I’m overwhelmed by conflicting advice on when to claim Social Security. Should I take it early at 62, wait for full retirement age, or delay until 70?

Question

Melanie McCloud · Accepted Answer

When considering taking social security well before full retirement age, keep in mind that social security (SS) will reduce $1 for every $2 you earn above a certain dollar amount. If you are under full retirement age for the entire year, the earnings limit for 2025 is $23,400. If you are reaching full retirement age in 2025, the limit is $62,160, but this only applies until the month you reach full retirement age.

In addition, if you meet the income guidelines above, you may not have employment provided health insurance and be dependent on coverage through the health insurance marketplace, which is based on your income. When you take social security, that is more income you will have to report on your application, making your monthly premium even higher. This is because social security benefits, both taxable and non-taxable, are considered income when determining eligibility for subsidies and premium tax credits through the Health Insurance Marketplace. This includes social security retirement, disability (SSDI), and survivor benefits. When calculating your Modified Adjusted Gross Income (MAGI)

Lt Col Tim Brown · Answer

I'm not a CPA so I would start by saying, talk to your tax advisor on the when. Me personally, I'm still working and going to wait to 66 and 10 months so I can collect social security, work and not get penalized for making "too much". Hope that helps.

Answered by Lt Col Tim Brown on May 12, 2025

Broker Licensed in TN, AL, CO & 10 other states

Answered by Lt Col Tim Brown Medicare Insurance Agent

Bill Wheeler · Answer

It depends on your need and financial health at 62.  But do understand, it will give a lower benefit than waiting till 70.

Misty Bolt · Answer

The decision of when to start claiming Social Security is a personal one, but generally, waiting until your full retirement age (currently 67) or even delaying until age 70 can lead to a larger monthly benefit. However, early claiming at 62 results in a smaller, but potentially long-term, benefit. 
Here's a breakdown to help you decide:
1. Full Retirement Age (67):
Benefit:
This is your "baseline" benefit, the full amount you're entitled to based on your work history.
Recommendation:
This is a good starting point to consider, as it balances potential lifetime income with a reasonable level of monthly payments. 
2. Delaying to 70:
Benefit:
You'll receive "delayed retirement credits," increasing your monthly benefit by about 8% per year, for each year you wait beyond your full retirement age.
Recommendation:
This option is best for those who believe they will live a long time and want the highest possible monthly benefit in the long run. 
3. Claiming Early at 62:
Benefit:
You'll receive a reduced monthly benefit, but you'll start receiving payments sooner. 
Recommendation:
This might be a good option if you need the money sooner for immediate financial needs, if your health is a concern, or if you think you'll have a shorter life expectancy. 
Factors to consider:
Your life expectancy: If you anticipate a longer life, delaying can be advantageous. 
Your current financial situation: Do you need the money now or are you comfortable waiting? 
Your health: If you have health concerns, claiming early might make sense. 
Other retirement assets: If you have other retirement savings, you may be able to delay Social Security for a larger monthly benefit. 
Your work history: The amount of your Social Security benefit is based on your earnings history. 
In short:
Delaying to 70: The highest potential monthly benefit, but you'll receive it for fewer years.
Full Retirement Age (67): A good balance between a reasonable monthly benefit and lifetime income.
Claiming at 62: A smaller m

Anthony Castelluccio · Answer

Most people try to wait until full retirement age to collect their social security. There are certain circumstances that would sway me to take it earlier than full retirement age. If I really need the money to live or to help cover the essentials, then I'm starting earlier. The other reason would be if my health is not the best and I know that most likely I will not live past 80, then I would start collecting social security sooner than later.

Answered by Anthony Castelluccio on May 10, 2025

Agent Licensed in PA, DE, MD, NJ & VA

Answered by Anthony Castelluccio Medicare Insurance Agent

Esther Miller · Answer

I am a Medicare Insurance agent specialist, not a financial advisor. Your best advise would come from speaking directly to Social Security or your own licensed financial advisor who can tell you the pros and cons of when to start collecting your Social Security.

