The age you begin taking Social Security will have a lifelong impact on the amount you receive each month. Filing as early as possible at age 62 will reduce your payments by up to 30%, while delaying past your full retirement age will earn you a bonus on top of your full benefit.
At first glance, it may seem like waiting until age 70 is the best choice, as it will maximize your monthly payments. While that can be a smart move for some people, there are two important reasons I plan to take Social Security as early as I can.
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1. I want to retire earlier
You're not required to take Social Security as soon as you retire. However, taking benefits when you leave your job can be financially beneficial over the long run.
If you retire early and then delay benefits until age 70, you'll need to rely solely on savings or other sources of income in the time in between. While that's not necessarily a bad thing, it does risk depleting your retirement fund more quickly than expected.
This could be even more risky if benefit cuts are on the horizon. According to a report from the Social Security Administration Board of Trustees published in 2025, the program's two trust funds are expected to run out by 2034. If nothing changes between now and then, the program would only be able to pay out an estimated 81% of scheduled benefits -- meaning payments could be slashed by nearly 20%.
Delaying benefits until age 70 will result in larger monthly payments, which can take some of the sting out of potential benefit cuts. That said, one of the best ways to protect yourself against Social Security's instability is to rely more heavily on personal savings or other income sources. If you plan to retire early, taking benefits at the same time can help preserve your retirement fund.
2. I don't want to bet on my longevity
Filing earlier will result in smaller checks, but more of them over a lifetime. Delaying benefits, on the other hand, will earn you larger payments, but fewer in total. Social Security is designed this way so that, in theory, you should collect the same amount in total regardless of when you file -- as long as you live an average lifespan.
Of course, none of us can say how long we'll live. But health issues can pop up unexpectedly sometimes, and if you're delaying benefits until 70, you're essentially betting that you'll live at least an average lifespan, if not longer.
While this is a highly personal choice, I prefer to avoid betting on my longevity. If I do end up living well into my 80s or beyond, I may receive less in total by filing early. But if I delay benefits and then only have a couple of years to enjoy my retirement before health issues take a toll, I will probably regret waiting so long to take Social Security.
When it's smart to delay Social Security
There's no single right choice for everyone when it comes to your claiming decision, and while I plan to take benefits sooner rather than later, that doesn't mean it's the best move for everyone.
The biggest advantage of delaying benefits is the monthly income boost. For those who have little to no personal savings, the difference between what you'd receive at age 70 compared to 62 can be life-changing.
For example, the average retired worker receives around $1,342 per month in benefits at age 62, according to 2024 data from the Social Security Administration. At age 70, the average benefit is around $2,148 per month, a difference of roughly $806 per month. For those who don't have much income outside of Social Security in retirement, that extra cash can go a long way.
Choosing the right age to take Social Security can be challenging, as there's no one-size-fits-all answer. But I plan to take benefits long before age 70, and weighing the pros and cons of all of your options can make it a little easier to decide on the best age for your unique situation.
