Whether you want to leave work at 62, 67, or 70, claiming the retirement benefits you’re entitled to under federal law is no casual decision. Claiming Social Security benefits involves several key factors that can impact when and how you should file.

How Long Do You Expect to Live?

The longer you expect to live, the more advantageous it may be to delay claiming benefits. While you can start collecting Social Security as early as age 62, doing so permanently reduces your monthly benefit. Waiting until your Full Retirement Age (FRA)—which is now 67 for anyone born in 1960 or later—allows you to receive 100% of your benefit. Delaying even further, up to age 70, can increase your benefit due to delayed retirement credits.

If you’re in good health, have a family history of longevity, or don’t need the income right away, waiting could lead to significantly higher lifetime benefits. On the other hand, if you have health issues or need immediate income, claiming earlier might make sense.

Social Security’s actuaries currently project that a 65-year-old man will live to about 84, and a 65-year-old woman to about 86.5. Of course, individual life expectancy can vary widely, so it’s worth evaluating your health and financial situation with care.

Will You Keep Working?

Working while receiving Social Security benefits can affect your payments if you’re under your FRA. In 2025, if you’re younger than full retirement age and earn more than $23,400, $1 of benefits will be withheld for every $2 you earn above the limit. In the year you reach your FRA, the limit is $62,160, and the reduction is $1 for every $3 earned above that amount—but only until the month you reach FRA. After that, your earnings won’t reduce your benefits.

Additionally, Social Security income may be subject to federal income taxes. If your “combined income” (adjusted gross income + nontaxable interest + 50% of your Social Security benefits) exceeds certain thresholds, a portion of your benefits may be taxed:

• Single filers: Pay tax on up to 50% of benefits if combined income is $25,000–$34,000; up to 85% if over $34,000.
• Joint filers: Pay tax on up to 50% of benefits if combined income is $32,000–$44,000; up to 85% if over $44,000.

These thresholds haven’t been adjusted for inflation in years, so more retirees are being taxed on their benefits than in decades past.

When Does Your Spouse Plan to File?

Coordinating your claiming strategies as a couple can significantly impact your household’s total benefits. For example, it might make sense for the lower-earning spouse to claim early while the higher earner delays, maximizing survivor benefits later on. Survivor benefits are based on the higher earner’s benefit, so waiting can help provide greater financial protection down the road.

How Much Will You Receive?

Your monthly benefit is based on your 35 highest-earning years. If you haven’t worked a full 35 years, Social Security averages in zero-income years, which reduces your benefit. If you’re a few years short, working longer can help increase your monthly payout.

To estimate your benefit, visit ssa.gov and review your personalized statement. You can create a “my Social Security” account to see your earnings history and projected benefit amounts.

Don’t Claim Without a Plan

Deciding when to file for Social Security could be one of the most important financial decisions you make in retirement. It affects not only your monthly income, but potentially your spouse’s survivor benefits, tax obligations, and overall financial strategy.

Ideally, your decision should be evaluated years in advance. A financial advisor can help you explore your options based on your health, work plans, savings, and lifestyle goals.

Let’s Talk About Your Strategy

If you have questions about your Social Security benefits or need help integrating them into your broader retirement plan, we’re here to help. Schedule a conversation with our team.