Chris DeLarme | Jul 09 2025 14:00
Deciding when to start Social Security benefits is one of the most important—and most personal—decisions in retirement planning. And it’s not just about choosing between 62, 67, or 70. It’s about understanding how the timing affects your monthly income, your long-term plan, and your family.
The Basics of Timing
You can start collecting Social Security as early as age 62. But the earlier you start, the lower your benefit.
Here’s a breakdown:
- Claiming at 62: You receive reduced monthly benefits for life
- Claiming at full retirement age (66–67 depending on birth year): You receive 100% of your benefit
- Delaying to age 70: Your benefit increases about 8% per year beyond full retirement age
So, why not wait until 70 every time?
Because your best strategy depends on your health, life expectancy, income needs, whether you’re married or divorced, and whether you plan to work in retirement. For many clients in the St. Charles and Tri-Cities area, we find that filing between full retirement age and age 70 is a sweet spot—but it varies by case.
What We Look At
When we help clients decide, we consider:
- How long you expect to live (statistically and personally)
- Whether your spouse will be affected by your decision
- Whether you’ll keep working after 62
- How benefits will be taxed
- How Social Security interacts with other income sources (like IRA withdrawals, pensions, or annuities)
We also run breakeven analyses using tools like RightCapital, showing how different choices play out over time.
A Common Misstep: Guessing
Many people file early because they’re afraid of missing out or because they don’t realize the long-term cost of a lower monthly benefit. But filing without a plan can lock you into a reduced benefit—and that can affect your entire retirement income strategy.
There’s no one-size-fits-all answer. The right time to claim Social Security is the time that fits your retirement plan. That’s why it’s important to look at the full picture before you make a move.