Deciding when to claim Social Security benefits is one of the most important financial decisions you’ll make in retirement. Get it right, and you could maximize guaranteed income for the rest of your life. Get it wrong, and you might leave tens (or even hundreds) of thousands of dollars on the table.

So, when is the best time to take Social Security benefits?

The answer depends on your health, income needs, tax situation, marital status, and retirement goals—but there are clear strategies that can help you make the most informed choice.

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Social Security: Three Key Ages That Matter

Age You Claim	What You Get	Monthly Benefit (Example)	Best For
62 (Earliest age)	~70-75% of full benefit	$1,400	Those in poor health or who need income immediately
Full Retirement Age (66–67)	100% of benefit	$2,000	Balanced choice for many retirees
70 (Maximum benefit)	~124-132% of full benefit	$2,640	Those in good health who want to maximize lifetime income

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What Determines the Best Time?

Let’s break down the five biggest factors that determine the ideal time to start benefits.

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1. How Long Will You Live?

If your family has a history of longevity and you’re in good health, delaying until age 70 usually results in the highest lifetime payout. You’ll receive a bigger monthly check for every year you delay past full retirement age—an 8% boost annually.

Breakeven point: You generally come out ahead if you live past age 78–80.

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2. Do You Need the Income Now?

• If you’ve retired early and need cash flow to cover basic living expenses, claiming at 62 might be the only realistic option.
• But if you have savings or part-time income to draw from, you may want to delay and let your benefit grow.

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3. Are You Still Working?

If you take benefits before your full retirement age and earn over $22,320 (2024 limit), Social Security withholds part of your benefits—though they later adjust for it.

Still working? Best to wait.

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4. Are You Married or Widowed?

Spousal and survivor benefits add complexity—and opportunity.

• If you’re the higher earner, delaying your benefit until 70 can increase your spouse’s survivor benefit.
• In some cases, one spouse can claim early while the other delays to maximize household income.

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5. How Will It Impact Your Taxes?

Social Security is tax-friendly—but timing matters.

• Up to 85% of your benefits can be taxable depending on your total income.
• In high-tax states like California, Social Security is state tax-free.
• Delaying Social Security can create a tax window for Roth conversions or other tax-efficient strategies.

Example: Claiming early + large RMDs at 73 = higher taxes and Medicare premiums
But delaying benefits + strategic IRA withdrawals = lower taxes and higher net income later

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Real-World Example: The Lin Family

Jason (67) and Ellen (63) live in Oregon. Jason has a $2,500 monthly benefit at full retirement age; Ellen qualifies for $1,200 at hers. They’ve saved $1.1M in IRAs and recently retired.

Their planner helped them:

• Delay Jason’s benefit until 70 to boost survivor income.
• Start Ellen’s benefit at 65 to provide some steady cash flow.
• Draw from IRAs now, converting a portion to Roth while keeping taxable income low.

This gives them:
✅ Higher lifetime Social Security
✅ Lower RMDs later
✅ Lower taxes now and in the future
✅ Flexibility if one of them passes away

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⏱️ Summary: When Is the Best Time?

If You…	Consider This
Are in poor health or need income now	Claim at 62
Want flexibility and a balanced approach	Claim at Full Retirement Age
Are in good health, have other income, and want to maximize benefits	Delay until 70
Have a spouse or survivor considerations	Coordinate claiming strategies to maximize total household benefits
Are focused on tax efficiency	Delay benefits and use that time for Roth conversions or strategic withdrawals

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Final Thought: A Smart Plan Beats Guesswork

Too many people take Social Security at 62 simply because they can. But that decision locks in a permanently reduced income—and can undermine your long-term financial health.

If you take a step back and align your Social Security strategy with your income plan, tax picture, and retirement goals, you can make your benefits work harder for you—for life.

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Need help deciding when to take your benefits?

We help people build retirement income plans that coordinate:

• Social Security timing
• Tax strategy
• IRA/Roth withdrawals
• Legacy goals

Schedule a personalized strategy session and let’s determine the best time for you to claim Social Security—with confidence.

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