When Should You Take Social Security?
It’s one of the most common questions we hear from retirement plan participants: “When should I actually start taking Social Security?” The answer is not a direct one, but understanding your options makes the decision clearer.
How Much Will You Get?
Your Social Security benefit amount depends heavily on when you start claiming it:
- Age 62: You can start taking benefits early, but at a reduced amount.
- Age 66–67 (Full Retirement Age): You receive 100% of your calculated benefit.
- Up to age 70: You can delay even further and earn an 8% increase each year you wait, up to age 70.
The Real Trade-off: Financial Answer vs. Peace of Mind
The answer comes down to two different, equally valid ways of thinking.
The financial answer: If you expect to live beyond age 81, delaying your benefit until age 70 can be the stronger financial move. The increased monthly payments add up to more over a longer lifetime. As we put it: that’s where the juice is worth the squeeze.
The peace-of-mind answer: Some people would simply rather take Social Security as soon as they’re eligible, prioritizing certainty and cash flow now over a theoretically larger benefit later.
Before You Apply: Check Your Benefits
When you’re getting ready to apply, plan for a three-to-four-month lead time before you expect benefits to begin. And if you haven’t already, log into SSA.gov to view your current benefit estimates. You can apply for benefits through that same website.
The Bottom Line
There’s no universal “best” age to claim Social Security. The right timing depends on your health, your finances, and what gives you the most confidence heading into retirement.
Want help thinking through your Social Security timing? Reach out to your Moneta advisor for help weighing the financial trade-offs against your personal priorities. Learn more about Smart Steps.
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