You might be thinking about filing for Social Security as soon as you hit 62. After all, that is the earliest age you are eligible. But just because you can claim benefits does not mean you should—especially if you want to make the most of your retirement income.
The timing of when you file plays a huge role in how much you will get each month. If you claim before your full retirement age (which is between 66 and 67 depending on your birth year), your benefit will be permanently reduced. But if you wait until age 70, you will receive a larger monthly check—up to 8% more for each year you delay past full retirement age.
So how do you know when the time is right? If any of the following signs apply to you, it might be smart to wait before applying for Social Security.
Do you know how much you will receive each month?
One of the biggest red flags that you are not ready to claim Social Security is not knowing your estimated monthly benefit. This number is based on your earnings history, and it can vary a lot depending on how much you made during your working years and when you choose to file.
If you are not sure what your number looks like, you can check it easily by creating a my Social Security account at SSA.gov. That tool gives you a breakdown of what you can expect at age 62, full retirement age, and age 70.
Without this info, you are making a blind financial decision. You would not buy a car without knowing the price—so do not make that mistake with your Social Security benefits.
Are you still working or planning to keep working?
Here is another common situation—many people file for Social Security and keep working. But if you have not reached your full retirement age, your benefits could be reduced if you earn too much from a job.
In 2025, if you are under full retirement age and earn more than $22,320, the Social Security Administration will withhold $1 for every $2 you earn over the limit. That is a huge bite out of your check.
Once you hit full retirement age, you can earn as much as you want without affecting your benefits. So if you are still planning to work, it might be worth waiting to file.
Have you saved enough outside of social security?
Many people think Social Security will cover all their retirement needs—but that is rarely the case. If you have not saved enough in personal retirement accounts like a 401(k), IRA, or brokerage account, filing early could put you in a tough spot later.
The popular 4% rule suggests that you should be able to safely withdraw 4% of your savings each year without running out of money. But if you have no savings to back up your Social Security check, that income alone may not stretch far enough.
Waiting a few more years can give you time to boost your savings and increase your Social Security benefit, setting you up for a more stable retirement.
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