Written by Stina Antonopoulos

Founder of Roots & Wealth | Retirement Income Planning | Author of What If? (Coming August 2026)

One of the Most Important Retirement Decisions You'll Ever Make

There are very few retirement decisions that are permanent. Choosing when to begin Social Security is one of them.

Once you claim your retirement benefit, that decision can affect your monthly income for the rest of your life—and, in many cases, the financial security of your spouse or surviving spouse.

That's why this decision deserves more thought than simply asking, "Can I collect at 62?"

The better question is:

"When does claiming Social Security best support my overall retirement income plan?"

For some people, claiming early is the right choice. For others, waiting may provide greater long-term financial security. There isn't one "best" age for everyone.

The right answer depends on your health, life expectancy, income needs, other retirement assets, tax situation, and family goals.

The Three Ages Everyone Talks About

Most retirement conversations center around three key ages: 62, Full Retirement Age (currently age 67 for many people), and age 70. Each has advantages and trade-offs.

Claiming at Age 62

Age 62 is the earliest age most people can begin receiving Social Security retirement benefits.

Potential Advantages

Income begins sooner.

May be helpful for those retiring before Full Retirement Age.

May make sense for individuals with significant health concerns or shorter life expectancy.

Can reduce the need to withdraw from retirement savings during the early years of retirement.

Potential Trade-Offs

Monthly benefits are permanently reduced—often by approximately 30% compared with claiming at Full Retirement Age.

Survivor benefits for an eligible spouse may also be lower.

Future cost-of-living adjustments (COLAs) are applied to a smaller monthly benefit.

A lower lifetime benefit could create additional income pressure later in retirement, particularly for those who live into their 80s or 90s.

Claiming at Full Retirement Age (Approximately Age 67)

For many Americans, Full Retirement Age (FRA) is 67, although it depends on your year of birth.

Potential Advantages

Receive 100% of your earned retirement benefit.

Avoid the permanent reduction associated with claiming early.

Once you reach Full Retirement Age, the Social Security earnings limit no longer reduces benefits if you continue working.

Potential Trade-Offs

Requires waiting longer before receiving benefits.

May require relying on personal savings or other income sources during the delay.

Claiming at Age 70

Social Security retirement benefits generally stop increasing after age 70, making this the latest age many people consider claiming.

Potential Advantages

Provides the largest monthly retirement benefit available based on your earnings history.

Delayed retirement credits generally increase benefits by approximately 8% per year after Full Retirement Age until age 70.

Cost-of-living adjustments are applied to a larger benefit, potentially enhancing long-term purchasing power.

May provide the highest survivor benefit for an eligible surviving spouse.

Potential Trade-Offs

Requires delaying income.

You'll need another reliable source of income while waiting to claim benefits.

A Simple Illustration

The following example is hypothetical and is for educational purposes only.

Claiming Age Monthly Benefit Annual Income

62 $1,400 $16,800

67 $2,000 $24,000

70 $2,480 $29,760

Now imagine living another 25 years.

The difference isn't simply a few hundred dollars each month. Over a long retirement, the cumulative difference in lifetime benefits may be substantial, depending on your longevity, annual cost-of-living adjustments, and other personal circumstances.

The goal isn't necessarily to receive the largest monthly check. The goal is to coordinate Social Security with the rest of your retirement income strategy.

Don't Forget Medicare

One area that often surprises retirees is the timing of Medicare.

While many people focus on when to claim Social Security, Medicare eligibility generally begins at age 65—not when you start receiving retirement benefits.

If you retire at age 62 and no longer have employer-sponsored health coverage, you may need to purchase health insurance until Medicare begins.

That expense should be included in your retirement income plan.

It's also important to remember that Medicare isn't free. Depending on your choices and income, you may have expenses such as:

Medicare Part B premiums

Medicare Part D prescription drug coverage

Medicare Advantage or Medicare Supplement premiums (if selected)

Deductibles

Copayments

Out-of-pocket healthcare expenses

Healthcare costs often represent one of the largest ongoing expenses during retirement, making advance planning especially important.

Taxes Matter More Than Many People Realize

Another surprise for many retirees is that Social Security benefits may be taxable.

Depending on your overall income—including IRA withdrawals, pension income, investment income, wages, or rental income—up to 85% of your Social Security benefits may be subject to federal income tax. State tax treatment varies.

Claiming Social Security isn't simply about choosing an age.

It's also about coordinating all of your retirement income sources to help improve after-tax income over time.

Don't Overlook Required Minimum Distributions (RMDs)

If much of your retirement savings is held in traditional IRAs or employer-sponsored retirement plans, Required Minimum Distributions (RMDs) later in retirement may increase your taxable income.

That may:

Increase the taxable portion of your Social Security benefits.

Increase Medicare premiums through Income-Related Monthly Adjustment Amounts (IRMAA).

Move you into a higher marginal tax bracket.

Planning ahead may help reduce these surprises, depending on your individual circumstances.

Questions to Ask Before Claiming

Before deciding when to claim Social Security, consider asking yourself:

How long do people in my family typically live?

Do I need income now, or would delaying provide greater long-term flexibility?

Will my spouse depend on my benefit if I die first?

What other sources of retirement income do I have?

How much investment risk am I comfortable taking?

Will I continue working after I begin receiving benefits?

How will I pay for healthcare before Medicare begins?

Would strategies such as Roth conversions improve my long-term tax picture?

There isn't one right answer—but there are better questions.

The Bottom Line

Social Security isn't just about choosing an age.

It's about building a retirement income strategy that considers inflation, taxes, healthcare, Medicare, investments, longevity, and your family's financial future.

For some people, claiming at 62 may be appropriate.

For others, waiting until Full Retirement Age—or even age 70—may provide greater long-term financial security.

The best decision isn't based on what your neighbor did or what someone on television recommends.

It's based on your goals, your health, your financial resources, and the retirement you want to create.

Before You Decide

Claiming Social Security is one of the few retirement decisions that can have lifelong consequences.

Before making an irreversible claiming decision, it may be worthwhile to review how Social Security fits into your overall retirement income plan.

Sometimes a thoughtful planning adjustment can improve lifetime income, reduce taxes, or provide greater confidence throughout retirement.

Important Disclosure

This article is provided for educational purposes only and should not be considered individualized financial, tax, legal, or Social Security advice. Social Security rules are complex and subject to change. Claiming strategies should be evaluated based on your individual circumstances. Consult with your financial professional, tax advisor, or attorney before making retirement planning decisions. Investment products involve risk, including possible loss of principal. Insurance guarantees, if discussed, are backed solely by the claims-paying ability of the issuing insurance company.