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What is the best age to take your Social Security benefits? - MSN - 24/7 Wall St.
There are several important things to consider when deciding when to start your Social Security benefits. Consider your health status, how long you plan to continue working, how long you can still work in your field, your savings and retirement accounts, your expected longevity, and your surviving spouse. Overall, consider your retirement goals and what you want to do when you retire.
Your Social Security benefit grows 76% between age 62 and age 70. If you have a long life expectancy, it is definitely something to consider, especially if you will be heavily dependent on your Social Security benefits. For 2026, the maximum monthly benefit is $2,969 at age 62, $ 4,152 at age 67, and $5,181 at age 70. That is a $2,212 per month increase between age 62 and 70!
When you start your benefits at age 62, you not only take a 30% permanent reduction; you are subject to an earnings limit. For 2026, the earnings limit is $24,480 and increases to $25,560 in 2027. If you go over the earnings limit, Social Security reduces your benefit by $1 for every $2 you exceed it.
Christy Bieber has written an article about reasons for deciding not to claim at 62. Some people may have no choice but to claim at 62 because of financial or health reasons. However, if you can afford to delay taking your Social Security benefits, it is worth considering.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.