When to Start Taking Social Security (And Why Most People Get It Wrong)
March 3, 2026
There’s a thing that happens when you turn 62: you get a letter saying you’re eligible for Social Security. Most people read that letter and think, “Great, free money. I’ll take it now.” But Social Security is basically an annuity contract with the government, and the timing decision is a math problem—not a no-brainer.
The Numbers
Here’s the core tension. If you claim at 62, you’ll get about 30% less per month than if you wait until your full retirement age (67 for people born in 1960 or later). But you’ll get those checks 5 years earlier—60 extra payments.
If you claim at 70, you’ll get about 8% more per month than your full retirement benefit. That’s 24% more than waiting until 67, spread over 3 more years of work or savings burn.
The breakeven point is typically around 78 to 80. If you’re alive past that, waiting longer usually wins. If you’re not, claiming early usually wins.
Who Should Claim When
Claim at 62 if: You have a reason to believe you won’t live to 75 (family history, health issues). You’re the lower earner in a couple and your spouse will get a survivor benefit. You need the money now and can’t work longer.
Claim at full retirement age (67) if: You’re unsure about longevity. You’d like to work part-time or not at all. You want a middle ground between claiming early and claiming late.
Wait until 70 if: You have good health and family longevity. You’re the higher earner and your spouse will rely on survivor benefits. You can afford to live off savings and don’t need Social Security yet.
The Trap Most People Fall Into
People hear “you can claim at 62” and assume that’s the move because waiting feels risky. But if you’re already planning to retire (which is why you’re checking this), you have time to run the numbers. A 30-minute conversation with a financial advisor who models out a few scenarios can easily tell you whether claiming early or late adds up in your specific situation.
One more thing: earnings still matter. If you claim before full retirement age and you’re still working, your benefit gets reduced—even if you’ve hit 62. Most people don’t know that.
Before you claim, get organized. Our Retirement Planning — Decision Worksheet walks you through the questions you need answered (longevity expectations, household income, survivor needs). Browse planning tools at lumeway.co.
The Social Security decision is too big to punt. Spend the time on it.
This post is for informational purposes only and does not constitute legal, financial, or medical advice. Consult a licensed professional for guidance specific to your situation.