Social Security
When to claim Social Security, in plain English
There's no single right answer, but here's how the math works.
It's the question we hear most: "When should I start Social Security?" There's no single right answer, but here's how the math works.
- Claim at 62, the earliest age, and your monthly check is permanently reduced, about 30% less than at full retirement age.
- Full retirement age is 67 for anyone born in 1960 or later. That's your full benefit.
- Wait past full retirement age and your check grows about 8% for every year you delay, up to age 70.
A simple example: someone whose full benefit at 67 is $2,000 a month. Rounded, for illustration only. Your numbers will differ.
Waiting usually makes sense if you're healthy, have savings to live on, or are the higher earner in a marriage, since your benefit can become your spouse's survivor benefit. Claiming earlier can make sense if your health is poor or you truly need the income now.
Your next step
Create a free "my Social Security" account at ssa.gov. It shows your own estimated check at every age from 62 to 70, based on your actual earnings.
See your own numbers at ssa.gov
Short, useful notes like this are what Nest Egg Brief is about. Have a money question? Email hello@nesteggbrief.com.
The Nest Egg Brief team