Retirement · July 14, 2026 · 2 min read
When should you claim Social Security?
Claiming at 62 feels safe. Waiting until 70 feels impossible. The right answer is usually neither — and it is almost never a decision you should make alone.
Every week someone asks us the same question, usually phrased the same way: "Should I just take it at 62?"
It is a fair question. The money is there, the checks are real, and nobody wants to leave something on the table by waiting too long. But Social Security is one of the few financial decisions you make exactly once, and then live inside for the rest of your life.
The arithmetic nobody explains
Your full retirement age is 67 if you were born in 1960 or later. Claim then, and you receive precisely what you earned — what the government calls your Primary Insurance Amount.
- Claim at 62 and that check is permanently reduced by up to 30%
- Wait past full retirement age and it grows by about 8% per year until 70
- A check claimed at 70 can be roughly 77% larger than the same check claimed at 62
That 8% is guaranteed and comes on top of inflation adjustments. There are not many guaranteed 8% returns available to a retiree.
Why break-even math misleads people
The usual advice is to find your break-even age — the point where waiting pays off — and decide from there. It typically lands somewhere in the early eighties.
But break-even analysis quietly assumes you are the only person who matters. For a married couple, the larger earner's decision sets the survivor benefit. When one spouse dies, the household keeps the larger of the two checks, not both.
Delaying the higher earner's claim is not really a bet on your own longevity. It is insurance on the survivor's income — often for a spouse who will live years longer.
What actually should drive the decision
- Health and family history. Honest answers matter more than optimistic ones.
- Whether you are still working. Earnings before full retirement age can temporarily withhold benefits.
- Your other income. If delaying means draining retirement accounts in a bad market, the math changes.
- Your spouse. Almost always the most overlooked factor.
The honest summary
There is no universally correct claiming age. There is a correct claiming age for your household, and finding it takes about an hour with someone who will run the numbers both ways in front of you.
If you are within five years of claiming, that hour is worth taking. We do not charge for it.
This article is educational and is not individualized financial, tax, or legal advice. Please speak with a licensed professional about your own situation.
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