Social Security 101 - When Should You Start Claiming?

Social Security benefits can be a key part of your retirement income, but deciding when you can claim Social Security isn’t always straightforward. If you claim too early, you may receive reduced monthly payments for life. If you wait too long, you might miss out on valuable income during your retirement years.

In this guide, we’ll explore social security claiming strategies to help you determine the best age to claim Social Security benefits for your situation.

Understanding Your Social Security Claiming Options

The earliest you can start claiming Social Security is age 62, but your full retirement age (FRA) varies based on your birth year - typically between 66 and 67. Claiming before your FRA results in a permanent reduction in your monthly benefit, while delaying benefits past FRA increases your payment until age 70.

Age to Claim	Benefit Impact
62 (earliest)	Up to 30% reduction from FRA benefit
Full Retirement Age (66-67)	100% of benefit
Up to age 70	Increased benefit by ~8% per year delayed

Common Social Security Claiming Strategies

1. Claim Early at Age 62

Some retirees need income as soon as possible or expect a shorter retirement. Claiming early means smaller monthly payments, but you’ll receive them longer.

Best for: Those needing early income or in poor health.

2. Claim at Full Retirement Age

Claiming at FRA gives you your full benefit without reduction or increase. This option balances receiving benefits earlier without a penalty.

Best for: Those who can wait but want guaranteed full benefits.

3. Delay Claiming Until Age 70

Waiting past your FRA boosts your benefits by about 8% per year until 70. This strategy maximizes your monthly payment and is often best for those in good health and with other income sources to cover expenses.

Best for: Those who want to maximize monthly income and expect a long retirement.

Factors to Consider When Deciding When to Claim

• Health and life expectancy: Longer life favors delayed claiming

• Financial need: Can you cover expenses without Social Security?

• Spousal benefits: Coordinating with your spouse’s benefits can optimize household income

• Employment status: Working while claiming can affect benefits and taxes

• Tax implications: Social Security benefits can be taxable depending on your income

How to Decide the Best Age to Claim Social Security

Everyone’s situation is unique. Use online calculators or consult a financial planner to model your options and estimate lifetime benefits based on your health, finances, and goals.

Need help crafting a personalized Social Security claiming strategy? Check out Sage Hills Financial’s retirement planning approach.

Next Steps: Make an Informed Social Security Decision

Taking the time to plan your Social Security claiming can have a big impact on your retirement lifestyle. Whether you choose to claim early, at full retirement age, or delay, a thoughtful strategy ensures you get the most from your benefits.

Ready to plan your Social Security strategy? Schedule a free consultation