For many of the families I work with, one of the biggest questions regarding retirement is:
“When should I take Social Security?”
It sounds like a straightforward decision but it’s one of the most important income planning choices you’ll make. And the right answer isn’t the same for everyone.
I’ve sat across the table from clients who are ready to retire tomorrow, and others who plan to work into their late 60s or beyond. In both cases, Social Security plays a key role but how and when you take it can significantly impact your long-term financial picture.
Understanding the Basics
You can begin collecting Social Security as early as age 62, but there’s a tradeoff:
- Age 62: Reduced benefit (up to ~30% lower than full retirement age)
- Full Retirement Age (FRA): Typically, 66–67 depending on birth year
- Age 70: Maximum benefit (earning delayed retirement credits)
For every year you delay beyond your full retirement age, your benefit increases by approximately 8% until age 70.
The Real Question Isn’t “When” It’s “Why”
In my experience, the decision isn’t just about maximizing the monthly check, it’s about aligning Social Security with your overall retirement strategy.
Here are a few key factors we walk through together:
- Your Income Needs
If you need income right away to support your lifestyle, it may make sense to start earlier.
If you have other sources of income, delaying could provide higher guaranteed income later in life.
- Your Health and Longevity
While none of us knows the future, family history and current health can help guide this decision.
Delaying benefits may be more valuable for those expecting a longer retirement.
- Your Portfolio Strategy
Social Security isn’t just a benefit, it acts like a form of guaranteed income.
In some cases, we may use investment accounts earlier to allow Social Security to grow, helping create more stability later.
- Your Spouse and Family Considerations
For married couples, timing decisions can affect survivor benefits and total household income over time.
A Planning Opportunity Many People Miss
One of the most common things I see is that people make this decision in isolation without looking at how it fits into their full financial picture.
Social Security decisions should be coordinated with:
- Retirement withdrawals
- Tax planning strategies
- Required Minimum Distributions (RMDs)
- Pension elections (if applicable)
When these pieces are aligned, the outcome is often more efficient and more predictable.
There’s No One-Size-Fits-All Answer
Some clients take Social Security early and use it to reduce pressure on their investments.
Others delay to build a larger, more reliable income stream later in retirement.
Most fall somewhere in between.
The key is having a plan that reflects your goals, your resources, and your comfort level, not just a rule of thumb.
Let’s Build a Strategy Around You
If you’re within a few years of retirement or already there this is a decision worth getting right.
I regularly help clients evaluate different Social Security timing strategies as part of a broader retirement income plan. We look at multiple scenarios so you can make an informed decision with clarity and confidence.
If you’d like to walk through your options, you can schedule a time here:
👉 https://go.oncehub.com/AdamMHogue
Disclosures
This material is for general informational purposes only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks, including possible loss of principal.
Social Security claiming strategies should be based on individual circumstances, including financial need, health status, and overall retirement plan. Before making any decisions, individuals should consider consulting with their financial professional and tax advisor.
Securities are offered through LPL Financial, Member FINRA/SIPC. Advisory services are offered through Flagship Harbor Advisors, LLC, a registered investment advisor. Flagship Harbor Advisors, LLC and Northern Peak Financial are separate entities from LPL Financial.