Deciding When to Start Social Security
The age you start Social Security generally affects your monthly benefit for as long as you receive it. Because the decision generally has lasting effects and depends on your own earnings record, health, and family situation, the best place to explore it is the Social Security Administration itself.
Its free my Social Security account shows your personal benefit estimates at different starting ages, based on your actual earnings history.
An example
Suppose someone's benefit at full retirement age (67 for anyone born in 1960 or later) would be $2,000 a month. Starting earlier or later generally changes the ongoing monthly benefit:
- Starting at 62: about $1,400 a month (30 percent less)
- Starting at 67: $2,000 a month
- Starting at 70: about $2,480 a month (24 percent more)
This is a hypothetical example, not an average, and it leaves out annual cost-of-living adjustments. Waiting means a larger monthly benefit but fewer years of payments, so the right age depends on your health, other income, and family situation. Your own estimates at each age are in your my Social Security account.
Source: Social Security Administration, Early or Late Retirement?
Social Security allows withdrawal of an application or suspension of benefits under limited conditions. These options have specific rules and consequences. Check with the Social Security Administration before making changes.
Where to go
- my Social Security: your personal estimates
- Retirement benefits: how claiming age, spousal, and survivor benefits work
- When should I start receiving benefits? The Social Security Administration's own answer
This page is general education, not personal advice. The Social Security Administration is the authority on your benefits.
Once you have your estimates, you can see how they fit with your other income in Your Retirement Income Picture.
To go deeper, see the chapter “Understanding Social Security Before You Claim” in The Wealth You Build: A Lifetime of Financial Wisdom.