When Should You Claim Social Security?

One of the most important retirement decisions you can make is when to begin receiving Social Security benefits.

You can begin receiving retirement benefits as early as age 62, but doing so will permanently reduce your monthly benefit. For individuals born in 1960 or later, full retirement age is 67. Waiting beyond full retirement age can increase your monthly benefit until age 70.

Taking Benefits Early

Pro: You can begin receiving income as early as age 62.

• Continuing to work may increase your future benefit if your new earnings replace one of the lower years in your 35-year earnings history.

Consideration: Claiming before full retirement age permanently reduces your monthly benefit.

• If you continue working before full retirement age, benefits may also be temporarily withheld if your earnings exceed Social Security’s annual limit.
• In 2026, the limit is $24,480 for individuals under full retirement age for the entire year.
• Once you reach full retirement age, there is no earnings limit, and Social Security recalculates your benefit to account for months when benefits were withheld.

Delaying Benefits

Pro: Waiting beyond full retirement age can increase your monthly benefit.

• For those born in 1943 or later, delayed retirement credits generally increase benefits by 8% per year.
• Benefits stop increasing once you reach age 70.

Consideration: Waiting means giving up benefits you could have received earlier.

• Your health, income needs, other assets and expected longevity can all play a role in determining when it makes sense to claim.

There is no single claiming age that is right for everyone. Roger Fox Insurance & Financial Services can help you review your options and determine a Social Security strategy based on your individual circumstances and retirement goals.