When to Start Social Security: What Changes at 62, 67 and 70

"When should I start my Social Security?" is one of the questions I hear most. People ask it at the kitchen table, at church, and on the phone with their grown kids listening in.

It's a big decision, and it's hard to undo. So let's walk through it slowly, in plain words. This isn't advice for your situation. It's a clear picture of how the rules work, so you can decide with your eyes open.

The Three Ages That Matter

There are three ages to know.

62 is the earliest you can start. If your full retirement age is 67, starting at 62 gives you about 70% of your full amount. That smaller check doesn't go back up when you turn 67. It stays smaller for life, with yearly cost-of-living raises added on top.

67 is full retirement age for anyone born in 1960 or later. At this age you get 100% of the benefit you earned. If you were born before 1960, your full retirement age is a little earlier, between 66 and 67.

70 is the latest age that pays more. For each year you wait past full retirement age, your check grows by 8%. If you wait from 67 to 70, your check is about 124% of your full amount. After 70 there is no extra reward for waiting, so there is no reason to wait longer.

Here is the same idea as a simple picture, for someone whose full amount at 67 would be $2,000 a month:

• Start at 62: about $1,400 a month
• Start at 67: $2,000 a month
• Start at 70: about $2,480 a month

These are round numbers to show the pattern, not your numbers. Your own amounts are in your Social Security statement.

Find Your Real Numbers First

Before you decide anything, look at your own figures. You can create a free "my Social Security" account at ssa.gov. It shows what you would get at each age, based on your actual work record.

Print it or write the numbers down. It's much easier to talk this over with your spouse or your kids when the real numbers are on the table.

Reasons Some People Start Early

Starting at 62 is not a mistake. For some people, it's the right call. People often start early when:

• Their health is poor, or their family tends not to live into their late 80s.
• They need the money now and have no other income to bridge the gap.
• They've stopped working and would otherwise draw down savings quickly.
• They are the lower earner in a marriage, and the higher earner plans to wait.

One thing to know: if you start before full retirement age and keep working, Social Security may hold back part of your check if your pay goes over a yearly limit. Money held back isn't lost: Social Security raises your check at full retirement age to make up for it. The limit changes every year, so check the current number at ssa.gov before you count on that income.

Reasons Some People Wait

People often wait when:

• They are in good health and their parents lived a long time.
• They're still working and don't need the check yet.
• They have savings or a pension to live on for a few years.
• They are the higher earner in a marriage. This one matters more than most people realize.

If You're Married, This Part Matters Most

When one spouse passes away, the surviving spouse can generally switch to the bigger of the two Social Security checks, though it may be reduced if the survivor takes it before full retirement age. The smaller one stops.

So if the higher earner waits until 70, that bigger check is what the surviving spouse may live on for the rest of their life. Waiting can be a way of protecting the person you love.

A spouse can also get a spousal benefit of up to half of the other spouse's full amount, if that's more than their own. Taking it before full retirement age makes it smaller, and waiting past full retirement age does not make it bigger.

These rules have details and exceptions. Before you decide, it's worth calling Social Security or making an appointment with them. They'll go over your exact options.

Questions to Ask Yourselves

Sit down together and talk through these:

1. How is my health, and how long did my parents live? 2. Am I still working? Do I want to keep working? 3. What other money do we have: savings, a pension, part-time work? 4. If I pass first, what would my spouse live on? 5. Would a bigger check later help us sleep better at night?

There's no wrong answer to any of these. They just point you toward the age that fits your life.

Where Life Insurance Fits

Social Security is the base. For many families it isn't enough to cover everything, especially for the spouse left behind.

When one check stops, bills like the mortgage, the car or the electric bill usually don't get smaller. A small life insurance policy can give the surviving spouse time to adjust. And when it comes time to say goodbye, a final expense policy can keep the funeral from coming out of the money they need to live on.

If you'd like to see how the pieces fit together for your family, Kevin is happy to help.

A Simple Next Step

You don't have to figure this out alone. Kevin can sit down with you, in English or Spanish, and look at the whole picture: Social Security, savings, and how to protect the spouse who stays. No pressure, and no cost for the conversation. Pick a time that works for you, or call or text (848) 212-8787.

Kevin is a licensed life insurance agent in New Jersey and Georgia. Kevin is not affiliated with, endorsed by or working for the Social Security Administration or any government agency, and does not give tax, legal or investment advice. This article is general education. For your exact benefits, check your statement at ssa.gov or call Social Security.

FAQs: Starting Social Security

This article is general education, not tax, legal or investment advice. Rules and numbers can change, so check your own situation before you decide.

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