You’ve worked and paid into Social Security for decades. Deciding when to claim those benefits is one of the few choices that can truly move the needle on your retirement income. For most retirees, it is the only income source that is guaranteed for life and adjusted for inflation, making it the foundation of a strong retirement plan. The timing of your claim determines how strong that foundation really is.
Your claiming choices seem straightforward: start benefits at 62, wait until full retirement age, or hold out until 70. Yet that decision determines how much income you receive for the rest of your life and what kind of financial protection your spouse may have after you are gone. If you start benefits early, your monthly payment is permanently reduced. For someone whose full retirement age is 67, claiming early at 62 means about a 30% cut to your expected payments. Waiting until 70 increases your benefit by roughly 8% for every year you delay past full retirement age. Over a lifetime, that difference can add up to hundreds of thousands of dollars in extra income if you live longer than your estimated life expectancy. That gap can be the difference between having flexibility in your later years or feeling financial pressure when you least expect it.
Why Some People Claim Early
It’s easy to see why many people file for benefits early at age 62. The idea of collecting checks after a lifetime of paying into the system can be appealing, and for some, it’s a financial necessity. If you retire early and do not have enough savings or other income sources, Social Security may be your lifeline.
Health can also play a role. If you have a serious medical diagnosis and expect a shorter lifespan, claiming early may be reasonable. This argument is stronger for single individuals than for couples, since the higher earner’s benefit often becomes the surviving spouse’s income later on.
When couples have different earnings histories, the lower earner might claim early because their benefit will eventually be replaced by a spousal or survivor benefit. There is little advantage to delaying if that is the case.
Some people claim early for personal reasons. They prefer to spend more in their 60s when they are active and healthy, accepting smaller checks later in exchange for more freedom now. Others may do so to unlock dependent benefits for minor children who would otherwise age out before qualifying.
All of these can be valid reasons, but claiming early without understanding the long-term effects can create financial strain down the road.
What You Give Up by Claiming Early
Once you claim Social Security, the decision is locked in. Your reduced benefit does not grow into something larger later.
For couples, this has serious consequences for the surviving spouse. The higher earner’s benefit usually becomes the survivor benefit, so claiming early means locking in a smaller income for the rest of your partner’s life.
Early claiming can also limit your tax flexibility. The years between retirement and starting Social Security can create an opportunity for tax planning. With little or no earned income during that period, you might be able to convert funds from traditional IRAs to Roth IRAs at relatively low tax rates. Starting Social Security early reduces that window and may increase the amount of your benefit that becomes taxable in the future.
Finally, claiming early heightens longevity risk. Many retirees live well into their 80s and 90s. A smaller guaranteed benefit can force you to rely more heavily on investments later in life, just when markets may become less predictable.
The Strength of Waiting
Delaying Social Security is about protecting yourself against the risk of living a long life. Each year you wait increases your benefit, and those payments rise with inflation for as long as you live. A higher benefit also strengthens the financial security of a surviving spouse. For couples, this can make delaying one of the most effective ways to ensure lasting income stability.
Waiting can also open the door to better tax planning. The period between retirement and claiming can be used to manage future required distributions, shift assets into Roth accounts, and balance income across tax brackets. These strategies can reduce future taxes and make your income more predictable.
Finding the Right Approach
The ideal claiming strategy depends on your personal circumstances. Health, marital status, savings, and risk tolerance all matter. The key is understanding how Social Security fits into your overall plan.
Ask yourself a few guiding questions:
- Can your savings or part-time income cover expenses if you wait to claim?
- What is your realistic life expectancy, and what about your spouse’s?
- Are there tax planning opportunities available if you delay?
- Do you prefer the reliability of a larger guaranteed benefit, or the flexibility of keeping more assets invested?
Once you start thinking through these questions, the decision often shifts from a purely financial calculation to a conversation about comfort and peace of mind. The answers will guide you toward the approach that best supports your goals.
If you want help thinking through the right timing for your situation, our Developing a Social Security Claiming Strategy workshop in the Retirement Researcher Academy is a great place to start. It walks through the key trade-offs, shows how benefits work for individuals and couples, and helps you find a strategy that fits your broader retirement plan. The more confident you are in your decision, the better prepared you will be for the years ahead.
A Decision Worth Careful Thought
For most households, particularly those with one higher-earning spouse, waiting to claim Social Security provides greater long-term security. It increases guaranteed income, protects the surviving spouse, and reduces the chance of outliving your savings.
Of course, life is not always tidy. If you need the income now, claiming early is perfectly acceptable. But if you have the flexibility to wait, doing so can strengthen your retirement plan in ways that no investment product can match.
Social Security is one of the few benefits that provides steady, inflation-adjusted income for life. The best claiming strategy is the one that helps you feel confident that your income will last as long as you do. Getting the timing right can make the difference between a retirement that feels uncertain and one that feels secure.
Want to learn more? Listen to Episode 204 of the Retire With Style Podcast.
