When should I start Social Security?

Asked by: Osvaldo Renner  |  Last update: February 18, 2026
Score: 5/5 (28 votes)

You can start Social Security as early as 62, but your monthly benefit increases significantly the longer you wait, up to age 70; waiting provides more income for life, while claiming early offers payments sooner, so the best time depends on your finances, health, and longevity expectations, with a break-even point around age 80 often favoring delayed claiming.

What is the best age to start receiving Social Security?

The best age to take Social Security depends on your situation, but age 70 maximizes your monthly benefit, with studies suggesting it's optimal for most people, while claiming at Full Retirement Age (FRA) (around 67 for recent birth years) provides 100% of your benefit, and claiming as early as age 62 permanently reduces it but provides income sooner if needed. Waiting until 70 adds roughly 8% annually for each year past FRA, making it ideal for those who live long and can afford to wait, while 62 suits those needing immediate income, and FRA offers a balance. 

How much money will I lose if I retire at 62 instead of 65?

Retiring at 62 instead of 65 (Full Retirement Age - FRA) means you'll permanently lose 25% to 30% of your monthly Social Security benefit, depending on your birth year, plus potentially less time for your savings/pensions to grow, but it lets you start income sooner, which can be good if you have health issues or need cash immediately, though it also involves challenges like higher Medicare costs early on. 

Is $5000 a month a good retirement income?

Yes, $5,000 a month ($60,000/year) is a solid benchmark for retirement, covering the average U.S. retiree's expenses, but whether it's "good" depends on your location (cost of living), lifestyle, and whether your mortgage is paid off; it's enough for a modest lifestyle but may require supplementation with Social Security for a comfortable one, especially in high-cost areas. 

How far in advance should I apply for Social Security before I retire?

You can apply for Social Security benefits up to four months before the month you want your first payment to start, even if you're not ready to retire, allowing the Social Security Administration time to process your application so payments begin on your chosen date. Applying early ensures your paperwork is in order, but remember your first check arrives the month after you select in your application. 

When Is The Best Time To Start Collecting Social Security? - Dave Ramsey Rant

36 related questions found

What is one of the biggest mistakes people make regarding Social Security?

One of the biggest mistakes people make with Social Security is claiming benefits too early (at age 62), locking in a permanently smaller monthly check, rather than waiting until their Full Retirement Age (FRA) or even age 70 to receive significantly higher payments and larger cost-of-living adjustments (COLAs) over their lifetime. This decision permanently reduces benefits by up to 30% and forfeits substantial annual increases, creating a lasting financial shortfall. 

Is it better to retire in December or January for Social Security?

Generally, starting Social Security in January is often better than December because it can secure an extra year of work credit for higher benefits, avoid December earnings limits if you're still working, and ensure you capture any Cost-of-Living Adjustments (COLA) that start with the new year, though the best choice depends on your health, income, and retirement goals. 

What is the average super balance for a 62 year old?

At age 62, average super (retirement) balances vary, but generally fall in the range of $250,000 to over $380,000 for men, and $180,000 to over $300,000 for women, with median figures often lower, around $150,000-$200,000 for the 60-64 age bracket, showing a wide spread based on sources like Moneysmart, UniSuper, and ATO data. Remember these are averages, and individual balances depend heavily on income, contributions, and time until retirement. 

What are the biggest mistakes people make in retirement?

The top ten financial mistakes most people make after retirement are:

  • 1) Not Changing Lifestyle After Retirement. ...
  • 2) Failing to Move to More Conservative Investments. ...
  • 3) Applying for Social Security Too Early. ...
  • 4) Spending Too Much Money Too Soon. ...
  • 5) Failure To Be Aware Of Frauds and Scams. ...
  • 6) Cashing Out Pension Too Soon.

How many people have $500,000 in their retirement account?

While many Americans have less than $10,000 for retirement, around 7% to 9% of U.S. households have $500,000 or more in retirement savings, though this varies by age, income, and specific data source, with older, higher-income individuals having higher balances. For example, some 2025 data suggests about 9.3% of households with any retirement funds hold $500k+, while other reports from late 2025 place that figure closer to 7.2%. 

What is the biggest retirement regret among seniors?

Not Saving Enough

If there's one regret that rises above all others, it's this: not saving enough. In fact, a study from the Transamerica Center for Retirement Studies shows that 78% of retirees wish they had saved more.

What does Suze Orman say about taking Social Security at 62?

