Five Questions to Ask Before You Claim Social Security

You can start Social Security as early as 62, but your monthly check is different depending on when you begin. There is no single answer that fits everyone. These questions can help you work through the choice.

Key takeaways

• Claiming earlier generally means a smaller monthly benefit
• Waiting generally means a larger monthly benefit, up to age 70
• Your health, other income and spouse all matter
• Taxes on your benefit are part of the picture

1. Do you still plan to work?

If you claim before your full retirement age and keep working, the Social Security earnings test may temporarily hold back part of your benefit. Knowing your plans for work helps you see whether early claiming makes sense.

2. How will you cover your living costs?

Think about where your income will come from if you wait: savings, a pension, part-time work or retirement accounts. Delaying can mean drawing on those sources for longer. Looking at the full income picture helps you see what each choice would mean for your budget.

3. What about your spouse?

If you are married, your choice can affect your spouse. When one spouse passes away, the survivor generally keeps the larger of the two benefits. For that reason, the timing of the higher earner's claim can matter a great deal to the surviving spouse.

4. How might your health and family history play a part?

No one can know how long they will live. Still, your health and family history are fair things to consider. Many people find it helpful to plan for a long retirement while being honest about their own situation.

5. How will your benefit be taxed?

Part of your Social Security benefit may be taxable, depending on your other income. Withdrawals from retirement accounts, interest and other income can all play a role. Thinking about the order in which you use your accounts may help you manage the taxes on your benefit.

Sources and references

• Social Security: Retirement benefits (opens in a new tab)
• Social Security: Starting your retirement benefits early (opens in a new tab)
• Social Security: Taxes on your benefits (opens in a new tab)

This article is general information, not tax or investment advice for your situation. Social Security rules change over time. Talk with a qualified professional before making decisions.