How to Decide When to Claim Social Security

Learn when to claim Social Security benefits based on your health, finances, and family situation for maximum lifetime value.

1. Find your full retirement age and benefit amounts. Log into ssa.gov to get your Social Security Statement. Your full retirement age (FRA) is 67 if you were born in 1960 or later, 66 and some months if born earlier. The statement shows your estimated monthly benefit at age 62 (reduced), at FRA (full amount), and at age 70 (maximum). This is your baseline for all timing decisions.
2. Calculate the break-even points. Compare total lifetime benefits between claiming early versus waiting. If you claim at 62 instead of FRA, you get about 25% less per month but 5 more years of payments. If you wait until 70, you get 32% more per month but 3 fewer years of payments. The break-even age is typically around 78-80 years old.
3. Assess your health and family longevity. If you have serious health issues or family history suggests shorter lifespan, claiming at 62 or FRA makes sense. If you're healthy with long-lived relatives, waiting until 70 maximizes lifetime benefits. Consider that the average 65-year-old lives to about 85, so most people benefit from waiting if they can afford it.
4. Check if you can afford to wait. Only delay Social Security if you have other income sources or savings to cover expenses. Working past FRA while collecting benefits reduces payments if you earn over the annual limit ($23,400 in 2026). If you're married, consider claiming strategies where the lower earner claims first while the higher earner waits until 70.
5. Factor in spousal and survivor benefits. Married couples should optimize jointly, not individually. The higher earner's decision affects survivor benefits for the remaining spouse. If one spouse dies, the survivor gets the higher of the two benefit amounts. This means the higher earner usually should wait until 70 to maximize the survivor benefit.