Social Security: When Should You Start Taking Benefits?

One of the biggest retirement decisions is when to start collecting Social Security. The choice affects your monthly income for the rest of your life — and it isn’t the same for everyone. Here are the basics to consider.

The Different Age Brackets:

• Claiming at 62 → You’ll receive benefits sooner, but they’ll be permanently reduced compared to waiting.
  

• Claiming at Full Retirement Age (66–67) → You’ll receive your “standard” benefit, with no reductions for working.
  

• Delaying up to Age 70 → For each year you wait, your benefit increases by about 8%.

  
  

Factors to Think About:

• Health and life expectancy

  
  

• Other sources of retirement income

  
  

• Whether you plan to keep working

There isn’t a universal “right age” to claim benefits. The best choice depends on your situation, priorities, and long-term goals.

If you have any questions regarding when you should claim your social security and want a personalized plan created by a licensed and local professional, feel free to give us a call.