When Should You Take Social Security? It Depends More Than You Think

What You Need to Know Before Filing for Benefits

As of age 62, you become eligible to claim Social Security retirement benefits—but that doesn’t mean you should claim them right away.

Deciding when to take Social Security is one of the most important financial decisions you’ll make in retirement. The right choice depends on your income needs, your health and longevity, and the rest of your retirement plan.

Here’s a breakdown of what you need to know.

The Basics

If you worked and paid into Social Security for at least 10 years, you’ve earned the right to collect retirement benefits—called your Primary Insurance Amount (PIA)—once you reach your Full Retirement Age (FRA).

• Your FRA depends on your year of birth and falls between ages 66 and 67.
• If you wait until your FRA to claim, you’ll receive 100% of your PIA.
• In 2025, the maximum monthly benefit at FRA is $4,018.

Claiming Early vs. Waiting

You can claim as early as age 62, but there’s a catch:

• If your FRA is 67, and you start at 62, your benefits are reduced to 70% of your PIA.
• If you delay benefits beyond your FRA, they increase by 8% per year until age 70.
  ➤ At age 70, you’d receive 124% of your PIA.

The trade-off?
An early claimer receives more years of benefits, but each check is smaller.
A later claimer receives fewer years of benefits, but each check is significantly larger.

So, When Should You File?

It’s a personal, and complex decision.

Here are three key questions we’ll explore together:

1. At what age will you need Social Security to support your lifestyle?
   ➤ Are you retiring early, or do you have other income sources to bridge the gap?
2. What is your realistic life expectancy?
   ➤ This isn’t fun to think about, but it’s crucial. If you live into your 90s, delaying could be more rewarding over time.
3. What return can you reasonably earn on your investments in the meantime?
   ➤ If your investments can outpace the 8% Social Security grows annually, that might impact your timing strategy.

There’s no one-size-fits-all answer, but there is a strategy that fits your unique goals.

📅 Next Steps

I recommend we start working through this decision well before you’re ready to file. That way, we can make an informed plan with confidence.

In the meantime:

• ✅ Visit your Social Security account to view your personal benefit estimates: www.ssa.gov/myaccount
• ✅ Use this FRA planner to see how early claiming would impact your benefits: SSA Reduction Chart

If you’re thinking about retirement or simply want clarity, let’s talk!
Schedule your planning session

Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser. Insurance products and services are offered and sold through Kingsview Trust and Insurance Services (“KTI”), by individually licensed and appointed insurance agents. KWM and KTI are subsidiaries of Kingsview Partners. KWM is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.