Social Security Timing: When to Claim for Most Income

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Claiming Social Security at the wrong time can cost you tens of thousands of dollars. Learn the strategies that maximize your lifetime benefit based on your situation. Related Articles Social Security Raising Retirement Age Bridging The Gap Social Security Full Retirement Age Suze Ormans Social Security Insights For 2025 Retirement Claiming Social Security Early Cost Key Takeaways Claiming Social Security early can significantly reduce your lifetime benefits. Delaying benefits can increase your monthly payments, maximizing your retirement income. Consider your health and life expectancy when deciding when to claim. Utilize retirement calculators to evaluate your optimal claiming strategy. Consult a SafeMoney certified advisor for personalized retirement planning advice. Quick Answer Claiming Social Security at 62 instead of 70 can significantly impact your lifetime income, potentially costing over $100,000. Delaying your claim increases your benefit by 6–8% annually, with a 76% higher monthly check at age 70 compared to age 62. Consider health, other income, and marital status when deciding. SafeMoney Editorial Team  |  Reviewed by Licensed Financial Professionals  |  Updated Regularly Understanding Social Security Timing Social Security is a cornerstone of retirement income for many Americans, providing a reliable source of guaranteed, inflation-adjusted income. The timing of when you claim your Social Security benefits can significantly affect your financial well-being in retirement. Claiming at the optimal time can mean the difference between financial security and financial strain. Eligibility and Full Retirement Age You can begin receiving Social Security benefits as early as age 62, but doing so will reduce your monthly benefit. Full Retirement Age (FRA) is the age at which you can receive your full benefit, which is 67 for those born in 1960 or later. Claiming before FRA results in a permanent reduction, while delaying past FRA up to age 70 increases your benefit by 8% per year. Birth Year Full Retirement Age 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 or later 67 Impact of Claiming Age on Benefits Your claiming age directly affects your monthly Social Security benefit. For e