Social Security Claiming Strategy
Plain English
You can start Social Security as early as 62 or as late as 70. Claiming earlier means a smaller monthly check for longer; claiming later means a larger monthly check for a shorter remaining period. Neither is universally "right."
What is it?
Your Full Retirement Age (FRA) is the age at which you receive 100% of your calculated benefit. Claiming before FRA permanently reduces your monthly benefit; claiming after FRA (up to age 70) permanently increases it, via long-standing statutory adjustment percentages.
Why does it matter?
This is one of the most consequential and irreversible decisions in retirement planning — the claiming-age decision locks in a benefit level for the rest of your life (and can affect spousal/survivor benefits too).
How does it work?
See the Social Security Claiming-Age calculator: benefits are reduced by 5/9 of 1% per month for the first 36 months claimed before FRA (then 5/12 of 1% per month beyond that), and increased by 2/3 of 1% per month (8%/year) for each month claimed after FRA, up to age 70.
Risks and limitations
This only covers the claiming-age adjustment — it doesn't account for spousal or survivor benefit rules, continuing to work before FRA (which can temporarily withhold benefits), or how benefits are taxed, all of which can materially affect the right decision for a given household.
Questions to ask a professional
What is my actual Full Retirement Age? How does my claiming decision interact with a spouse's benefits? What are my other income sources, and do I need to claim early out of necessity?