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It’s one of the most common questions we hear: “When should I take Social Security?”
At first glance, it sounds like a straightforward financial decision. Very quickly, it opens the door to a much deeper and more nuanced conversation—one that touches on longevity, income stability, risk tolerance, and the kind of retirement you want to live.
The truth? There’s no one-size-fits-all answer.
That’s because the biggest variable in the equation—how long you’ll live—is unknowable.
Today, we take a look at key milestone ages, explore both the financial and emotional tradeoffs, highlight common pitfalls, and help you see how this decision fits into the broader context of your retirement plan.
The Milestone Ages
When people think about Social Security, they usually zero in on three ages:
- 62 – The earliest you can start collecting benefits
- 67 – Full retirement age for most
- 70 – The age at which benefits max out if you delay
In a simple sense, the longer you wait equals a higher monthly value. While that’s true, we can’t accurately access the total value of our Social Security without knowing our “end date.” A higher monthly benefit may not cover the gap that taking your benefit 8 years earlier might have afforded.
Financial vs. Emotional Decision
From a financial standpoint, waiting until 70 may give you the biggest benefit, but in reality? When you stop earning income, there’s something powerful about turning on Social Security.
Why? Because we don’t know how long you’ll live, but we do know that money will show up.
That’s why I call it “mailbox money.” It’s consistent. It’s automatic. And unlike your portfolio, it’s not tied to market performance. So even if you haven’t optimized it for maximum lifetime benefit, turning it on gives you a stable income flow—and that matters when you’re stepping into a new season without a paycheck.
A Caution on Earning Income Before Full Retirement Age
More and more clients are retiring earlier, before the full retirement age of 67. If that’s you, and you’re still earning income (even part-time), be careful.
The income threshold is relatively low, under $30,000 per year. If you collect Social Security before full retirement age while earning income above that level, your benefits will be reduced.
That’s an easy mistake to make—and one that can cost you.
So… When Should You Take It?
Ultimately, it comes down to your specific situation. Your family health history, income needs, risk tolerance, and desired level of stability in retirement all play a role.
There’s no perfect answer, but there is clarity in knowing the tradeoffs. If you’re not sure what makes sense for you, have the conversation. Get clear on your income sources, how long you plan to work, and what kind of retirement lifestyle you’re building toward.
Social Security may be just one piece of the puzzle, but it’s a foundational one. Want to talk through the timing for yourself or a loved one? It’s one of the most common questions we get—and we’re always glad to help people think it through with real numbers and real-life context.