Should you take Social Security as soon as you’re eligible at age 62? Or should you wait until full retirement age — or even age 70?
It’s one of the biggest decisions retirees face.
The decision is tricky because there’s no single right answer for everyone. The best choice depends on your health, family situation, and other income sources.
Let me walk you through the pros and cons of claiming early versus waiting, so you can make a confident, informed choice about what works best for you.
If you prefer to watch instead of read, I walk through this in my YouTube video below.
The Basics of Social Security
Here’s what you need to know first:
- You can start benefits as early as age 62.
- Full retirement age (FRA) depends on when you were born, but for most people it’s somewhere between 66 and 67.
- If you delay beyond FRA, your benefit grows by about 8% per year until age 70.
- After age 70, your benefit stops growing, so there’s no additional advantage to delaying further.
For example, if your full retirement age benefit is $2,000 per month:
- At age 62, you might get only $1,400.
- At age 70, you could get $2,480, which is about 75% more than claiming at age 62.
So why doesn’t everyone just wait until 70? Let’s dive into the pros and cons.
Pros of Claiming Early (62 to 66)
1. Get the Money Sooner
- If you want to retire early and need the income right away, claiming at 62 means getting the money now.
- Some people value having that guaranteed check even if it’s smaller. It can feel secure knowing there’s a predictable source of income.
2. Health and Longevity
- If you have health concerns or don’t expect to live into your 80s or 90s, claiming early can make sense.
- In this case, taking the money sooner may leave you better off than waiting for larger checks later.
3. Peace of Mind
- Some clients tell me they like knowing they have money coming in every month, even if it’s a bit less.
- And let’s face it, who knows what will happen with Social Security in the future? For many, claiming early gives them peace of mind.
4. Financial Cushion
- If you don’t have a big pension or enough savings to cover your first few years of retirement, Social Security can provide a helpful financial cushion during that transition.
Cons of Claiming Early
1. A Smaller Check for Life
- Claiming early means you’ll get a smaller benefit for the rest of your life — permanently.
- The reduction can be significant. If you’re healthy and expect to live a long life, you may be leaving thousands of dollars on the table by claiming early.
2. Lower Survivor Benefit
- If you’re married, your spouse’s survivor benefit is based on the amount you were receiving.
- Claiming early means your spouse could inherit a smaller benefit if you pass away first.
3. Earnings Penalty
- If you continue working while claiming early (before FRA), your benefits may be reduced if you earn above a certain threshold.
- After FRA, there’s no penalty for earning income and claiming Social Security at the same time.
4. Longevity Risk
- If you live into your 80s, 90s, or beyond, claiming early means you’re locking in smaller payments for a longer period.
- For some, this could mean missing out on thousands of dollars over the course of retirement.
Pros of Waiting (67 to 70)
1. Bigger Monthly Checks
- Delaying benefits beyond your full retirement age increases your check by about 8% per year.
- By age 70, your benefit is significantly higher. For example, if your FRA benefit is $2,000, waiting until 70 would increase it to $2,480 per month.
2. Longevity Protection
- If you come from a family with good health and expect to live a long life, waiting can be the smart move.
- Waiting guarantees more lifetime income. And with inflation protection built into Social Security, bigger checks at age 70 mean bigger cost-of-living adjustments (COLAs) over time.
3. Stronger Survivor Benefit
- Your spouse will receive your full benefit or a portion of it after your death.
- The higher your benefit, the larger the survivor benefit for your spouse, which can be particularly valuable in retirement.
Cons of Waiting
1. Need to Bridge the Gap
- If you’re not working, you’ll need other sources of income to cover your expenses while you wait to claim.
- That means relying on savings, investments, or other income streams until your Social Security kicks in at age 70.
2. Uncertainty About Health
- If you have health concerns or don’t expect to live a long life, waiting to claim may not pay off.
- If you pass away before reaching 80, you may have received less total Social Security over your lifetime compared to claiming earlier.
3. Emotional Trade-Off
- Some people just want the money now. If waiting to claim feels like a sacrifice, it may cause unnecessary stress.
- That’s why the decision isn’t just about the math — it’s also about personal comfort and peace of mind.
So, What’s the Right Answer for You?
Here’s the truth: there’s no one-size-fits-all solution.
The decision depends on your:
- Health and longevity expectations
- Other income sources and savings
- Personal goals and peace of mind
My philosophy is to run the numbers — look at your life expectancy, your retirement timeline, and how this decision fits into your broader plan.
That way, you can make a decision that’s not just financially smart but emotionally comfortable.
Final Thoughts
Social Security is an important part of your retirement plan, but it’s just one piece of the puzzle.
If you’re unsure whether to claim early or wait, I highly recommend doing the math and running a few scenarios — it’s not just about a magic number, it’s about a strategy that fits your lifestyle.
Everyone’s situation is unique. What I’ve shared here is general education, not specific advice. If you’re approaching retirement and want clarity around whether your plan can support the life you want — through good markets and bad — working with a qualified financial planner can help you make those decisions with confidence.