When should I take my Social Security Benefits? Well, the answer is different for everyone.

Originally published: June 22, 2022

Updated: August 17, 2026

After contributing to Social Security for all of your working life, you might think that you should claim your benefit at 62 to get as much money out of the system as possible. While it's true that you're eligible to claim your benefit at 62, doing so could actually mean that you're leaving money on the table.

Each year that you wait (up until age 70), your monthly benefit increases. So the longer you wait to take Social Security, the bigger your monthly check will be. And because you will lock in that higher benefit for the rest of your life, sometimes the payout can be more in your favor over time.

So, how do you decide when to take Social Security? Many of us want to wait for the higher benefit amounts, but we need a paycheck sooner, and so the decision can sometimes be difficult to make.



Here are a few examples of when it might make good sense to wait.

If You're Still Earning an Income

Though you can start claiming Social Security benefits as early as age 62, individuals born in 1960 or later do not reach full retirement age (FRA) until age 67, and taking benefits before that age will reduce your benefits as much as 30%. You can use this Social Security Administration chart to find your personal FRA and benefit reductions for you and your spouse.



Regardless, if you haven't reached your FRA and are still working, Social Security will dock your benefit if you earn more than $24,480 per year (2026 limit; updated from $18,960 in 2022 — source). This can be a big chunk out of your benefit, so if you're working, it may make sense to wait at least until your FRA to claim benefits.

If You Don't Need the Money Immediately

If you've saved for retirement, you may be able to live off of those savings while you continue to let your Social Security benefit grow. Once you reach your FRA, your benefit will grow by 8 percent each year up until age 70, which can make a big difference in the amount of money you receive each month, for the rest of your life. One way to accomplish this is with a Fixed Index Annuity that provides lifetime income payments. Receiving income payments from your annuity when you retire might enable you to wait and take Social Security a little later.



Let's say your FRA is age 67 and your monthly benefit is $1,000. If you claim Social Security at 62, you would receive $700 per month. But if you waited until you turned 70, your benefit would increase to $1,240. That means a difference of $6,480 per year for life. That increased Social Security benefit on top of your Fixed Index Annuity income payments might very well set you up with more substantial income for life than you had even anticipated.

If You're Healthy

Another reason to consider letting your Social Security benefit grow is if you think you might live a long time. When planning on living long, even if you are healthy, you have to plan for the fact that healthcare expenses are subject to inflation just like other cost-of-living requirements. A higher Social Security benefit combined with an option like a lifetime income annuity can often be a favorable combination to help you offset inflation in your retirement planning.

On the flip side, if you have a serious medical condition or have been told that you're at high risk for developing one, it may make more sense to take your Social Security benefits as soon as you're eligible. But with that in mind, you may also want to think about longevity in your spouse and his/her income needs throughout their lifetime, because claiming your benefit early could reduce your spouse's widow(er) benefit.

We often run into husbands who are trying to help take care of their wife after they have passed away. Frankly, this can be a concern for either spouse, but statistically women do tend to live longer than men. There's more info on this later in this article, but ultimately, yes, it would be good planning for the husband and/or wife to have a strategy in place that may help a surviving spouse avoid outliving your combined retirement savings.

A financial professional who specializes in retirement income strategies can help you determine what makes the most sense for your financial situation.

If You Have a Family History of Longevity

Knowing how old your biological parents and grandparents lived to be is another factor to consider. There are, of course, many environmental, lifestyle, and medical factors that could come into play; for example: did you know that women generally tend to live longer than men? Women who reach the typical retirement age of 65 are statistically likely to live for another nearly 21 years (20.66 years, per SSA's most recent Actuarial Life Table — source), while 65-year-old men's average life expectancy is another about 18 years (18.12 years, same source). That means that without even considering family history, women need to prepare for higher income-benefit payouts over their lifetime.

Because family history and other factors like the example above can give you a sense of your potential life expectancy, you can use that information to help you decide whether to start claiming your Social Security benefits sooner rather than later.

Another factor to consider is that a long life also means the retiree is likely to face the expense of long-term care services. Whether it be in the form of home care, assisted living, or a nursing home, longevity requires more income later in life for many, and this has become an essential part of planning for your future.

Based on the CareScout/Genworth 2025 Cost of Care Survey, national median monthly costs for long-term care are shown below:

This can vary based on where you live and the care providers in your area, but these general guidelines illustrate how important it is to make a financial plan for your future.

Allowing your Social Security benefit to grow as long as possible and pairing it with another lifetime income arrangement, like a Fixed Index Annuity, may help you be better prepared to cover costs like this later in retirement.

At Summerlin Benefits Consulting, we help clients figure out things like how much income they will need, when to take Social Security benefits, how to complement those benefits with other lifetime income strategies, and much more.

Important Tax and Legal Information

This content is for informational purposes only and does not constitute tax or legal advice. Summerlin Benefits Consulting does not provide social security, specific advice related to taxes, or legal advice. Consult a tax/legal professional for guidance with your individual situation.

Important Retirement Planning Information

Every retirement strategy is unique, and not all annuity products offer the same features, guarantees, or level of protection. References in this article apply only to the specific retirement solutions discussed and should not be interpreted as applying to all annuities. The right strategy depends on your individual goals, financial situation, and retirement objectives. This is something Summerlin Benefits Consulting can help you determine.

Frequently Asked Questions

Q: When should I start taking my Social Security benefits?

A: There's no single answer — it depends on your income, health, and savings. Waiting from age 62 to 70 increases your monthly benefit for life, but if you're still working or don't need the income yet, delaying may pay off more than claiming early.

Q: Does working while collecting Social Security reduce my benefit?

A: Yes, if you haven't reached full retirement age. In 2026, Social Security withholds one dollar for every two dollars earned above $24,480 per year ($65,160 in the year you reach full retirement age). After full retirement age, earnings no longer reduce your benefit.

Q: How much more will I get if I wait until age 70 to claim Social Security?

A: Delayed retirement credits increase your benefit by about 8% for each year you wait past full retirement age, up until 70. Waiting the full three years from full retirement age to 70 can raise your monthly check by roughly 24% — a difference that lasts for life.

Q: Does my health affect when I should claim Social Security?

A: Health matters. If you're healthy with a family history of longevity, waiting to claim can pay off since you'll collect the higher benefit over more years. If you have a serious health condition, claiming earlier may make more sense for your situation.



Q: Can a Fixed Index Annuity help me delay taking Social Security?

A: A Fixed Index Annuity that includes an income rider can provide income payments in retirement, which may make it easier to delay claiming Social Security so your benefit keeps growing until age 70. A financial professional can help you weigh the two together.