When Should You Start Taking Social Security Benefits?
One of the most important retirement decisions you’ll ever make is when to begin drawing your Social Security benefits. While you can claim as early as age 62, your monthly payment will be permanently reduced if you do. On the other hand, waiting until full retirement age—or even age 70—can significantly increase your lifetime income. So, how do you decide what’s right for you?
This decision isn’t just about age—it’s about income needs, health status, life expectancy, spousal benefits, and even your tax strategy. If you retire early and need income right away, taking benefits sooner might be necessary. But if you have other income sources or can delay for a few years, you could increase your benefit by 24% or more. Delaying from full retirement age to age 70 adds 8% per year in delayed retirement credits.
Married couples face additional planning opportunities. Coordinating spousal benefits, survivor benefits, and timing between spouses can unlock even more income. Unfortunately, many people miss out on these opportunities because they simply claim too early—or assume there’s only one right way to file.
At Diversified Insurance Brokers, we offer personalized Social Security Assessments that help you determine the best time to file based on your complete financial picture. Our advisors factor in your income needs, other retirement assets, and long-term tax implications so you can make a confident, data-driven decision.
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