Ever since President Franklin D. Roosevelt signed off on the 1935 Social Security Act, most Americans have ended up pondering this critical question as they approach retirement:

“When should I start taking Social Security?”

It’s a simple question with a surprisingly complex answer. The right time depends on a mix of personal factors—your health, income, lifestyle, and long-term financial goals. It also depends on variables outside your control, like changes in tax laws or market conditions.

So how do you find the right balance? Here’s a practical look at the key considerations to help you make a confident, well-informed decision.

Understanding the Basics

For most people, full retirement age (FRA)—the point at which you can claim 100% of your Social Security benefit—falls between ages 66 and 67, depending on your birth year.

You can start taking benefits as early as age 62, but doing so permanently reduces your monthly payment. On the other hand, waiting to claim until age 70 can increase your benefit by roughly 8% for each year you delay after reaching your FRA.

That’s why many retirees are told, “Wait if you can.” In many cases, delaying benefits leads to more income over a lifetime. But that’s not the right move for everyone. Your personal situation matters—and sometimes, starting earlier makes perfect sense.

Factors to Consider

1. Alternate Income Sources

If you have other sources of retirement income—such as a pension, 401(k), or investment portfolio—you may have the flexibility to delay taking Social Security to maximize future benefits. But if you don’t have other income streams once your paycheck stops, claiming earlier may help cover essential expenses without depleting your savings.

2. Health and Life Expectancy

To benefit from delaying Social Security, you generally need to live long enough to “break even” on the higher monthly payments. If you’re in good health and have a family history of longevity, waiting can be advantageous. But if health concerns shorten your time horizon, it might make sense to claim sooner and enjoy the benefits while you can.

3. Tax Planning

Many retirees are surprised to learn that up to 85% of their Social Security income can be taxable—depending on your overall income level. Your Social Security payments also factor into your Modified Adjusted Gross Income (MAGI), which determines whether you’ll pay extra for Medicare premiums. Coordinating your Social Security strategy with broader tax and income planning can help minimize these costs.

4. Employment Status

If you continue working before reaching full retirement age, your earnings could temporarily reduce your Social Security benefits. Once you reach FRA, those reductions stop—but your benefits are recalculated to give you credit for any withheld payments.

5. Marital Status

If you’re married, your decision impacts more than just your own benefit. Spousal and survivor benefits add another layer of complexity. Factors like age differences, lifetime earnings, and retirement timing all play a role. Coordinating your claiming strategy with your spouse can help you maximize total household income over time.

6. Estate and Legacy Goals

Your priorities for leaving assets to loved ones or charities can also shape your strategy. For example, drawing on Social Security early might allow you to preserve investments that can be passed to heirs—or vice versa. Aligning your Social Security plan with your estate goals can help create a cohesive long-term approach.

7. Special Circumstances

If you’re self-employed, live abroad, qualify for Social Security Disability benefits, or have dependents eligible under your record, additional rules may apply. These unique situations can influence both timing and benefit amount.

What You Can—and Can’t—Control

Some factors, like future tax policy or life expectancy, are out of your hands. But many others—your savings rate, spending habits, and retirement timing—are within your control.

That’s why the best approach is to:

Control what you can. Let go of what you can’t.

You can use Social Security calculators or review your online Social Security statement to estimate benefits and run different claiming scenarios. And if you decide to delay benefits, you’re not locked in forever—you can claim up to six months of retroactive payments if circumstances change.

The Bottom Line

There’s no universal “right age” to start taking Social Security—only the age that’s right for you. The decision should fit within your broader financial plan, accounting for taxes, health, income needs, and goals for the future.

At Navalign Wealth Partners, we help clients look at the full picture—so your Social Security strategy works hand in hand with your retirement income, tax planning, and investment goals.

If you’re approaching retirement and wondering when to claim Social Security, we can help you find the balance between financial security today and peace of mind for tomorrow.

Reach out to Navalign Wealth Partners to start the conversation about your retirement income strategy.