As the new year starts, you may be considering your retirement plans. And a key part of those plans centers around when you should claim Social Security.
While Social Security shouldn't be your sole source of income, that doesn't mean it isn't an important source. In fact, because of built-in protections against inflation and because your benefits can't run out while you're still alive, it makes good sense to carefully consider how to optimize your benefits.
This can be a tougher choice than it seems. You have a range of ages when you can claim benefits since you become eligible for them at 62, but you may decide to delay as long as age 70. Your choice about when to start your checks within this eight-year window will impact both the monthly benefits available to you and lifetime benefits, so it's worth pondering the optimum age for you.
If you're nearing retirement age, here are some tips on how to figure out what that age is in 2026.
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Consider the data
One of the first things to know is that research has repeatedly revealed that 70 is the best age for the majority of retirees to maximize their lifetime Social Security benefits.
Waiting until 70 allows you to max out delayed retirement credits available once you have reached full retirement age (FRA). Those credits can increase your standard benefits by as much as 24% if your FRA is 67 and you delay your benefits claim until 70.
In theory, those increases shouldn't result in you receiving more benefits. When Social Security was designed, a system of early filing penalties and delayed retirement credits was created to equalize the amount of lifetime income early filers and late claimers collected. With those who claimed early getting a larger number of smaller checks and those who claimed late getting a smaller number of larger checks, the goal was for everyone to get around the same amount of lifetime benefits.
However, as life expectancies have gotten longer, no adjustments were made to the penalties and credits that were in place. As a result, studies have repeatedly confirmed that the majority of retirees now live long enough that they do better than breaking even when they pass up some payments by delaying their claim. So, all things being equal, waiting until 70 gives you the best odds of optimizing your benefits.
Think about your spouse
If you're married, there's more to consider as you develop your Social Security claiming strategy. That's because:
- Spousal benefits are available that could equal up to 50% of the primary earner's standard benefit
- Survivor benefits allow the surviving spouse to keep the higher of the two benefits coming into the household
Given both of these factors, it often makes sense for the lower earner to claim Social Security early to provide some financial support for the household to supplement distributions from retirement plans like 401(k) accounts, while allowing the higher earner to put off claiming Social Security for as long as possible.
Once the higher earner claims benefits, it can open up the door to spousal benefits, so it doesn't matter as much that the lower earner shrank their own retirement checks. It also locks in more money for the last surviving spouse. This strategy can be especially good when one spouse earns much more than the other.
Evaluate your health status
Finally, the last key thing to consider is your health status.
If you're in poor health and aren't married or you earn less than your spouse, claiming early could be the best approach since there are higher odds you won't live long enough to break even if you delay your benefits claim. On the other hand, if you're in poor health and you expect your spouse to need survivor benefits to make ends meet, then a delayed benefit claim could be best.
By considering all these different issues, you can make the Social Security claiming choice that makes the most sense in 2026. These strategies are time-tested, and they can help you ensure that you make the most of these important benefits.
