When to Take Social Security Benefits
One of the most common questions we hear from clients approaching retirement is: “When should I start taking my Social Security benefits?”
The truth is, there isn’t a single right answer. The best time to claim your benefits depends on your unique circumstances, your age, health, income needs, and overall financial picture. Understanding how timing affects your benefits can help you make a decision that supports your long-term goals.
Understanding Your Options
You can begin receiving Social Security as early as age 62. However, starting early means your monthly benefit will be smaller than if you waited until your full retirement age, which is typically between 66 and 67, depending on your birth year.
If you delay benefits past full retirement age, they increase each year you wait until age 70, when the maximum benefit amount is reached.
In simple terms:
At 62: You will receive a smaller monthly check, but for more years.
At full retirement age: You will receive 100% of your calculated benefit.
At 70: You will receive the largest possible monthly benefit.
Factors to Consider Before You Claim
While the idea of a larger monthly check can be appealing, it is not always the best option. Your health, family longevity, and immediate financial needs all play an important role.
For example, if you are in good health and expect a long retirement, waiting may make sense. But if you have health concerns or need income sooner, claiming earlier could be the right move. The key is understanding how your decision fits into your broader financial plan, not just today but over your entire retirement.
Finding the Right Timing For You
Whether 62, 67, or 70 is best will depend on your personal goals and financial situation. The timing of your Social Security benefits can also affect how other income sources, such as pensions, retirement accounts, or part-time work, fit into your tax and cash flow picture.
If you are approaching retirement and want clarity about when to claim your benefits, our team is here to help. We will guide you through your options so you can make a confident, informed decision that supports your long-term financial wellbeing.
Advisory services offered through NewEdge Advisors, LLC, a registered investment adviser, doing business as Middlebrook Wealth. Securities offered through NewEdge Securities, LLC, Member FINRA/SIPC. NewEdge Advisors, LLC and NewEdge Securities, LLC are wholly owned subsidiaries of NewEdge Capital Group, LLC. Middlebrook Wealth does not provide tax or legal advice. Therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation.