How to Decide the Best Time to Start Social Security (62 vs. 67 vs. 70)

One of the most common and impactful questions I hear as a financial advisor is: "When should I start taking Social Security?" And it's a good one—because the decision you make here has lifelong consequences for your income, taxes, and surviving spouse.

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Why listen to me?

Over the past decade, I’ve helped hundreds of families model their Social Security claiming strategies using real-life financial data, not rules of thumb. Investors like to hear from someone who can translate federal benefit charts into personalized plans that work with their investments, taxes, and retirement timelines. I’m a CERTIFIED FINANCIAL PLANNER™ and founder of Lock Wealth Management, and I work with people who want to get this decision right the first time.

In this guide, I’ll walk you through the benefits and tradeoffs of claiming at age 62, 67, or 70—complete with real-world math and scenarios.

Key Point / Summary

Age 62: Get income early, but with a 30% reduction if FRA is 67.
Age 67 (Full Retirement Age): Balanced approach with full benefits.
Age 70: Maximize lifetime income and protect against longevity.
The right answer depends on life expectancy, income needs, and tax strategy.

What’s the Difference Between Starting at 62, 67, or 70?

1. Starting at Age 62: Fast Cash, Lower Lifetime Value

In my experience, people drawn to this option either need the income now or believe they won’t live long enough to benefit from waiting. But there are tradeoffs.

Pros:

Immediate income stream if you’ve retired early or need cash flow.
May preserve your investment accounts a few more years.
Widows and widowers can access reduced survivor benefits starting at 60.

Cons:

Only 70% of your full benefit if FRA is 67.
Earnings limit in 2025 is $23,400. Go over that, and $1 is withheld for every $2 earned.
Permanent reduction in survivor benefit for your spouse.
You may miss including peak earning years in your 35-year calculation.

Real-World Example:

FRA benefit (PIA): $2,000/month
Claim at 62: $1,400/month
Claim at 70: $2,480/month
Over 25 years, that difference can mean hundreds of thousands in additional income.

2. Starting at Age 67: The Middle Path

This is the Full Retirement Age (FRA) for most retirees today. In my practice, this is the default benchmark we use before modeling whether early or delayed benefits make more sense.

Pros:

You receive your full, unreduced benefit.
No earnings limit.
Up to 85% of benefits might be taxable, but Social Security is still tax-favored versus IRA withdrawals.
Good blend of income security and longevity protection.

Cons:

You leave the 8% annual delay credits on the table by not waiting until 70.
If your health isn’t great, even 67 might be too long to wait.

In Practice:

I’ve found this to be a popular option for dual-income couples with moderate longevity expectations and decent portfolios. It creates predictable income without the steep tradeoffs of early filing.

3. Delaying Until Age 70: The Power Play

If your goal is maximizing guaranteed lifetime income—or you want to protect your spouse—this is the strategy many investors I work with are drawn to. But it takes patience and a cash flow plan.

Pros:

You get 124% of your FRA benefit. That’s a guaranteed 8% increase for every year past age 67.
Creates a high survivor benefit if you pass first.
Maximizes monthly income in your 80s and 90s when other sources might dwindle.
Extends your low-income tax planning window (great time for Roth conversions!).

Cons:

You’ll need to rely on savings, part-time work, or other income sources until age 70.
You draw down your investments more heavily in early years.
If your life expectancy is shorter than average, you may receive less in total.

My Take:

Investors who have longevity in their family, want to safeguard a spouse, or plan to retire in their late 60s anyway often benefit the most from this option.

What Factors Should You Consider Before Deciding?

1. Your Life Expectancy

In my experience, this is the biggest wild card. If your parents lived into their 90s, and you’re healthy, delaying could make sense. If not, consider filing earlier.

2. Your Retirement Date

Will you stop working at 62, 65, or continue part-time? That affects your ability to delay benefits without stress.

3. Income Needs & Portfolio Structure

Some clients I work with use early withdrawals from IRAs or brokerage accounts to delay Social Security and boost long-term income. Others can’t afford to wait. Every plan is different.

4. Taxes & Roth Conversions

Delaying Social Security gives you a rare window (usually ages 62-70) when income is lower, and Roth conversions or capital gains harvesting can be tax-efficient.

5. Married? Survivor Benefits Matter

Claiming early locks in lower spousal and survivor benefits. If your spouse depends on your income—or your benefit is higher than theirs—delay might make sense.

👉 Want to learn how to retire without the worry of running out of money in retirement? Click here to watch this video

Conclusion

There’s no “magic” age that fits everyone. But here’s what I can tell you with certainty:

The decision of when to start Social Security is one of the most impactful in retirement planning. Get it right, and you could improve your income, reduce taxes, and protect your spouse. Get it wrong, and you may sacrifice guaranteed income you can never get back.

In my practice, we use custom software to model this decision based on your real numbers. If you want help with that, reach out here.

FAQs

Q: What if I want to work and collect Social Security?

A: If you're under FRA and earn more than $23,400 in 2025, benefits will be reduced. Once you reach FRA, you can work and earn without penalties.

Q: Can I change my mind after I start benefits?

A: Yes, but only once. You can withdraw your application within 12 months and repay benefits. Or you can suspend benefits at FRA to earn delay credits.

Q: How are Social Security benefits taxed?

A: Up to 85% of your benefits may be taxable depending on your combined income. Most states don’t tax Social Security.

Disclaimer: Case studies are hypothetical and do not relate to an actual client of Lock Wealth Management. Clients or potential clients should not interpret any part of the content as a guarantee of achieving similar results or satisfaction if they engage Lock Wealth Management for investment advisory services.