Social Security Timing: Should You Claim at 62, 67, or 70?

Deciding when to claim Social Security is one of the most significant retirement choices you'll face. The timing of your benefits can greatly influence your monthly income, lifestyle, and overall retirement security. While the ideal age to claim Social Security depends on your personal circumstances, understanding the pros and cons of starting benefits at 62, 67, or 70 can help you make a more informed decision.

Retirement is more than just a financial transition; it’s an opportunity to realign your life with your values, faith, and family. By thoughtfully choosing when to claim Social Security, you can create a stable income plan that supports both your financial needs and your greater purpose.

Understanding Full Retirement Age (FRA)

Your Full Retirement Age (FRA) is the age at which you’re entitled to your full Social Security benefit amount based on your earnings record. FRA varies depending on your birth year:

• Born 1943–1954: Full Retirement Age = 66

• Born 1955–1960: FRA gradually increases from 66 to 67

• Born 1960 or later: FRA = 67

While you can start receiving benefits as early as 62, or delay them until 70, the amount you receive will change based on your choice.

Claiming Social Security at Age 62

Choosing to claim benefits at 62 is often tempting. It’s the earliest age you can start receiving Social Security, which means more immediate cash flow. However, taking benefits early comes with trade-offs.

Pros of Claiming at 62

• Immediate Income: Provides cash flow to cover living expenses if you retire early or face financial strain.

• Flexible Lifestyle: Early benefits may offer freedom to travel, spend more time with family, or reduce work hours sooner.

• Health Considerations: For those with serious health concerns or limited longevity, starting early may make sense.

Cons of Claiming at 62

• Reduced Benefit Amount: Your monthly benefit will be 25–30% lower than what you'd receive if you waited until your Full Retirement Age.

• Earnings Penalty: If you continue working before reaching FRA, your benefits may be temporarily reduced if your income exceeds Social Security's earning limits.

Claiming Social Security at Full Retirement Age (67)

Filing for Social Security at your Full Retirement Age allows you to receive 100% of your calculated benefit.

Pros of Claiming at FRA

• No Reduction in Benefits: You’ll receive your full monthly benefit without penalties.

• More Flexibility for Working: There’s no earnings penalty if you continue working past FRA.

• Balanced Income Strategy: Claiming at FRA provides steady income without the risks of delaying too long.

Cons of Claiming at FRA

• Potentially Fewer Years of Benefits: By waiting longer, you may have fewer total years to collect Social Security (especially if health or longevity is a concern).

Claiming Social Security at Age 70

Delaying Social Security until 70 offers the largest possible monthly payout. For each year you delay benefits past your FRA, your benefit grows by 8% per year. By age 70, your monthly benefit could be up to 132% of your full retirement amount.

Pros of Claiming at 70

• Maximum Monthly Benefit: Provides the highest possible monthly income, offering greater financial security in your later years.

• Enhanced Survivor Benefits: If you delay claiming until 70, your surviving spouse may receive a higher benefit as well.

• Inflation Protection: Social Security is adjusted for inflation, so delaying until 70 locks in a larger base benefit that keeps pace with rising costs.

Cons of Claiming at 70

• Delayed Cash Flow: You’ll need to rely on other income sources in the early years of retirement.

• Longevity Risk: If you pass away early in retirement, you may receive fewer total dollars over your lifetime.

Key Factors to Consider When Choosing Your Social Security Age

There’s no one-size-fits-all answer to the best age to claim Social Security. Instead, reflect on these key factors:

1. Health and Longevity

• If you’re in good health and expect to live into your late 80s or beyond, delaying benefits may provide greater lifetime income.

• If you have serious health concerns or a family history of shorter life expectancy, starting benefits earlier may be more advantageous.

2. Income Needs and Retirement Goals

• Consider your lifestyle goals and whether early Social Security income will help you achieve them.

• Assess your pension, savings, and other income sources to determine if you can delay benefits without financial hardship.

3. Spousal and Survivor Benefits

• Married couples should coordinate claiming strategies to maximize household income. For example, one spouse may claim early while the higher earner delays for a larger survivor benefit.

4. Employment and Tax Implications

• Continuing to work while claiming before FRA may reduce your benefits temporarily.

• Delaying Social Security may reduce the need for larger taxable withdrawals from investment accounts in early retirement.

Finding Balance in Your Social Security Strategy

Choosing when to claim Social Security isn’t just about numbers—it’s about aligning your income plan with your life purpose.

• Starting early may provide freedom and flexibility if you’re eager to spend more time with family, travel, or pursue volunteer work.

• Delaying benefits can provide financial stability later in life, ensuring you have sufficient income to support your needs as you age.

A wise retirement strategy finds balance—not an all-or-nothing approach. Social Security isn’t your entire retirement plan; it’s one piece of a larger financial puzzle designed to sustain you in both practical and meaningful ways.

Retirement is an opportunity to steward your time, resources, and relationships in ways that reflect your faith and values. By carefully choosing when to claim Social Security, you position yourself to focus on what matters most—whether that’s caring for loved ones, serving your community, or living out your purpose in new and fulfilling ways.