Timing is Everything—When Should You Claim Social Security?
When it comes to retirement, few decisions carry as much weight as when to start your Social Security benefits. For many, Social Security isn’t just a side check—it’s a foundation of lifetime income. And while it may seem as simple as picking an age and turning the benefit “on,” the reality is that timing can make a six-figure difference over your lifetime.
The Basics: Early vs. Delayed Filing
Full Retirement Age (FRA): Depending on your birth year, this is between 66 and 67. At FRA, you receive your full benefit.
Early Claiming: You can claim as early as age 62, but your benefit will be permanently reduced. For someone with an FRA of 67, claiming at 62 means about a 30% reduction in monthly income.
Delayed Claiming: For every year you wait past FRA (up to age 70), your benefit grows by about 8%. That means waiting until 70 can increase your benefit by 24–32%.
The “Break-Even” Question
Clients often ask: “What if I wait and don’t live long enough to get the higher benefit?” That’s where the break-even age comes in. Usually, if you live into your late 70s or early 80s, waiting pays off. And given longer life expectancies, many people will cross that threshold.
Real-World Example
In one of our planning reports, a client choosing to wait until age 70 rather than claiming at 63 could add well over $300,000 in lifetime benefits. That’s not small change—it’s the difference between worrying about outliving your money and having an extra cushion.
The Big Picture
Social Security isn’t just a monthly check. It’s longevity insurance, designed to keep paying you for as long as you live. If you’re in good health or your family history suggests longevity, waiting can be one of the most powerful financial moves you make.
👉 Next Steps: Don’t guess. Every situation is different. Let’s run your personal Social Security Blueprint to see how timing could impact your retirement. Grab a spot on my calendar.
This article is for informational purposes only and not tax advice. Always consult your tax preparer for guidance specific to your situation.
LynnLeigh & Company - A Registered Investment Advisor This information is provided by LynnLeigh & Co. for general information and educational purposes based upon publicly available information from sources believed to be reliable – LynnLeigh & Co. advisors cannot assure the accuracy or completeness of these materials. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. The information in these materials may change at any time and without notice. Past performance is not a guarantee of future returns.
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