of your benefit becomes taxable, up to a maximum of 85%. Because those thresholds have not been adjusted for inflation in decades, many retirees living on savings and RMDs find that a large share of their benefit is taxed. That is one more reason to plan your claiming age and your withdrawal strategy at the same time.
How a financial plan brings clarity to this decision
The hardest part of the Social Security decision is the one piece no one can know: how long you will live. What a financial plan can do is bring everything you do know into one place, including your savings, future RMDs, taxes, your spouse’s benefit, and the survivor benefit, so you can see how each claiming age plays out and choose with confidence.
Frequently asked questions
Should you take Social Security at 62, 67, or 70? Claiming at 62 pays about 70% of your full benefit, claiming at 67 pays 100%, and claiming at 70 pays about 124%. Waiting until 67 tends to come out ahead if you live past your late 70s, and waiting until 70 tends to come out ahead if you live past your early 80s. Claiming at 62 can still make sense if you need the income or expect a shorter retirement.
Do you have to take Social Security at 70? No, you are not required to claim at any age. However, your benefit stops growing at 70, so there is no financial reason to wait longer. If you do apply after 70, Social Security will generally pay up to six months of back benefits.
What is full retirement age for Social Security? Full retirement age is 67 for anyone born in 1960 or later. For those born earlier, it falls between 66 and 67, depending on your birth year.
Can you change your mind after claiming Social Security? Within 12 months of starting benefits, you can withdraw your application one time, but you will need to repay everything you and your family received. Once you reach full retirement age, you can also pause your benefits to earn delayed retirement credits until 70.
Talk with a CERTIFIED FINANCIAL PLANNER® professional today
If you are starting to think about when to claim, our team can walk you through your options and show how each one fits into your plan. Schedule a Discovery Meeting to get started.
