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    When Should You Start Collecting Social Security?

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    When Should You Start Collecting Social Security?

    Waiting to claim Social Security can mean a bigger monthly check, but nearly half of working Americans say they plan to claim benefits before reaching their full retirement age (FRA).

    According to the Schroders 2025 U.S. Retirement Survey, 44% of non-retirees expect to file for Social Security benefits before reaching age 67, the FRA for workers born in or after 1960.

    Delaying benefits until age 70 maximizes your monthly payout, but only 10% of respondents said they were going to wait until then to begin receiving Social Security.

    According to the survey, the reasons for claiming earlier included:

    • wanting access to funds as soon as possible (37%)
    • concern Social Security may run out of money (36%)
    • needing the money for regular income (34%)
    • being advised to claim Social Security earlier (15%)

    When to claim Social Security depends on a number of factors, including how much you have in personal savings and investments, and your employment and marital status when you expect to file, as well as your health and projected life expectancy.

    When should you start collecting Social Security?

    Option One: Collecting Social Security early

    Since the 1980s, the government has been slowly raising the full retirement age (FRA) at which you can collect 100% of your Social Security benefits, from 65 to 67. If you were born in 1959, your FRA is 66 and 10 months. If you were born in 1960 or later, it’s 67.

    You can begin to receive benefits starting at age 62, but you’ll only receive 70% of what you’d get at your FRA. If your FRA is 67, for example, claiming at 62 means getting $1,400 a month versus receiving $2,000 if you started at 67.

    Still, there are a number of reasons why you might want to start collecting early, including:

    • Outstanding expenses like housing, car payments or other debts.
    • You expect to have a shorter life span because of existing health issues or family history.
    • A desire to give your retirement savings more time to grow.

    Option Two: Collecting Social Security at full retirement age (FRA)

    If your full retirement age (FRA) is 67, waiting until then to file will give you about 43% more in your monthly paycheck compared to filing at 62.

    Here is a broad comparison for someone with an FRA of 67.

    This doesn’t factor in cost-of-living adjustments (COLAs), earnings after claiming, taxes, and Medicare expenses.

    Option Three: Delaying Social Security after FRA

    Waiting until after you reach FRA can be even more financially beneficial. For each year you wait (up to age 70), you collect an additional 8%.

    Someone born in 1960 who waits until 70 to apply for Social Security could earn up to 124% of their full benefits. (8% x  3 years = 124%).

    How to calculate your Social Security break-even point

    Even though your check will be bigger if you wait until age 70 to collect, you’ll be missing out on years of benefits.

    Your break-even point is the age you’d receive more in total Social Security earnings by collecting at 70 than you would by collecting early or (at FRA).  For most people, that age is between 78 and 82

    It may seem irrelevant, but knowing your break-even point can help guide your decision-making and planning around retirement. If you expect to live beyond it, delaying benefits may be a good idea because you’ll receive more over your lifetime.

    There are a few ways to calculate your break-even age, but the simplest is to divide the total benefits you’re giving up while waiting.

    For example, if your benefits are $1,400 at 62 and $2,500 at 70:

    You use this equation to determine the break-even points between any two ages from 62 to 70. For example, the break-even age for claiming at 67 vs age 62 is 79 years old. 

    Remember, your break-even ages depend on your benefit estimates at different ages. A Social Security calculator can help you realize the difference in numbers.

    A Social Security break-even calculator can give you an estimate, as well, although neither will account for COLAs, taxes, Medicare, investment returns or other external factors.

    Social Security spousal benefits

    Because of lower lifetime earnings and employment breaks during motherhood, women typically collect less than men. Social Security spousal benefits allow a married person of any gender to receive a monthly payment based on their spouse’s work record, instead of (or in addition to) their own work record.

    To receive a spousal benefit, the higher-earning spouse must have already filed for their own retirement benefit. The Social Security Administration automatically pays the higher of the benefit an individual earns on their own work record or the spousal benefit for which they qualify.

    The age you begin collecting Social Security can affect your partner’s spousal benefits. At FRA, the maximum spousal benefit is 50% of the higher-earning spouse’s full retirement age benefit (also known as the Primary Insurance Amount, or PIA). For example, if the higher earner’s full retirement age benefit is $2,000 per month, the maximum spousal benefit is $1,000, assuming the spouse claims at their own FRA.

    Claiming spousal benefits before FRA permanently reduces the benefit: Someone who claims at age 62 will receive approximately 32.5% to 35% of the higher earner’s FRA benefit, depending on their FRA.

    Delaying the higher-earning worker’s claims beyond FRA increases their benefits, but it doesn’t impact the maximum spousal benefit, which remains based on the higher earner’s FRA benefit.

    Can you still work while collecting Social Security?

    You can keep working once you start claiming Social Security benefits. Depending on how much you earn, however, your benefits may be reduced.

    In 2026: 

    How to supplement Social Security

    The average monthly Social Security retirement benefit is about $2,092 per month as of June 2026. For many retirees, that’s not enough to live on. So, growing your retirement fund with other income sources is essential.

    Retirement accounts

    If your company offers an employer-sponsored 401(k) with matching contributions, prioritize receiving the match. You can also open a traditional IRA or a Roth IRA, which have unique tax benefits and aren’t tied to your employer.

    With a traditional IRA, you invest pretax income and don’t pay taxes until you withdraw your earnings in retirement. With a Roth IRA, you invest after-tax money so their withdrawals are tax-free. That can be a boon if you anticipate being in a higher income tax bracket in retirement.

    Vanguard is a top pick for opening an IRA, with no online trading commissions for stocks and ETFs and the largest selection of mutual funds in the industry.

    Vanguard

    Pros

    Cons

    Another great option, Charles Schwab, has some of the lowest rates in the industry and offers commission-free stock options and ETFs. Schwab’s thinkorswim platform provides robust graphics and hundreds of technical charts and indicators. Access is available seamlessly on mobile, desktop and web-based interfaces.

    Charles Schwab

    Pros

    Cons

    If you want to keep things simple, robo-advisors automatically rebalance your portfolio over time by buying and selling assets. Wealthfront has a low 0.25% annual advisory fee and offers tax-loss harvesting. Betterment has no minimum balance requirement and its tax-impact tool lets you see how much you might owe the IRS before withdrawing funds

    Wealthfront

    Betterment

    Terms apply. Does not apply to crypto asset portfolios.

    Social Security FAQs

    When can I start collecting Social Security?

    You can begin collecting Social Security benefits at 62, although it will be a reduced amount until you reach full retirement age (between 66 and 67, depending on the year you were born).

    Are Social Security benefits taxable?

    Social Security payments are taxable, but whether your check is taxed depends on how much you earn: If your income is under $25,000 ($32,000 for married couples), your benefits are not taxed. If you earn between $25,000 and $34,000 as a single filer (between $32,000 and $44,000 as a married couple), up to half of your benefits can be taxed. And if you earn above $34,000 ($44,000 for married couples), up to 85% of your benefits can be taxed.

    What is the Social Security cost-of-living adjustment (COLA)?

    The COLA is the annual increase made to benefits to account for inflation. It’s based on the year-over-year activity of the Department of Labor’s Bureau of Labor Statistics’ monthly Consumer Price Index for Urban Wage Earners and Clerical Workers, which measures the prices of food, clothing, shelter, transportation, medical care, recreation, and other goods and services.

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