When Should You Take Social Security? The Smart Way to Decide
Social Security is the backbone of retirement for millions of Americans. But here’s the catch: when you choose to start your benefits can mean the difference between a comfortable retirement and leaving money on the table. You can start as early as age 62, wait until your full retirement age (FRA), or even hold off until age 70 for bigger checks. Which is right for you? Let’s break it down in plain English.
3 Key Points
Start at 62 → You’ll get checks sooner, but they’ll be smaller for life.
Wait until FRA (between 66–67 depending on your birth year) → You’ll get your full benefit.
Delay until 70 → Your check grows bigger every year you wait, thanks to delayed retirement credits.
How Filing Early Reduces Your Check
If you file at 62, you’ll get less money every month compared to waiting until FRA. For example, someone entitled to $1,000 at full retirement age would only get $700 if born in 1960 or later and filed at 62. That’s a 30% cut for life.
Here’s how reductions look by birth year:
Why Waiting Pays Off
If you hold off past FRA, you earn delayed retirement credits. These boost your monthly check by about 8% for each year you delay, up to age 70. That means more security and more lifetime income if you live longer.
But remember: delaying only works if you can afford to wait and still cover your expenses. That’s why it’s not a one-size-fits-all answer.
Other Factors to Think About
Your health and life expectancy: If you expect a long retirement, waiting usually pays more.
Taxes: Up to 85% of your Social Security can be taxed if you’re not careful with timing and other income.
Medicare: Even if you delay Social Security, you should still sign up for Medicare by age 65 to avoid costly penalties.
Before You Decide, Get Expert Help
Choosing when to file for Social Security is one of the most important financial decisions you’ll ever make. And it’s permanent. That’s why working with a trained expert matters.
I’m Albert Ferrin, RSSA® Certified Social Security Advisor with Senior Help And You. I’ve helped countless retirees build confidence by finding the smartest claiming strategy for their situation. I’ll run the numbers, explain your options in plain English, and show you how Social Security fits with Medicare, savings, and taxes.
Starting at 62 gives you checks sooner. Waiting until FRA gives you your full benefit. Delaying to 70 gives you the largest check. But the “right” answer depends on YOU—your health, your income needs, and your family’s future. Don’t guess. Let’s build your plan together so you can retire with clarity, confidence, and peace of mind.
3 Takeaways
Filing early = smaller check forever.
Waiting until 70 = larger lifetime benefit.
The best decision depends on your unique health, finances, and family needs.
References
Social Security Administration – Retirement Benefits
National Association of Registered Social Security Analysts (RSSA®) – Modules I–IV (Social Security Essentials, Advanced Topics, Retirement Planning, Working With Clients)
Author: Albert Ferrin, RSSA®, Founder - Senior Help And You LLC
