Social Security: Here's Exactly How to Decide Whether to Take Benefits at 62, 67, or 70

Social Security benefits can have an enormous impact on your retirement, and the age you begin claiming will permanently affect the size of your checks -- often by several hundred dollars per month.

Three of the most popular ages to file are 62, 67, and 70. Age 62 is the earliest you can begin claiming, age 67 is the full retirement age for everyone born in 1960 or later, while age 70 is the latest you can file to earn larger checks each month.

There's no universal answer as to when everyone should file for Social Security, as everyone's situation is different. That said, there are three simple questions to ask yourself that can help determine the best age for you.

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1. What do your savings look like?

Perhaps the most important factor to consider is the state of your finances. The average retired worker collects $739 more per month at age 70 compared to age 62 and around $154 more per month than at age 67, according to 2023 data from the Social Security Administration.

Source: Social Security Administration. Table by author.

If your savings are falling short and you're going to be relying heavily on Social Security, delaying benefits until age 70 may be your best bet. Even waiting a few years past age 62 can be beneficial, as that can still boost your checks by hundreds of dollars per month.

On the other hand, if your nest egg is strong and Social Security won't be a major source of income, you may not need that extra cash. In that case, claiming early can make it easier to retire sooner .

2. How is your health?

While it's not the most pleasant topic to think about, your life expectancy can affect your claiming decision. Of course, there's no way to know precisely how long you'll live. But with a realistic and honest estimate, it will be easier to decide whether to claim early or delay.

If you have reason to believe you'll live a much longer-than-average lifespan, delaying benefits may be the best option. The longer you live, the greater the chance that your savings will run out. If you're collecting larger checks, though, that can set you up for a more comfortable retirement later in life.

However, if you're battling health problems or believe you may not live well into your 80s, you could collect more in total by filing early. Each check will still be smaller, but when you're collecting more years' worth of benefits, your total payments may outweigh what you'd receive by delaying.

3. What are your priorities for retirement?

Maybe your savings are average, and you expect to live an average lifespan. In that case, your decision may come down to your priorities.

If your main priority is to retire early, claiming at 62 can be a smart choice. You may need to make some financial sacrifices if your savings aren't incredibly robust, but if that's a worthwhile trade-off for the ability to retire early in your 60s, there's nothing wrong with filing as soon as possible.

Or perhaps your biggest priority is maximizing your monthly income. If you expect to spend more on hobbies or travel, for example, the larger checks you'll receive by delaying until 70 can help you enjoy a more lucrative retirement -- even if you have to wait a few more years for it.

If you're still on the fence, filing at 67 may be your best bet. This age can be a smart compromise between claiming early and delaying, as you can retire a few years earlier than 70 while still earning larger checks than you would at 62.

There's a lot to consider before claiming Social Security, but it's an incredibly important decision. By examining your unique situation and priorities, it will be easier to choose the right age for your best retirement.

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