Answered by Esther Miller on June 16, 2025

Agent Licensed in WA

Answered by Esther Miller Medicare Insurance Agent

Steven Bleicher · Answer

It’s impossible for another to answer that question. Here’s why: We all are genetically programmed to become a healthy adult or not. You can assist in maintaining good health with exercise, 
a lack of stress and resisting smoking. The other side of the coin is: Medicare has established that “FRA” aka your Full Retirement Age is around the age of 67. This is when you receive your maximum entitlement benefits. For every year you take the money before that age, you lose 8%. And contrary to that, the longer you hold off from taking it, you get 8% more!  So it can be decided upon how much you  truly need that $$ or not? However, if you wait too long, if you perish in a car accident, then that $$ is lost! That’s why you need to see my 1st sentence above.

Diana Garner · Answer

My question to you would be, "Would you rather draw your benefit longer or would you rather draw a larger amount?"

Drawing early at 62 may allow you to draw your benefit longer than if you waited until 70 to start drawing it, but the amount would be lower.  If you delay drawing until age 70, your monthly benefit payment will be higher.

Steven Lovell · Answer

There are a lot of factors that determine whether you should take social security early or try and wait to full retirement age or to age 70. This really is a conversation you should have with a Retirement Planner such as myself. We can help run a social security optimization for you. Once you turn on social security, it will stay that amount for the rest of your life and will never increase. So the longer you can hold out, the greater that check will be. II'd be happy show you that. [email protected]

Answered by Steven Lovell on May 10, 2025

Broker Licensed in GA, CA, FL & 7 other states

Answered by Steven Lovell Medicare Insurance Agent

Joyce Joneschiet · Answer

I think it depends on your needs at the time. If you can wait until your full retirement date, I would advise doing that, as you will get a higher benefit. Otherwise, if you continue working after 62, Social Security can lower your benefit depending on how much your income is. Ultimately, waiting until 70 gets you the highest benefit. If you can wait comfortably, I would definitely advise waiting as long as possible.

Answered by Joyce Joneschiet on July 2, 2025

Broker Licensed in WA, AZ, CA & 7 other states

Answered by Joyce Joneschiet Medicare Insurance Agent

Fred Manas · Answer

The decision of when to start collecting Social Security benefits, whether at 62, full retirement age (around 67), or 70, involves weighing the benefits of higher lifetime income against the immediate need for income. Claiming early at 62 will result in a reduced, but guaranteed, monthly payment for a longer period, while delaying until 70 will yield a larger monthly payment for a shorter period. Ultimately, the best strategy depends on individual circumstances and priorities. 
Elaboration:
Early Claiming (Age 62):
.
Taking benefits at 62 means you'll receive a reduced benefit, but you'll also receive it for potentially longer if you live a long life. This can be beneficial if you have immediate financial needs or a shorter life expectancy. 
Full Retirement Age (Around 67):
.
This is the age at which you're entitled to the full, unreduced retirement benefit based on your earnings record. 
Delayed Claiming (Age 70):
.
Delaying until 70 will result in the highest possible monthly benefit due to delayed retirement credits, but you'll also receive it for a shorter period. 
Factors to Consider:
Life Expectancy:
.
If you believe you'll live longer than average, delaying your claim until age 70 may be more advantageous due to the higher monthly benefit. 
Health:
.
If you have health issues or expect a shorter life expectancy, claiming early might be preferable. 
Financial Needs:
If you have immediate financial needs or need income to cover expenses, claiming early might be necessary. 
Other Retirement Assets:
If you have sufficient investments or other retirement savings, you may be able to delay claiming Social Security and let your investments grow. 
Tax Implications: 
Social Security benefits are subject to federal income tax, and the amount of tax you pay can vary based on your other income. 
Medicare: 
Remember that Medicare eligibility begins at age 65, so if you claim Social Security early, you'll need to cover health insurance costs until then.

Vachik Chakhbazian · Answer

Taking it early at 62 results in a reduced monthly payment, while waiting until 70 guarantees the highest possible monthly payout. The best approach depends on individual circumstances, including health, financial situation, and life expectancy

Answered by Vachik Chakhbazian on May 18, 2025

Agent Licensed in CA, AL, AR & 22 other states

Answered by Vachik Chakhbazian Medicare Insurance Agent

Steve Brauer · Answer

This answer is provided in a video format. Watch the agent's video response here: https://medicareagentshub.com/questions/when-to-claim-social-security#steve-brauer

Marcie Barnes · Answer

When you decide to take your social security benefits is a personal decision.  I have watched some good YouTube videos that advise one thing or another.

I personally would take it as early as possible.  Since SSI provides regular Cost Of Living Raises, by the time you reach age 70 you will be collecting the "full" amount you would have gotten.

