When Should You Take Social Security?
- Matt Erickson
- Sep 10
- 4 min read
Updated: Sep 13
Should You Take Social Security Early, at Full Retirement Age, or Delay until 70?
Choosing when to start Social Security is one of the biggest retirement decisions you’ll make. Your timing can affect your monthly income, your spouse’s benefits, your taxes, and even the financial security of a surviving spouse.
Needless to say, there's a lot at stake, so it's natural to feel pressure to make the right decision. Your personal right decision depends on your health, finances, family situation, and goals.
Let's break it down as follows:
Your Claiming Options
Key Factors to Consider
Pros and Cons of Each Strategy with Who It's Best For and Examples
How to Claim Your Benefits
3 Main Claiming Options for Social Security:
Start Early – as soon as age 62
Claim at Full Retirement Age (FRA) – between 66 and 67 for most people
Delay Until 70 – to get the maximum benefit
Key Factors to Consider
1. Longevity
If your health and family history suggest you’ll live well into your 80s or 90s, delaying benefits can significantly increase your lifetime income. As difficult as it is to even think about, if your health is poor, starting earlier may be wiser.
2. Income Gap in Retirement
If you retire before claiming Social Security, you’ll need to cover expenses from savings or other income. Claiming early fills that gap sooner—but locks in a lower monthly benefit for life.
3. Spousal & Survivor Benefits
Spousal benefit: If you’re married, you can take either your own benefit or up to 50% of your spouse’s FRA benefit—whichever is higher—once your spouse has filed. Social Security will pay you the higher of the two.
Survivor benefit: If your spouse passes away, you can receive either your own benefit or 100% of your late spouse’s benefit, whichever is higher. This is why it often makes sense for the higher earner to delay—doing so can secure a larger survivor benefit for the other spouse.
4. Taxes
Social Security benefits may be taxable depending on your “provisional income” (Adjusted Gross Income + half your Social Security + tax-exempt interest). If you claim early while still working or drawing high investment income, more of your benefit could be taxed.
5. Roth Conversion Opportunities
Delaying Social Security can create a window of lower taxable income early in retirement. This can be an ideal time to convert traditional IRA funds into Roth IRAs at lower tax rates, reducing future required minimum distributions (RMDs).
6. Medicare IRMAA Surcharges
Higher income can trigger Medicare premium surcharges (IRMAA). Coordinating your Social Security start date with Roth conversions or large capital gains years can help avoid crossing IRMAA thresholds.
7. Inflation & Market Downturn Protection
A larger, inflation-adjusted Social Security benefit provides guaranteed lifetime income that can help you avoid selling investments in a down market.
8. Earnings Test Penalty
If you claim before FRA and keep working, Social Security will temporarily withhold benefits:
Before the year you reach FRA (2025): $1 withheld for every $2 earned over $23,400.
In the year you reach FRA: $1 withheld for every $3 earned over $62,160 (applies until the month you reach FRA).
Withheld amounts are not lost—they’re recalculated at FRA—but can cause short-term cash flow issues.
Pros & Cons, Who Each Claiming Strategy is Best For, and Examples
1. Starting Early (Age 62–FRA)
Pros: More years of payments, fills income gap sooner.
Cons: Benefits permanently reduced by up to roughly 25–30% compared to FRA.
Best For:
Poor health or shorter life expectancy (late 70s or earlier)
Immediate income need with little in savings
Retiring before FRA without large investments
Those wanting to invest or use early payments strategically
People in physically demanding jobs who can’t work until FRA
Example: Maria, 62, retires with modest savings. She claims early at $1,400/month (vs. $2,000 at FRA). If she lives to 78, she may come out ahead—but if she lives into her 90s, she’ll receive far less over her lifetime.
2. Claiming at Full Retirement Age (66–67)
Pros: Full, unreduced benefit; no earnings penalty; balanced approach.
Cons: Misses out on early income or the roughly 8% annual increase from delaying past FRA.
Best For:
Average life expectancy
Still working but wanting to avoid earnings penalty
Couples where one spouse delays to maximize survivor benefits
Retirees wanting tax-planning flexibility
Example: David, 66, works part-time and claims now for $2,000/month. He avoids the earnings penalty and taps savings less, but misses the boost from delaying to 70.
3. Delaying to Age 70
Pros: 8% annual increase in benefits past FRA; maximum monthly income for life.
Cons: Must fund expenses without Social Security until then.
Best For:
Good health and long life expectancy
Higher earner wanting to maximize survivor benefits
Those valuing guaranteed, inflation-adjusted income
People with savings or pension income to bridge the gap
Retirees aiming to reduce lifetime taxes via Roth conversions
Example: Susan, 67, waits until 70. Her $2,000 FRA benefit grows to $2,480/month for life. If she lives into her 90s, that’s tens of thousands more in income—and her spouse inherits the higher benefit.
How to Claim & Check Your Benefits
Create a free my Social Security account at ssa.gov/myaccount.
Use it to:
Review your earnings record
See estimated benefits at different ages
Check for errors before you apply
File online, by phone, or in person at your local Social Security office.
Have your documents ready: proof of age, Social Security number, bank info for direct deposit, and proof of citizenship or lawful status.
The Bottom Line
When to start Social Security is part math, part personal circumstances, and part peace of mind. For many couples, a split strategy—lower earner claims earlier, higher earner delays—can provide income now while securing maximum survivor benefits later.
To simplify a complicated decision, I recommend that you talk to a financial advisor, run the numbers, consider your health, taxes, and spouse’s security, and make the choice as part of a broader retirement plan that integrates your investments, taxes, and estate goals. Doing so allows you to get back to the life you love with the confidence that you've made the right decision for you and your spouse.
As always, I love when you email me with your thoughts and questions so keep them coming!
Sincerely,