Suze Orman strongly advises against taking Social Security at 62, calling it a "costly cut" that permanently reduces your monthly benefit by up to 30% compared to your full retirement age, urging people to delay until at least full retirement age (FRA) or ideally age 70 for the highest possible payout, especially if in good health, though she acknowledges claiming at 62 might be necessary if you have no other income and poor health. She emphasizes that the higher payments from delaying offer greater lifetime security, benefit your spouse, and that waiting helps you "be kindest to your future self". 

Can I work while receiving Social Security?

Yes, you can work and collect Social Security retirement benefits simultaneously, but your benefits might be reduced if you're under your full retirement age (FRA) and earn above a certain yearly limit; once you reach FRA, your earnings no longer affect your benefits, and the SSA will recalculate your payments to give you credit for withheld benefits, leading to a higher monthly amount. 

Why is delaying Social Security bad?

If you delay, your portfolio withdrawal will be larger in the early years, since it has to fund all expenses in the absence of any Social Security payment, but lower after age 70 (because so many more dollars come from the delayed Social Security payment, easing the burden on the portfolio after that point).

What is the best age to retire for a woman?

To maximize savings and investments, you might have to work until you're 67 or longer. Or maybe you should quit when you're 62 and still healthy and active. If getting Medicare means everything to you, 65 is a good age to consider.

Can I get benefits if I never worked?

People who have never worked may still be eligible for certain Social Security benefits, primarily through the Supplemental Security Income (SSI) program. SSI is a federal assistance program designed to provide financial aid to people who are over 65, blind, or disabled and have limited income and resources.

What are the 3 D's of retirement?

It is also the period of time where retirees can experience what the author called the “3 Ds”: Divorce, Depression, and Decline (both mental and physical). This is a critical phase as many retirees may find themselves trapped in this phase.

What does Suze Orman say about retirement?

Retirement can last 20 years or more for many people. “They find out it's a lot more expensive in retirement than they thought,” says Orman. They're spending the same, if not more, and they're dealing with inflation. At the same time, they're withdrawing from their retirement accounts and depleting their savings.

What is the $1000 a month rule for retirement?

The $1,000 a month rule for retirement is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments, assuming a 5% annual withdrawal rate and a 5% annual return. It's a basic planning tool to estimate savings goals, suggesting you save $240,000 for $1,000/month, $480,000 for $2,000/month, and so on, but it doesn't account for inflation, taxes, or other income like Social Security, making it a starting point, not a complete strategy.
 

How many people have $1,000,000 in retirement savings?

While the exact number varies by data source, generally only a small percentage (around 2-5%) of all Americans have $1 million or more in retirement savings, though this number grows significantly for older age brackets, with some reports showing over 16 million households (around 25%) with a head of household aged 50-64 having over $1 million in net worth, according to recent data (2022-2025). The number of 401(k) and IRA millionaires (individuals with $1M+ in those specific accounts) is in the hundreds of thousands and growing, but these figures often overlap and don't capture all retirement assets. 

Should I pay off my mortgage before I retire?

Eliminating a big debt early on could save you thousands of dollars in interest, freeing up money that could be added to your retirement savings and start gaining compound interest instead. Another thing to consider is that keeping up with large debts becomes more difficult in retirement.

What are the biggest retirement mistakes?

It's important to understand the options available to help protect the assets you've spent a lifetime accumulating.

  • You Apply for Social Security Benefits Too Early. ...
  • You Fail to Take a More Conservative Investment Approach. ...
  • You Spend the Way You Used to Spend.

What should I do 6 months before retirement?

What to Do Six Months Before Retirement: Checklist

  1. Revisit Your Asset Allocation. ...
  2. Create or Finalize a Withdrawal Strategy. ...
  3. Review Your Tax Plan. ...
  4. Estimate and Lock In Healthcare Coverage. ...
  5. Decide When to Claim Social Security. ...
  6. Update Estate Planning Documents. ...
  7. Retirement Investing Tips.

What is the trick of Social Security in the first year of retirement?

The Social Security "special first-year rule" allows you to get a full benefit check for any whole month you're retired in your first year of claiming, regardless of your total yearly earnings, helping those who retire mid-year. For that year, the SSA uses a monthly earnings test: if you earn below a specific monthly limit (e.g., $2,040 in 2026 if under Full Retirement Age (FRA) all year, or $5,430 in 2026 if you reach FRA that year), you get paid for that month, even if your annual income is high. This rule doesn't apply in subsequent years, when the standard annual earnings limit applies. 

Does it matter what time of month you apply for Social Security?

You can time your Retirement application so your first payment arrives when you want it. In your application, you'll choose a month to enroll in benefits. Your first payment arrives the month after the one you pick. You can apply up to 4 months before your enrollment month.