When Should You File for Social Security?

The age at which you file for Social Security is one of the few retirement decisions you cannot undo. Claim too early and your monthly benefit is permanently reduced, not just for a few years, but for the rest of your life and potentially for your surviving spouse. Wait too long and you may leave years of income on the table.

How Social Security Benefits Are Calculated

Before deciding when to claim, it helps to understand how your benefit is determined.

The Social Security Administration (SSA) calculates your benefit based on your 35 highest-earning years, adjusted for inflation. The resulting figure is called your Primary Insurance Amount (PIA), which is the monthly benefit you would receive if you claimed at your Full Retirement Age (FRA).

For anyone born in 1960 or later, including most people currently between 55 and 65, the Full Retirement Age is 67. Claiming before 67 permanently reduces your benefit. Claiming after 67 permanently increases it, up to age 70.

You can review your own estimated benefit by creating a free account at SSA.gov/myaccount. It shows your earnings history and projected benefit amounts at ages 62, 67, and 70.

What Happens When You Claim Early vs. Late?

What is the difference between claiming Social Security at 62 vs. 70?

The difference is significant. For someone born in 1960 or later with a Full Retirement Age of 67:

• Claiming at 62 permanently reduces your benefit by 30%.

• Claiming at 67 gives you your full benefit, 100% of your PIA.

• Claiming at 70 increases your benefit by 24% above your full amount, through what the SSA calls delayed retirement credits.

To put that in real numbers: if your full benefit at 67 would be $2,200 per month, claiming at 62 reduces it to roughly $1,540 per month, while waiting until 70 increases it to approximately $2,728 per month. That is a difference of nearly $1,200 per month, every month, for the rest of your life.

According to data published by the Social Security Administration and analyzed by RetirePro, for a person with a $2,200 full retirement age benefit who lives to 85, the lifetime difference between claiming at 62 versus waiting until 70 is $66,240. For someone who lives to 90, that gap grows to more than $137,000.

"Tens of thousands of dollars" is not an exaggeration. For most families, it is a conservative estimate.

Four Factors That Determine the Best Age to Claim

How do I decide when to file for Social Security?

There is no formula that applies to everyone, but these four factors drive most of the decision on when to file for social security. 

Your health and family longevity. If your health is excellent and your family history suggests a long life, delaying Social Security tends to pay off. If health concerns suggest a shorter life expectancy, claiming earlier may make more sense. The breakeven point, where the higher monthly benefit from waiting overtakes the smaller checks you missed, typically falls around age 80 to 82.

Your other income and savings. If you can fund the gap between 62 and 70 through retirement savings, a pension, or part-time work without drawing down assets aggressively, waiting to claim becomes more viable. If you need Social Security income to meet basic expenses, claiming earlier may be necessary regardless of the math.

Your spouse's situation. Social Security is not an individual decision for married couples. The higher earner's benefit becomes the survivor benefit when one spouse dies. If you are the higher earner and you claim early, your surviving spouse will receive a smaller benefit for the rest of their life. For couples with a significant income gap between spouses, this is often an important factor in the decision.

Your tax situation in retirement. Up to 85% of Social Security benefits can be subject to federal income tax, depending on your total income in retirement. The mix of accounts you draw from, and in what order, affects how much of your Social Security benefit is taxable and how your Medicare premiums are calculated. Coordinating your withdrawal strategy with your Social Security timing is part of a complete retirement income plan.

The Social Security and Medicare Connection

One detail that catches many retirees off guard: your Social Security decision affects your Medicare costs.

If you are already receiving Social Security when you turn 65, you will be automatically enrolled in Medicare Parts A and B, and your Part B premium will be deducted from your Social Security check. If you delay Social Security past 65, you must actively enroll in Medicare during your Initial Enrollment Period to avoid late enrollment penalties.

Additionally, your Part B premium in 2026 is based on your income from 2024. If you had a high-income year in 2024 due to a one-time event such as selling a home or taking a large retirement distribution, you may face a surcharge called IRMAA (Income-Related Monthly Adjustment Amount) on your Part B premium. Understanding this interaction in advance can help you sequence large transactions more strategically.

For more on how Medicare enrollment works and how to avoid lifetime penalties, see our guide to Medicare enrollment windows.

What About Spousal and Survivor Benefits?

Social Security includes benefits for spouses and surviving spouses that often get overlooked in the claiming decision.

A spouse who did not work, or who earned significantly less, may be eligible for a spousal benefit of up to 50% of the higher earner's full retirement benefit. This benefit is based on the higher earner's PIA, not on the lower earner's own record.

The survivor benefit is even more significant. When one spouse dies, the surviving spouse can step up to the deceased spouse's benefit if it is higher than their own. If the higher earner claimed early and locked in a reduced benefit, the survivor inherits that reduction. If the higher earner delayed to 70 and maximized their benefit, the survivor receives that larger amount for the rest of their life.

For most married couples, the Social Security claiming decision for the higher earner is as much a life insurance decision as it is a retirement income decision.

Schedule a call with the MPM team

We work with families across Toledo and northwest Ohio to build retirement income plans that coordinate Social Security timing with tax strategy, Medicare decisions, and long-term cash flow.

Sources

• Social Security Administration: Understanding the Benefits 2026 — https://www.ssa.gov/pubs/EN-05-10024.pdf 

• RetirePro: Social Security Benefits — When to Claim for Maximum Income (March 2026) — https://retirepro.io/blog/social-security-benefits-when-to-claim-2026 

• Kiplinger: What Is the Average Social Security Check by Age? (April 2026) — https://www.kiplinger.com/retirement/social-security/what-is-the-average-social-security-check-by-age 

• Motley Fool: Best Social Security Claiming Strategy in 2026 (December 2025) — https://www.fool.com/retirement/2025/12/31/best-social-security-claiming-strategy-in-2026