Social Security Timing: How to Make the Right Decision for Your Retirement

Deciding when to begin your Social Security benefits is one of the most important financial planning decisions you’ll make as you near or enter retirement. The timing you choose can significantly impact your monthly income, total lifetime benefits, taxes, and how your retirement cash flow fits with your broader financial goals.

Why Timing Matters

Social Security benefits are based on your lifetime earnings record, but the age you start claiming affects how much you receive:

• You can begin as early as age 62, but doing so results in a permanently reduced monthly benefit.
• Waiting until your Full Retirement Age (FRA) (typically between ages 66 and 67, depending on birth year) qualifies you for your full benefit amount.
• Delaying claims past your FRA up to age 70 increases your benefit each year you wait.

There is no single “best age” for everyone — the optimal choice depends on your personal goals, income needs, health, and other financial resources.

Factors to Consider When Deciding When to Claim

Choosing when to claim should be part of a broader retirement income strategy, not a standalone decision. Key considerations include:

1. Your Health & Longevity Expectations

If you expect a longer life than average, delaying benefits may provide greater lifetime income and reduce the risk of outliving your resources.

2. Your Retirement Income Needs

Some retirees need income immediately; others have savings or retirement accounts that can support them while they delay claiming.

3. Work Plans After Claiming

If you plan to continue working before FRA, benefits may be temporarily reduced if you exceed annual earnings limits — but these reductions are returned as higher monthly benefits after reaching your full retirement age.

4. Tax Implications

Social Security benefits may be taxable depending on your total income. Planning around other income sources and withdrawals such as RMD’s, pensions, rental income, dividends and interest and capital gains can help manage tax exposure.

5. Spousal & Survivor Strategies

For married couples, coordinating claiming strategies can increase overall household benefits. Survivor benefits, for example, are tied to the higher-earning spouse’s benefit.

How We Help

Choosing your Social Security claiming age is a personalized decision that depends on your entire financial picture — including retirement savings, investment strategy, tax planning, and lifestyle goals.

We help you:

• Review your Social Security benefit estimates at different claiming ages
• Coordinate Social Security with your retirement income plan
• Model outcomes so you understand lifetime income and risks

Deciding when to claim your Social Security benefits doesn’t have to be stressful. If you’d like to explore strategies tailored to your situation, we can review your options together.

Click here to get your Free Retirement Assessment.