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When should you start taking Social Security? Not as early as some say

USASunday, June 28, 2026

For decades, the conventional wisdom has dictated that retirees should claim Social Security benefits as soon as they turn 62—the earliest possible age. But according to financial experts, this could be a costly mistake with lifelong consequences.

Here’s why:

The Math Behind the Mistake

When you claim Social Security before your full retirement age (FRA) of 67, your monthly benefit is permanently reduced. For those born after 1960, claiming at 62 locks in only 70% of what you’d receive at 67.

Consider two hypothetical retirees, both eligible for $2,000 per month at 67:

  • Early Claimant (62): Receives $1,400/month—a $6,000 annual loss compared to waiting.
  • Delayed Claimant (70): Even if benefits drop 20% by 2032, they still net $1,600/month—$3,600 more per year than the early filer.

The numbers don’t lie: Waiting pays.

The Fear Factor: Will Social Security Run Out?

Headlines about Social Security’s 2032 funding shortfall have sent some retirees rushing to claim early, fearing benefits could vanish. But here’s the reality:

  • Even with a 20% reduction, delaying still yields higher lifetime earnings.
  • The break-even point (when delayed benefits surpass early ones) often arrives by 78–80.
  • For those with longevity on their side, waiting until 70 maximizes payouts.

Delayed claiming isn’t just about personal gain—it’s about financial resilience.

When Early Claiming Does Make Sense

Not everyone should wait. Exceptions include:

✔ Those in poor health (projected lifespan below average). ✔ Individuals who genuinely need the income to cover essentials. ✔ Married couples where one partner expects higher survivor benefits.

For most others, patience is a financial virtue.

The Bottom Line: Delay or Regret?

Social Security is not a race—it’s a strategic decision. Claiming early means accepting permanent reductions. Waiting (up to 70) maximizes benefits, offering higher monthly checks and greater financial security.

Before you file, do the math. Your future self may thank you.

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