Social Security Planning
Make Your Social Security Decisions Part Of A Bigger Retirement Strategy
When you claim Social Security can affect your retirement income for years to come. Benefits can generally begin as early as age 62, though claiming before full retirement age reduces your monthly benefit, while waiting beyond full retirement age can increase your monthly benefit until age 70. We help you consider your options alongside your retirement income, investments, work plans, spouse, and the lifestyle you want your wealth to support.
Age 62
Earliest Claiming Age
You can begin receiving retirement benefits, but your monthly benefit will generally be lower than if you wait until full retirement age.
Full Retirement Age
Your Full Benefit
Your full retirement age depends on your year of birth. For those born in 1960 or later, full retirement age is 67.
Age 70
Maximum Delayed Credits
Waiting beyond full retirement age can increase your monthly benefit through delayed retirement credits. Benefits do not continue increasing after age 70.
What Is My Full Retirement Age?
Your full retirement age is the age at which you become eligible for your full Social Security retirement benefit. It varies based on the year you were born.
| Year of Birth | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 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 |
Your Optimal Claiming Age Is Personal
There is no single claiming age that is right for everyone. The timing that makes sense for you depends on how Social Security fits with the rest of your retirement picture.
Your Retirement Income
Consider how Social Security will work alongside your investments, pensions, savings, and other sources of retirement income, as well as when you expect to begin drawing from each.
Your Work & Retirement Timeline
If you plan to continue working while receiving Social Security before full retirement age, your earnings may temporarily affect the benefits you receive.
Your Spouse & Family
Social Security can be a household planning decision. Spousal benefits may provide up to 50% of a spouse's full retirement age benefit, while the timing of each spouse's claim can also affect survivor income later.
Make Social Security Part Of A More Coordinated Retirement Strategy
Understanding when to claim Social Security is easier when you can see how it fits alongside your retirement income, investments, other income sources, and long-term goals. Winningham Wealth Management can help you evaluate the trade-offs of claiming earlier, at full retirement age, or later, including how your decision may affect investment withdrawals and income available to a surviving spouse.
Social Security FAQs
- When can I start collecting Social Security retirement benefits?
You can generally begin collecting Social Security retirement benefits at age 62. Claiming before your full retirement age usually results in a lower monthly benefit.
- What is my full retirement age for Social Security?
Your Social Security full retirement age depends on your year of birth. It ranges from age 66 to 67, with full retirement age set at 67 for people born in 1960 or later.
- How much does Social Security increase if I wait until age 70?
Delaying Social Security beyond full retirement age can increase your monthly retirement benefit through delayed retirement credits. Those increases stop once you reach age 70.
- How do Social Security spousal benefits work?
An eligible spouse may qualify for a benefit based on the other spouse’s earnings record. The amount depends on factors including the worker’s benefit and the age at which the spouse claims.
- How do married couples coordinate Social Security benefits?
Married couples can coordinate claiming dates by considering each spouse’s retirement benefit, spousal benefits, survivor benefits, income needs, and expected retirement timeline.
- What is the best age to claim Social Security?
There is no single best age to claim Social Security for everyone. Your income needs, work plans, other retirement assets, health and longevity considerations, and benefits available to a spouse can all affect the timing.