Suzanne Lamperti · Answer

That depends on your personal financial well-being. Anything claimed before full retirement age is a permanent cut in benefits. It doesn't go up at full retirement age.

Jack Mayer · Answer

That is a question only you can answer. Take time to evaluate your decisions because if you wait you will earn more and if you don't perhaps its best if you are struggling financially.

Gary Haft · Answer

It all depends on your working status. If you are still working, even in a tight budget, if you take your Social Security early at age 62, you will get approximately 25%-30% less and for the rest of your life with the lower amount AND you will have to pay back money if you earn over the threshold working prior to your full retirement age (FRA). Once you make it to your FRA, then you can earn as much as you want. If you delay to age 70, for each full year above your FRA (Let's assume your FRA is 67), then you will get an additional 8% per year for three years, that's 24% more income. It is up to you. I personally waited to age 70 to get 32% more as my FRA was age 66.

Answered by Gary Haft on May 26, 2025

Agent Licensed in FL, AL, DC & 9 other states

Answered by Gary Haft Medicare Insurance Agent

Karen Ansell · Answer

I can understand why you think you are getting conflicting advise. there are multiple factors why to draw early or wait. And they all depend on you.
1. are you continuing to work. if so this can effect the amount you will draw or may put you in a higher tax bracket.
2. Look at your overall financial situation.
3. If married can effect your spouses benefits when you pass away.
4. if you are in poor health or may have a shorter than average life expectancy it may be better to draw early.
and more...
Taking Social Security at 62 instead of waiting to full retirement for example 67 can reduce your monthly benefit by 30%.

Break-Even Age:
The break-even age is when the cumulative benefits received from claiming at full retirement age (or later) surpass the cumulative benefits received from claiming at 62. For most people, this is around age 78 or later.

I advise to speak to  a financial advisor can help you assess your specific situation and make an informed decision.

Glenn Alterman · Answer

Every one is different so only you can decide. Certainly there is much lower amount at 62 then at 70’

Douglas Carney · Answer

I often hear clients grapple with Social Security timing, and the best choice depends on your health, finances, and goals. Claiming at 62 gives you immediate income but reduces your monthly benefit by up to 30% for life. Great, if you need cash now or have health concerns. Waiting until full retirement age (67 for those born in 1960 or later) secures your full benefit, balancing income and longevity. Delaying until 70 boosts your benefit by 8% annually (up to 24% more), ideal if you’re healthy, can afford to wait, and want maximum lifetime payouts. Consider your savings, work status, and life expectancy: if you’re short on funds, 62 may be necessary; if you’re secure, delaying pays off.

Answered by Douglas Carney on May 10, 2025

Broker Licensed in FL, GA, NC, OK & TX

Answered by Douglas Carney Medicare Insurance Agent

Lyle Affleck · Answer

This is a question whose answer is different for every individual and is something better suited to ask a trusted financial advisor; not an insurance agent. In general, however, the longer an individual waits to collect their Social Security benefits, the higher the monthly payout becomes.

Answered by Lyle Affleck on July 28, 2025

Agent Licensed in UT, CO, FL & 8 other states

Answered by Lyle Affleck Medicare Insurance Agent

Adriana De la Cruz · Answer

That's a really common question, and it's definitely a big decision! Generally, if you claim early at 62, your monthly payments will be lower, but you'll receive them for a longer period. Waiting until your full retirement age means you'll get your standard benefit amount. If you delay until 70, your payments will be even higher. The best choice really depends on your individual circumstances, like your health, financial needs, and when you expect to retire.

Answered by Adriana De la Cruz on May 23, 2025

Broker Licensed in TX, AZ, CA & NM

Answered by Adriana De la Cruz Medicare Insurance Agent

Dina Todd · Answer

Generally speaking, the later you wait to start collecting social security, the more your monthly payments will be. The only thing you should factor in to change when you start collecting social security is your health status.

Answered by Dina Todd on June 29, 2025

Broker Licensed in NC

Answered by Dina Todd Medicare Insurance Agent

I’m overwhelmed by conflicting advice on when to claim Social Security. Should I take it early at 62, wait for full retirement age, or delay until 70?

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I’m overwhelmed by conflicting advice on when to claim Social Security. Should I take it early at 62, wait for full retirement age, or delay until 70?

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