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Deciding when to collect Social Security — whether early, at full retirement age, or age 70 — is a high-stakes decision. Your choice has a lasting impact on your retirement cash flow, your lifestyle, and your family’s financial security.
Sure, you have up to a year to change your mind, but after that, your decision is essentially etched in stone for life. It doesn’t help that the rules and combinations surrounding Social Security can get complicated; at last check, there are hundreds of different claiming paths you can employ.
“Social Security comes up a lot for my clients,” says Cindy Wilson, a senior wealth advisor at HB Wealth. “There is never a standard answer since your life situation, assets saved and goals are all different.”
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While you can start collecting benefits early at age 62, doing so means an up to 30% reduction in lifetime benefits. If you were born in 1960 or later, you have to wait until age 67 to hit your full retirement age (FRA) and receive your full amount. For every year you delay until age 70, your benefit grows by an extra 8%.
That timing significantly impacts your monthly check. For example, take the 2026 average Social Security benefit of $2,071 for someone with a full retirement age of 67. If you claim at 62, you would receive $1,450 a month. Wait until your full retirement age, and that increases to $2,071. Hold out until 70, and the check jumps to $2,568 a month.
But there is more to this decision than just the monthly amount. Your longevity, cash flow needs and the impact on your family all come into play. That’s why it’s vital to weigh every factor before committing.
With that in mind, here are three questions to ask yourself before deciding when to begin collecting Social Security.
1. Does longevity run in my family?
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Nobody knows for sure how long they will live, but when it comes to deciding when to begin collecting Social Security benefits, it’s a big factor to consider.
That’s why Denny Artache, president and CEO of Artache Financial Group, says whether or not longevity runs in your family is one of the first questions you need to ask yourself. After all, if you begin collecting benefits at 62 and live to 90, you may have benefited from a bigger monthly payout.
But if you wait until your full retirement age of 67 and die a year later, you’ll never reach your break-even point. That occurs when the cumulative amount of the higher monthly checks you receive by waiting finally exceeds the total amount you would have collected by starting early.
“I have some people who come to my workshops and say what if I die in a year or two. If that is your mindset, then go ahead and take it (early),” says Artache. “But if you do live into your 80s and possibly 90s, it could mean a difference of six figures in benefits you are collecting.”
That’s why longevity is so important. If your family has a history of living long, you may want to consider delaying until at least your full retirement age or even later. If your family history points toward a shorter lifespan and/or your health is failing or compromised, you may want to begin collecting earlier.
While there is no hard and fast rule to determine if there is longevity in your family, you can gauge it in part by looking at your ancestral lifespan, or the age at which multiple family members lived. Having a great aunt who lived to 95 is great, but having multiple relatives who lived past 90 is a stronger indicator of longevity.
The age at which family members fell ill, your inherited trends in blood pressure and cholesterol, and their specific lifestyles can all provide clues about your own health trajectory. However, keep in mind that genetics doesn’t paint the whole picture — your daily habits have a direct impact on your longevity.
2. Do I need the money now, or can I wait?
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Cash flow is a big consideration in retirement. When the paychecks stop, unless you have a pension, you have to rely on your savings and your Social Security to get by for what could be 30 years of retirement.
That’s why Isabel Barrow, executive director of financial planning at Edelman Financial Engines, says the next question you need to ask yourself is: Do you need the money right away, or can you wait?
“If you don’t have enough money to cover your expenses and you have to use Social Security to pay for Medicare or pay for food,” then taking it earlier is more important than waiting for a bigger payout, she says.
But if you can hold off and tap other sources without getting into debt or selling investments in a down market, it may be more advantageous.
Keep in mind that Social Security has a cost-of-living adjustment, which isn’t true of many pensions and investments. That’s why Artache says it may be better, depending on your retirement savings and longevity picture, to delay Social Security and live off the investments first.
Some people who don’t need the money will elect to take Social Security as soon as possible out of fear that it will run out of money. They don’t care if it means a smaller payout; they just want their fair share.
While it’s true that the Old-Age and Survivors Insurance Trust Fund, which pays Social Security benefits, is projected to run out of money in the first quarter of 2032, it won’t go bankrupt. If nothing is done by then, benefits would be cut by 23%, and beneficiaries would receive 77% of their benefits.
3. What impact will my claiming decision have on family members?
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If you are married, when to collect Social Security benefits isn’t an individual decision. After all, the timing will impact how much your spouse receives when you pass.
If you wait until at least your full retirement age, that guarantees your spouse will have a bigger check than if you take it before that. That is why the third question to ask yourself is: What impact will my claiming strategy have on family members?
Wilson says it’s common for the spouse with the bigger check to delay collecting Social Security benefits, while the other spouse begins receiving payments. That ensures a bigger benefit for the surviving spouse.
Another consideration, says Wilson, is the impact collecting will have on your legacy. If you delay and have to spend more of your assets while you wait for a bigger check, are you ok with depleting your retirement savings and reducing the amount that gets passed on to heirs? “For some people, it’s not worth delaying. They want to leave a bigger pot for their family,” she says.
Whether or not you will work in retirement is yet another factor. If you are under your full retirement age and earn more than $24,480 in 2026, the Social Security Administration will temporarily withhold $1 for every $2 you earn above that limit.
Additionally, you must consider the tax bite. If your combined income, including Social Security, exceeds certain thresholds, up to 85% of your benefits may be subject to federal income tax.
Working while collecting benefits can also potentially trigger higher Medicare premiums (IRMAA) if your total income crosses specific levels. All of this will have an impact on your family.
Get help if you are unsure
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Deciding when to claim can be complicated, which is why Barrow says to seek help from a financial adviser or the Social Security Administration before making a final decision. There are also online calculators, tools and software that can help with the decision.
You can contact a Social Security office to get answers to your questions, whether in person or on the phone. Keep in mind that while staff can explain the rules and provide your specific benefit numbers, they are prohibited from telling you when you should claim. Ultimately, that decision is yours to make.
“It can be really costly to make a mistake because once you decide and start taking Social Security, that decision in many cases is irreversible,” says Barrow. “Usually, people decide without all the information. Do not go this alone.”
Editor’s note: This article is part of an ongoing series looking at three questions to ask yourself before making a major financial or lifestyle decision. The other stories in the series are: 3 Questions to Ask Before Deciding if a Roth Conversion Is Right for You, 3 Questions That Reveal If You’re Actually Ready to Age in Place, 3 Questions That Determine If You’re Actually Ready to Retire Early, 3 Questions to Ensure Your Retirement Nest Egg Is Inflation-Proof and 3 Questions to Ask Before Unretiring.