Summary<\/p>\n
Financial experts typically advise waiting until your full retirement age (now 67) to claim Social Security retirement benefits.
\n Claiming at 62 permanently reduces your monthly benefit by 30%, relative to claiming at 67.
\n The right age for you to claim your benefits depends on your particular set of personal and financial circumstances.<\/p>\n
\n AI-generated summary was reviewed by a CNN editor.<\/p>\n
\n Most financial experts will tell you to wait to claim your Social Security retirement benefits at least until your full retirement age (which is now 67) or even as late as age 70.\n <\/p>\n
\n Why? Your benefit will be permanently lower<\/a> if you claim at 62, which is the earliest age to start collecting. In fact, it would be 30% lower<\/a> than what you\u2019d receive if you wait until 67. And your benefit would be 24% higher<\/a> if you wait until age 70.\n <\/p>\n \n So, say your initial \ufeffmonthly benefit at 67 would be $2,000. It would be reduced to $1,400 if you claim at 62; or increased to $2,480 at 70.\n <\/p>\n \n But figuring out the best age to claim your benefits isn\u2019t always straightforward. That\u2019s because your personal circumstance and finances (such as other sources of retirement income and your tax bracket) can be complex and so are the Social Security rules governing them. (Here\u2019s just a small taste<\/a> of the gazillion permutations that may apply.)\n <\/p>\n \n Factors to consider include your health and longevity expectations, your marital and parental status and your economic needs.\n <\/p>\n \n And some people of late also may be trying to factor in what might happen as we approach 2032, the year that the Social Security Trustees estimate the program will only take in enough revenue to pay out 78% of promised benefits<\/a> unless Congress makes changes to the program \u2013 or simply decides to borrow to close the gap.\n <\/p>\n \n If you\u2019re in poor health, it may make sense to claim at 62 if you don\u2019t expect to live for many years.**\n <\/p>\n \n Depending on your health status, you may even qualify for Social Security Disability benefits, said Jack Smalligan, a senior policy fellow in the Tax and Income Supports\u200b Division at the Urban Institute. While it\u2019s an arduous process to apply and can take a while to get approved, Smalligan said, it may result in a higher combined benefit than the reduced retiree amount you\u2019d otherwise get at 62.\n <\/p>\n \n Another instance in which claiming at 62 might make sense: You retire earlier than you wanted due to a layoff or other circumstance and can\u2019t make ends meet.\n <\/p>\n \n \u201cSocial Security is amazing if this does happen to you. It\u2019s a really important backstop,\u201d said Bill Sweeney, AARP\u2019s senior vice president of government affairs.\n <\/p>\n \n The question of when to claim can get complicated when you\u2019re married (or were married), and\/or have dependent children.\n <\/p>\n \n For starters, married couples might want to strategize the best time for each spouse to claim their own retirement benefits to maximize what they can get as a family. This is especially relevant when there is a great age or earnings disparity between spouses, according to Martha Shedden, president and cofounder of the National Association of Registered Social Security Analysts (NARSSA).\n <\/p>\n \n And if you have a spouse or dependent children (or an ex-spouse) who would qualify for survivor benefits<\/a> when you die, they are likely to get less after you\u2019re gone if you claim at 62 than if you wait until your full retirement age.\n <\/p>\n \n The question of when to claim benefits is a current one for Gen Xers in their 50s and early 60s.\n <\/p>\n \n Given that Congress only has a short window to \u201cshore up\u201d Social Security\u2019s revenue shortfall in 2032, some people may think claiming early might make it less likely their own benefit will be affected by lawmakers\u2019 potential changes.\n <\/p>\n \n \u201cWhen we were many years out it was universally agreed that there wouldn\u2019t be cuts to retirees already collecting benefits in any meaningful way,\u201d said Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, which has a calculator<\/a> that lets you choose options to cure the program\u2019s shortfall.\n <\/p>\n \n But now, Goldwein noted, \u201cIt\u2019s much more likely that some of the changes are born by current beneficiaries.\u201d\n <\/p>\n \n In any case, trying to game out those changes by claiming early means \u201cyou\u2019re doing a lot of guesswork there. Maybe you\u2019re protecting yourself against a little bit of policy uncertain but you\u2019re hurting yourself against other types of uncertainty,\u201d Goldwein said.\n <\/p>\n \n One big one: You may live longer than you expect. If so, and you claim at 62, you are likely to receive less in lifetime benefits from the program than if you\u2019d waited, even if modest benefit changes are made.\n <\/p>\n