When should I claim Social Security?

For anyone born in 1960 or later, full retirement age is 67. That's when you get 100% of the benefit you've earned.

The age difference

Say your full benefit at 67 is $1,800 a month.

The difference between claiming at 62 and 70 is nearly $1,000 a month, for the rest of your life. Cost-of-living increases get applied on top of whichever amount you lock in.

Breaking even

If you wait, you give up some checks now in exchange for bigger checks later. In the example above, someone who waits until 70 instead of claiming at 62 would usually come out ahead in total benefits if they live past about age 81, not counting cost-of-living increases.

You can't know how long you'll live, but you can think about your health and your family history.

Reasons to claim earlier

• You need the money now and have no other way to pay essential bills.
• Your health isn’t great, or your family history suggests a shorter life.
• You're single and have no one who would rely on your benefit after you die.

Claiming early is the right choice when it's what you need. Falling behind on rent or going into high-interest debt to delay benefits doesn’t often make sense.

Reasons to wait

• You're healthy and expect to live into your 80s or 90s.
• You're still working and don't need the income yet.
• You're married and the higher earner. When one spouse dies, the surviving spouse keeps the larger of the two benefits. Waiting can mean a bigger check for your spouse for the rest of their life.
• You want protection against outliving your savings. Social Security lasts for life and rises with inflation.

If you're still working

If you claim before full retirement age and keep working, Social Security can hold back some of your benefit. Currently, $1 is withheld for every $2 you earn above $24,480. In 2027, the limit rises to $25,560. That doesn’t mean that money’s gone, though. Your monthly payments go up later. Once you reach full retirement age, you can earn any amount without losing benefits.

Should you wait to sign up for Medicare?

No, no matter when you claim Social Security, you should almost always sign up for Medicare around your 65th birthday. Missing your enrollment window can mean lifelong late penalties, unless you have qualifying coverage through a current job.

What about taxes?

Part of your Social Security could be taxable if your other income is high enough. For 2025 through 2028, people 65 and older can also take an extra federal tax deduction of up to $6,000, which may eliminate your tax burden. The deduction is less for single filers with incomes above $75,000 and couples above $150,000.

What if I change my mind?

You can withdraw your application within 12 months of starting benefits, but you have to pay back everything you received.

At full retirement age or later, you can ask to suspend your benefits. They'll grow 8% a year until you restart them or turn 70.

How to decide

• Create a free My Social Security account at ssa.gov and check your estimates at different ages.
• Look at your other income and savings.
• Think about your health and, if married, your spouse's needs.
• Talk to a fee-only financial planner or a free counselor through your State Health Insurance Assistance Program or local Area Agency on Aging.