The right age to take Social Security depends on your health, marital status, other income sources, and tax situation, which is why this decision is best made as part of a year by year retirement income plan rather than in isolation. For most healthy retirees with savings, claiming at 62 reduces lifetime benefits significantly. For the higher-earning spouse in a couple, waitinguntil age 70 typically maximizes the household’s total lifetime benefits and protects the surviving spouse. The maximum 2026 Social Security benefit at full retirement age is $4,152 per month, versus $2,969 at age 62 and $5,181 at age 70.
Key Takeaways
– Full retirement age is 67 for anyone born in 1960 or later.
– Claiming at 62 permanently reduces the benefit by roughly 30 percent.
– Waiting from full retirement age to age 70 increases the benefit by roughly 24 percent through delayed retirement credits.
– For married couples, the higher earner delaying to 70 maximizes the survivor benefit.
– Up to 85 percent of Social Security benefits can be taxable depending on combined income.
What is full retirement age in 2026?
Full retirement age (FRA) is the age you receive 100 percent of your calculated Social Security benefit. For anyone born in 1960 or later, FRA is 67. For those born between 1955 and 1959, FRA is 66 plus a number of months that varies by birth year. The Social Security Administration maintains the exact table.
How much is Social Security at 62, 67, and 70?
For 2026, the Social Security Administration publishes the following maximum benefits for
someone who earned at the taxable maximum throughout their career:
| Claiming Age | Monthly Benefit | Annual Benefit |
|---|---|---|
| 62 | $2,969 | $35,628 |
| 67 (FRA) | $4,152 | $49,824 |
| 70 | $5,181 | $62,172 |
The difference between claiming at 62 and 70 is $26,544 per year. Over 25 years, that’s more
than $663,000 in nominal benefits before any cost-of-living adjustments.
Should you take Social Security at 62?
For most healthy retirees with savings, no. Claiming at 62 permanently reduces the benefit for life and also reduces future cost-of-living adjustments, which are calculated as a percentage of the base benefit.
Claiming at 62 can make sense if:
– The income is genuinely needed and no other source is available
– A serious health condition shortens the expected lifespan
– Strategic tax planning calls for early Social Security to leave bracket room for other moves like Roth conversions .
– The lower-earning spouse claims early while the higher-earning spouse delays.
Should you wait until 70 to take Social Security?
For the higher-earning spouse in most couples, yes. Three reasons:
1. The benefit increases by roughly 8 percent per year of delay past full retirement age, up to age 70.
2. The higher benefit becomes the survivor benefit if that spouse dies first. This protects the surviving spouse for life.
3. Social Security is one of the only inflation-adjusted lifetime income sources outside of an annuity.
For single individuals without dependents, the math depends on health and family longevity. Average life expectancy at 65 favors waiting. Shorter expected lifespans favor claiming earlier.
How is Social Security taxed in 2026?
Up to 85 percent of Social Security benefits can be taxable depending on combined income.
Combined income for this purpose is:
– Adjusted gross income, plus
– Nontaxable interest, plus
– One-half of Social Security benefits
For a single filer with combined income above $34,000, up to 85 percent of benefits become
taxable. For joint filers, the threshold is $44,000.
Most retirees with meaningful savings cross the 85 percent threshold quickly. That means
$4,152 in monthly benefits translates to roughly $3,529 of taxable income each month.
Does Social Security count toward IRMAA?
Yes. The taxable portion of Social Security counts toward modified adjusted gross income for
IRMAA purposes. Claiming Social Security can push a retiree across an IRMAA threshold and
trigger Medicare surcharges two years later. See Link For Blog 4 for the full IRMAA framework.
What is the earnings test?
If you claim Social Security before full retirement age and continue to work, the Social Security Administration reduces your benefit by $1 for every $2 earned above $24,480 (the 2026 limit).
In the year you reach full retirement age, the limit rises to $65,160 and the reduction drops to $1 for every $3 earned. After full retirement age, there is no earnings test. Withheld benefits are recalculated and returned through higher payments later.
How should couples coordinate Social Security?
Three principles work for most couples:
1. The higher-earning spouse delays to age 70 if possible to maximize the survivor benefit
2. The lower-earning spouse may claim at full retirement age or earlier, depending on health and income needs
3. Spousal benefits, worth up to 50 percent of the higher earner’s benefit at full retirement age, can fill the gap.
Common Mistakes
1. Claiming at 62 by default without modeling the alternatives
2. Failing to coordinate claiming strategy between spouses
3. Not factoring IRMAA into the year Social Security starts
4. Underestimating the value of cost-of-living adjustments compounded on a larger base benefit
5. Ignoring the survivor benefit in claiming decisions
Frequently Asked Questions
Can I take Social Security at 62 and still work?
Yes, but the earnings test reduces benefits by $1 for every $2 earned above $24,480 in 2026.
Will I lose Social Security if I delay?
No. Withheld benefits during the earnings test are recalculated and added back to future payments.
Does my spouse get my Social Security if I die?
The surviving spouse receives the larger of the two benefits, not both. This is why the higher earner’s claiming strategy matters most.
Is Social Security going away?
Per the most recent Social Security Trustees Report, benefits can be paid in full through approximately 2033. After that, without legislative action, benefits would be reduced to roughly 77 to 81 percent of scheduled amounts.
When should I file for Social Security?
Apply roughly three months before the month you want benefits to start. Applications take time to process.
About the Author
Kurt Supe is a CPA and Senior Partner at Creative Financial Group, an Indianapolis-based retirement planning firm. CFG has worked with retirees and pre-retirees for nearly 30 years, managing over 600M dollars in assets across 1,500 households. Kurt contributes to MarketWatch on retirement and tax planning topics.
This is not financial advice. Consult a qualified professional before making any financial decisions. Scenarios are hypothetical and for illustrative purposes only.