Are you claiming Social Security at the right time? How your age, health, and money could make a big difference

Deciding when to demand social security may have a great impact on your retirement income. Some elderly Americans, although it is attractive to start gathering early benefits between the fear of benefit cuts, finance experts say that the smartest strategy depends on factors such as health, life expectancy, other income resources and marital status.

According to USA Today, potential utilitors should weigh factors such as health and life expectations, existing sources of income, completely retirement and marital status. Carefully balance these issues with monthly income needs can help retirees maximize life -long social security assistance.

According to Bankrate’s 2025 Pension Savings Survey, especially three out of five American workers reported that their retirement savings are delayed, it is very important to stretch each dollar. Although more than one -third of the workers believe that they will need $ 1 million or more to retire comfortably, only half thinks that they will achieve this goal.
“There are pros and cons to demand social security at any age, Mike said Mike Lynch, General Manager of Hartford Funds. “It is based on individually.

How can your age, health and financial situation affect the best time to demand?

62 is the earliest age that demands social security, although the full retirement age (FRA) for those born in 1960 or later is 67, and at the age of 62 may reduce your monthly benefits by approximately 30 percent. In addition, your monthly advantage increases approximately 8 percent each year, and you delay demanding up to 70 years of age until the age of 67. At first glance, it is waiting for 67, even 70, it seems to be the best way to maximize your social security control, but experts say it’s not always that simple.

“Life expectation makes a big difference,” said Jaime Eckeks, Plante Moran’s asset management partner. “The longer you wait, the longer you have to live to gather. The more you have to live. The age of the border is the point of delaying the total amount you will receive by requesting earlier. You can calculate by creating a profile on the Social Security Administration’s website and using the Breasting Calculator. Delaying the aids, usually causes a lifetime payment if you are experiencing from the beginning, but if you do not reach this point, it may be more useful to claim early.

When should I get social security?

According to USA Today, elderly Americans should take into account the following factors according to Bogart Wealth’s financial adviser Jung Sah:

• Revenue Sources: What other pension funds can you use to cover costs beyond social security and what are each tax results?

• Health Status: Although the average life expectancy at birth is 78.4 years, according to 2023 CDC data, many people live longer, sometimes with healthy habits for more than 20 years. Financial consultants, factoring in the history of general health and family, evaluate long life individually.

For example, if you come from a single, healthy and long -lasting family, it may make sense to demand social security earlier. “Even if you get a loan for delay, if you start early, you will gather for many years,” he said. “This is more recovery and you attract less than your own retirement funds.”

• Marriage Status: Couples need a strategy. Both spouses are suitable, but if they are won more, the lower winner can first benefit the benefit of the higher winning, while claiming that the earnings have reached some money first. In this way, if the lower winner leaves the higher the higher winner, they will get greater benefit.

If the spouses are married for at least one year, the same age and the benefit of one spouse is less than half of the other, it may be better than claiming the benefits of the spouse. A spouse can take 50 percent of the benefit of the high -winning partner.

• Study: Pay attention to the job penalty if you request social security first from full retirement age (FRA). The benefits for each $ 2 earned over $ 23,400 are reduced by $ 1. In the year you reach Fra, it is deducted from $ 1 for every $ 3 earned above $ 62.160 before reaching Fra. There is no deduction after Fra.

• Medicare: While the conformity of social security begins at 62, the scope of Medicare does not start until 65 and creates a three -year gap that can force retirees to touch their savings more. With a portfolio during market decreases, it means selling more investment to collect cash, which can consume savings faster and reduce assets that can grow when the market is rebellious.

Why does so many retired social security choose to demand before?

According to the Social Security Administration data, the most common age to demand social security in 2023 was 66. 23.2 percent between the ages of 62, 65 with 11.3 percent completed the first three. All other ages are single households.

According to the USA Today, some reasons for early requests include:

• Immediate income needs such as paying debt or addressing financial emergencies
• Health problems that make it difficult to continue working
• If a spouse needs to retire, especially the desire to stop working to maximize the benefits of households
• Concern that the social security program may exhaust (experts say it is not possible)

The government may increase social security funds by increasing the payroll tax, increasing tax -subject income threshold or increasing retirement age.