Should you claim Social Security at 62, wait until full retirement age, or delay until 70? If you’re approaching retirement, comparing monthly benefit amounts is only one part of the decision.
Your Social Security claiming age can affect your retirement income, taxes, savings, and the benefits available to your spouse. There is no single best age to claim Social Security because the answer depends on your health, work plans, income needs, and household circumstances.
Here’s what you’ll learn in this blog:
- What can influence when you claim Social Security
- How spousal and survivor benefits can affect household income
- Where IRA withdrawals and Roth conversions may fit
Your estimated monthly benefit is important, but it does not show how claiming could affect your taxes, savings, or spouse. Reviewing these considerations together can help you make a more informed decision.
How Does Your Social Security Claiming Age Affect Your Benefit?
You can generally begin receiving Social Security retirement benefits at age 62, wait until full retirement age, or delay until age 70.
Claiming earlier provides income sooner but generally results in a lower monthly benefit. Waiting can increase your monthly benefit, but you’ll need another way to cover expenses before payments begin.
| Claiming point | Potential advantage | What to consider |
| Age 62 | Income begins sooner | Lower monthly benefit and potential earnings-test reductions if you continue working |
| Full retirement age | Full benefit based on your earnings record | Income needs, health, and work plans |
| Age 70 | Higher monthly benefit | How you’ll fund the waiting period |
Your health, family longevity, available savings, and current income needs can all influence which option fits your retirement plan.
Can You Work While Collecting Social Security?
Can you continue working after claiming Social Security? Yes, but your age and earnings can affect your benefit payments.
If you claim before full retirement age and continue earning employment income, Social Security’s earnings test may temporarily reduce your payments. Your retirement date and claiming age don’t have to be the same, especially if you plan to consult or work part-time.
Estimating your expected earnings before filing can help you understand how continued work may affect your benefits.
Review Your Social Security Options Before Filing
See how different claiming ages could affect your income, taxes, savings, and spouse’s benefits.
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How Do Spousal and Survivor Benefits Affect Your Decision?
Could your claiming decision affect your spouse’s retirement income? In some cases, it can.
Spousal benefits may provide income when one spouse’s earnings record produces a smaller retirement benefit. Survivor benefits also require planning because a surviving spouse generally does not continue receiving both payments.
For example, a couple receiving $3,000 and $1,500 per month has $4,500 coming in while both spouses are alive. After one spouse dies, household Social Security income may fall to $3,000.
Housing, utilities, transportation, and healthcare costs may not decline by the same amount. Reviewing survivor income before filing can help identify a possible future income gap.
Are Social Security Benefits Taxable?
Could IRA withdrawals cause more of your Social Security benefits to become taxable? Depending on your overall income, they may.
The taxable portion of your benefits depends on combined income, which generally includes adjusted gross income, tax-exempt interest, and half of your Social Security benefits.
Traditional IRA withdrawals and required minimum distributions can increase adjusted gross income. Social Security timing, retirement account withdrawals, and tax planning should be evaluated together.
Should You Consider a Roth Conversion?
Could the years before required minimum distributions create an opportunity for Roth conversions?
The taxable portion of a Roth conversion is generally included in your income that year. Qualified Roth IRA distributions are tax-free when IRS requirements are met.
Roth conversions aren’t suitable for everyone. Their potential value depends on your tax bracket, expected future income, account balances, and broader retirement plan.
Frequently Asked Questions
Is it always better to wait until age 70 to claim Social Security?
Not necessarily. Waiting increases your monthly benefit, but the right decision depends on your health, retirement savings, income needs, and overall retirement plan.
Can I work while receiving Social Security?
Yes. If you claim before full retirement age and continue working, your benefits may be temporarily reduced depending on your earnings.
Can my spouse receive Social Security benefits if they didn’t work?
Possibly. Eligible spouses may qualify for spousal benefits based on the higher earner’s work record.
Are Social Security benefits taxable?
Depending on your combined income, a portion of your Social Security benefits may be included in your taxable income.
Build Social Security Into Your Retirement Income Plan
When should you claim Social Security? Start by looking beyond the monthly benefit estimate.
Compare how different claiming ages could affect your income, taxes, savings, and spouse’s benefits. Consider how your plan might change if you continue working, live longer than expected, or lose a spouse.
The best time to think about your Social Security strategy is before you file. Understanding how claiming decisions affect taxes, retirement income, and your overall plan can help you make a more informed decision. If you’d like guidance reviewing your options, the team at Bowman Retirement Planning is always happy to start the conversation.