Few things disrupt your retirement plans quite like your investments nosediving just as you were about to quit your job. It can leave you unsure about what to do next and whether you can still afford to retire as planned.

You might think about taking Social Security earlier than you'd initially wanted to so you can boost your monthly income. This could be the right choice for some, but it's important to weigh the pros and cons before you fill out your application.

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Advantages and disadvantages of claiming Social Security early

Claiming Social Security early can seem like a wise move when the stock market is volatile. You'll have monthly benefits coming in, which can reduce how much you need to withdraw from your retirement savings. This way, more of your money can remain invested until the stock market recovers, and you don't have to make too many sacrifices in the present.

The trade-off is that when you apply for Social Security early, you permanently reduce the size of your checks. Signing up at 62 shrinks your benefit by up to 30%. That's enough to knock the average $2,081 monthly retirement benefit as of April 2026 to about $1,457 per month. Over 20 years, that's a loss of nearly $150,000.

Realistically, you'd lose even more because you'd also shrink the future cost-of-living adjustments (COLAs) you'd qualify for. These are percentages, so the larger your benefits are now, the larger your COLAs will be by dollar value.

But delaying Social Security has its risks, too. If you try to get by on personal savings alone, you may have to sell more of your investments than you expected to. This can force you to drain your savings faster than anticipated, increasing your risk of running out of money prematurely.

Why you may want to delay retirement instead

You must make sure you're comfortable with the trade-off of applying for Social Security early before you go ahead. If you're not, look for other ways you can cover your costs while you wait for your investments to rebound. You could push back your retirement date, for example, so that you can leave your investments untouched and live off your salary in the meantime.

This move enables your investments to continue growing while helping you avoid a steep reduction in your Social Security benefits. Even waiting a few months could be enough to make a noticeable change to your portfolio and your future retirement benefits.