When should I claim Social Security?
Retirement
Claiming at 62 reduces your benefit by up to 30%. Waiting until 70 can increase it by up to 32% above your full retirement age amount. The right age depends on health, marital status, other income, and longevity in your family.
The math behind the 8% per year
Each year you delay between full retirement age (FRA) and 70 adds roughly 8% to your monthly benefit. That's a guaranteed, inflation-adjusted return that's nearly impossible to replicate elsewhere.
The 'breakeven' framework most people get wrong
Breakeven analysis (when delayed benefits surpass earlier ones in cumulative dollars) typically lands in your late 70s or early 80s. But breakeven ignores survivor benefits, taxes, and longevity risk, often the more important variables.
Married couples: a different calculation
The higher earner's claim age sets the floor for the survivor benefit. In most marriages, the higher earner should delay to 70, the lower earner can claim earlier without affecting the survivor's lifelong income.
What people often get wrong
- Claiming at 62 because 'I'll get more total dollars,' without modeling longevity
- Failing to coordinate the two claims in a marriage
- Ignoring how Social Security taxation interacts with other retirement income
What to think about next
- Pull your Social Security statement at ssa.gov to see your FRA and projected benefits.
- Model claim ages 62, FRA, and 70 against your retirement income plan.
- If married, model spousal and survivor scenarios together.
When to consider working with a CFP®
Working with a CFP® can help when these decisions feel intertwined, taxes, investments, cash flow, and life goals tend to move together, and a planning relationship can offer structure, prioritization, and accountability over time.
Frequently Asked Questions
Will Social Security run out?
Trustees project the trust fund could be depleted around 2033. Even then, payroll taxes would still cover roughly 77% of benefits. Plan for the program to exist, possibly with adjustments.
Talk to a CFP® who works with high earners.
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