One of the biggest decisions people who are approaching retirement must make is when to start collecting Social Security. Due to federal laws about when you can and cannot take Social Security, there has been a long-standing debate about which age is the best age to start taking Social Security.
Some say age 62 is ideal, despite this being considered an early retirement age, not to mention that taking Social Security at this age will result in a 30% decrease from the amount you would receive overall if you chose to wait until age 67. This is because 67 years old is viewed as the official age of full retirement.
Now, if you decided to wait until you turned 70 before you started collecting Social Security benefits, you would receive an even greater monthly benefit, equivalent to an additional 8% for each full year that you waited beyond the full retirement age of 67. However, keep in mind that there are no additional benefit increases if you delay your acceptance of benefits past age 70.
The maximum monthly Social Security benefits for people retiring in 2024
Let’s look at what the maximum monthly Social Security benefit would look like for people of three different ages.
Someone retiring at the age of 62
You can receive up to $2,710 in Social Security benefits once you turn 62 years old, which is viewed as the age of early retirement. This equates to about 30% less than the monthly amount you would get if you waited to collect Social Security once you turned 67 instead.
Someone retiring at the age of 67
Those who begin accepting Social Security at the age of full retirement — which is 67 years — can anticipate a monthly Social Security benefit maximum of $3,822.
Someone retiring at the age of 70
For people who wait to collect Social Security benefits until they turn 70, the monthly benefit value is $4,873. This is $2,163 more per month than the amount received by those who started taking Social Security benefits at age 62, and $1,051 more per month than for those who began collecting benefits at age 67.
So, what should you do?
The answer to what is right for you may not stem from a simple look at these numbers. There are other factors at play.
Four questions to ask yourself when making a decision for your situation about when to take Social Security
You’ll have to decide what you want to do in terms of the trade-off between receiving larger benefits for a shorter period of time and accepting smaller benefits over a longer period of time.
In order to decide which option is best for your set of circumstances, ask yourself the four questions below:
1. How long do I expect to live?
A major portion of your decision-making process is purely financial. Whether you choose the first option or the second one depends on how long you expect to live while retired. This is important to think about because, as mentioned earlier, there is a break-even point, meaning the age at which the total amount of money you receive in Social Security benefit payments if you begin accepting it at the age of 62 will eventually equal the amount of money you’d receive if you instead started collecting Social Security at the age of 70.
If you anticipate living a long and healthy life, then you might want to wait to collect Social Security benefits until you turn 70, especially if you can financially afford to wait until then. Likewise, if you do not believe you will live past the break-even age, you might choose to start collecting Social Security benefits early instead.
2. Is my plan to continue working?
If you are planning to keep working rather than retire, it doesn’t hurt to hold off on collecting Social Security benefits until you’re at least 67 years old rather than beginning to accept benefits when you turn 62. (Read our blog about Working in Retirement)
3. Do I have an eligible spouse or child-aged dependents?
The decision regarding when you should start collecting Social Security benefits can become more complicated if you are married to an eligible spouse or if you have children who are classified as your dependents. If that’s the case, you might be in a position where you can start receiving up to half of your full retirement amount once you start collecting Social Security benefit payments.
4. Am I eligible for survivor’s benefits?
Check to see whether you are eligible for survivor’s benefits. If you are, then you might be able to apply for those benefits once you turn 62. In doing so, you could subsequently delay the point at which your own Social Security benefits go into effect until you turn 67 or even until age 70.
Ultimately, it is a good idea to meet with a trusted financial professional before you make a decision about the best time to start taking your Social Security benefits. At a bare minimum, take the time to check your Social Security account online to figure out which option aligns with your long-term goals.
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