Retirement
Social Security claiming strategy
A Social Security claiming strategy is a plan for when each spouse starts benefits. You can start as early as age 62, and waiting up to age 70 raises the monthly amount.
A Social Security claiming strategy is your plan for when to start benefits. The SSA says you can start as early as age 62, but you are entitled to full benefits only at your full retirement age. If you start early, your benefit is permanently reduced. If you delay past full retirement age, up to age 70, your benefit grows.
A round example. For example, the SSA shows that for someone born in 1960 or later, with full retirement age 67, a $1,000 benefit would be reduced to $700 if claimed at age 62. That is a 30% cut. Your own numbers come from your SSA statement.
What else shapes the choice. Health, other income, spouse benefits, taxes and survivor benefits all matter. Survivor benefits are part of the choice. Claiming also changes taxable income, which can affect Medicare premiums.
Why it matters to your plan. The decision can lock in income for decades. Review it with your whole retirement picture. See our retirement income guide.
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