When Should You Take Social Security?
One of the biggest decisions people face when planning for retirement is deciding when to begin taking Social Security benefits.
You can begin receiving retirement benefits as early as age 62, but you also have the option to wait until your Full Retirement Age (FRA) or even delay benefits until age 70.
Each option has advantages and trade-offs. The right choice often depends on your financial situation, health, and retirement plans.
When Should You Take Social Security?
One of the biggest decisions people face when planning for retirement is deciding when to begin taking Social Security benefits.
You can begin receiving retirement benefits as early as age 62, but you also have the option to wait until your Full Retirement Age (FRA) or even delay benefits until age 70.
Each option has advantages and trade-offs. The right choice often depends on your financial situation, health, and retirement plans.
Understanding Full Retirement Age (FRA)
Your Full Retirement Age is the age at which you can receive 100% of your Social Security retirement benefit.
Many people assume this age is 65, but the actual age depends on the year you were born.
For most people today, Full Retirement Age falls between 66 and 67.
Full Retirement Age by Birth Year
| Year of Birth | Full Retirement Age |
|---|---|
| 1955 | 66 years, 2 months |
| 1956 | 66 years, 4 months |
| 1957 | 66 years, 6 months |
| 1958 | 66 years, 8 months |
| 1959 | 66 years, 10 months |
| 1960 or later | 67 years |
If you begin collecting benefits before your Full Retirement Age, your monthly payment will be permanently reduced.
If you wait beyond your Full Retirement Age, your benefit amount may increase slightly each year until age 70.
How Social Security Benefits Are Calculated
Your Social Security benefit is based primarily on:
- Your 35 highest earning years
- The age you begin collecting benefits
- The type of benefit you are receiving (your own, spousal, or survivor)
Because benefits are based on your earnings history, each person’s monthly amount will be different.
Starting Benefits Early (Age 62)
You are allowed to start Social Security as early as age 62, but doing so will result in a permanent reduction in your monthly benefit.
For many people, starting early can make sense if they:
- Retire earlier than expected
- Need additional income
- Have health concerns that may affect life expectancy
However, it’s important to remember that the earlier you begin collecting benefits, the smaller your monthly payments will be for the rest of your life.
Working While Collecting Social Security
If you begin collecting Social Security before reaching your Full Retirement Age, there is a limit on how much you can earn from wages.
For 2026, the earnings limit is $24,480 per year.
If you earn more than this amount while collecting benefits early, part of your Social Security benefit may be temporarily reduced.
Once you reach Full Retirement Age, this earnings limit disappears and you can work and earn as much as you want without reducing your benefits.
Should You Wait to Take Social Security?
Some people choose to delay taking Social Security beyond their Full Retirement Age.
For each year you delay benefits (up to age 70), your monthly payment will increase slightly.
However, it’s important to weigh the potential increase in monthly income against the years of benefits you may give up by waiting.
For example, someone who delays benefits for several years may receive a larger monthly check, but they will also miss several years of payments they could have received earlier.
Because everyone’s financial situation is different, there is no single strategy that works best for everyone.
Medicare Doesn't Have To Be So Hard....
Schedule your FREE consultation to have our team answer your questions and make Medicare easy for you!
Things to Consider Before Starting Benefits
When deciding when to take Social Security, it can be helpful to think about several key factors:
- How soon you need the income
- Your overall health and life expectancy
- Whether you plan to continue working
- Other retirement income sources
- Whether you are married or planning to draw spousal benefits
Each of these factors can influence whether it makes more sense to start benefits earlier or delay them.
Summary
There is no universal “best age” to start Social Security. The right decision depends on your personal circumstances and retirement goals.
Understanding how benefits are calculated and how timing affects your monthly payment can help you make a more informed choice.
If you’re approaching retirement and also preparing for Medicare, we’re happy to help you review your options and make sure you’re on the right path.