When Should You Claim Social Security?
You can start receiving Social Security retirement benefits as early as age 62, but your benefit will be reduced. If you wait until your full retirement age (usually 66 or 67), you'll get your full benefit. If you delay past full retirement age up to age 70, your benefit will increase by about 8% for each year you wait.
Factors to Consider
- Health and Longevity: If you expect to live a long life, waiting often results in more total lifetime benefits.
- Current Income Needs: If you need the money to cover basic expenses now, claiming earlier may be necessary.
- Survivor Benefits: Your claiming decision can affect the amount your spouse receives if you pass away first.