Three Key Questions to Ask Before Claiming Social Security
For most Americans, Social Security is more than just a government program—it’s a cornerstone of retirement income. But while everyone has access to it, not everyone gets the same value out of it. The timing of when you claim, whether you continue working, and how you plan your strategy can make a significant difference in the income you’ll receive for the rest of your life.
Before you file for benefits, here are three questions worth asking.
1. When Should I Start Taking Benefits?
You can begin receiving Social Security as early as age 62, but your monthly benefit will be reduced compared to waiting until your Full Retirement Age (FRA)—which is between 66 and 67 depending on your birth year. If you delay even further, benefits continue to grow until age 70.
- Start at 62: Smaller monthly checks, but income begins right away.
- Claim at FRA: You’ll receive your “full” benefit amount.
- Wait until 70: The largest monthly benefit possible.
The best choice often depends on two key factors: whether you need the income now, and how long you expect to live. Those in good health who can afford to wait may benefit from delaying, while others may prefer to start sooner.
2. Should I Keep Working While Collecting Benefits?
Many retirees choose to continue working—either for financial reasons, personal fulfillment, or both. But if you claim Social Security before your FRA, your benefits may be temporarily reduced if your earnings exceed certain limits:
- In 2025, if you’re under FRA, your benefits are reduced by $1 for every $2 you earn above $23,400.
- In the year you reach FRA, the reduction is $1 for every $3 you earn above $62,160 until the month you hit FRA.
- After FRA, you can earn as much as you’d like without any reduction.
The good news is that these reductions aren’t permanent—once you reach FRA, your benefits are recalculated, and you’ll get credit for the months when your payments were withheld.
3. How Do I Maximize My Social Security Benefit?
The simplest way to maximize your monthly check is to delay claiming until age 70. Each year you wait beyond FRA adds about 8% to your benefit amount. For married couples, coordinating claiming strategies between spouses can also add thousands of dollars in lifetime benefits.
Working longer, coordinating with your spouse, and factoring in other retirement income sources can all play into a strategy designed to get the most out of Social Security.
The Bottom Line
Social Security isn’t a one-size-fits-all decision. The right strategy depends on your health, income needs, life expectancy, and whether you plan to keep working. Because the choices you make are permanent, it’s wise to review your options carefully before filing.
As a Certified Financial Planner™, I help clients integrate Social Security into their overall retirement income plan—making sure the timing, taxes, and income strategy align with their long-term goals. If you’re approaching retirement, let’s talk about how to make the most of the benefits you’ve worked a lifetime to earn.