Planning your Social Security claiming age

You can protect the financial security of your surviving spouse.

Your Social Security claiming age can affect the amount your spouse receives after you die. Surviving spouses can take their own benefit or keep their spouse's benefit, whichever is higher. If you are married, and are the higher earner in the household, claiming at your full benefit age ensures your spouse receives the higher benefit. Talk to your spouse about your claiming options so you can make this important decision together. Learn more about spousal benefits.

Claiming at your full retirement age or later permanently increases your benefit.

By claiming at your full Social Security benefit age or later, you avoid a reduction in your monthly benefit. In addition, by waiting to claim after your full benefit age up to age 70, you can get an increase for every month that you wait. If you are divorced, your former spouse's claiming decision does not affect your benefit, so it should not affect your decision of when to claim. Learn more about your Social Security benefits after a divorce.

Your claiming age matters for your own retirement benefits and your survivor's benefits.

You could qualify for a survivor benefit if your deceased spouse qualified for Social Security. You can wait until age 70 to claim your survivor benefit and get the maximum amount possible, or you can claim a reduced survivor benefit as early as age 60. You could also qualify for a retirement benefit based on your own earnings record, but you can receive only one benefit at a time. If you expect your own retirement benefit to be higher than the survivor benefit, you could consider claiming the survivor benefit first. That way, you can start receiving some money from Social Security as your own retirement benefit continues to grow. Learn more about Social Security survivor benefits.

Working in your 60s helps you maximize your income and savings.

Your benefits are based on your highest 35 years of earnings. Each year of work could add higher earnings to your record and replace years with low earnings, such as years when you were a student, were unemployed, or took time off to care for someone. Working in your 60s also gives you more time to save on your own for retirement. Create or sign in to your personal my Social Security account to review your earnings record.

You can maximize your benefits even if you work fewer hours or stop working.

You might choose to work fewer hours or stop working in your 60s. If you decide to do so, you could use retirement savings, such as money from a 401(k) or Individual Retirement Account (IRA), to supplement your income until you reach your full Social Security claiming age. Your monthly benefit is higher the longer you wait, until age 70. And, if you can continue working in your 60s, you could add higher earnings to your Social Security earnings record, which means a higher monthly benefit. The age at which you stop working doesn't have to be the same as your claiming age. Learn more about working and collecting Social Security benefits.

Consider working in your 60s for an extra boost to your income and savings.

Working in your 60s can increase your monthly benefit in a few ways. Because your benefits are based on your highest 35 years of earnings, each year of work could add higher earnings to your record by replacing years with low earnings, such as those when you were a student, were unemployed, or took time off. Also, when you wait to claim until age 70, you can increase your monthly benefit. Finally, working in your 60s gives you more time to save on your own for retirement. Learn more about working and collecting Social Security benefits.

Retirement might be more expensive than you expect.

If you're planning an active retirement or if you have a mortgage or other debt, retirement could be more expensive than you expect. Some expenses, like out-of-pocket health care costs, are likely to increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget.

Maintain your lifestyle by planning ahead.

Future expenses are difficult to predict. Some expenses, like out-of-pocket health care costs, are likely to increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget.

Many people find retirement is more expensive than expected.

Future expenses are difficult to predict. Some expenses, like out-of-pocket health care costs, are likely to increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. Consider downsizing or paying off your mortgage before you retire. You can also increase your income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent. Create a retirement budget.

Continue saving in the coming years.

Social Security won't replace all your preretirement income. On average, Social Security replaces 40 percent of a worker's income. That means your retirement savings, pension, 401(k), or Individual Retirement Account (IRA) needs to fill the gap. Claiming at your full Social Security benefit age or later can minimize this gap and maximize your monthly benefit. If you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent. Learn more about saving for retirement.

It's a perfect time to start saving.

You could save through your employer's 401(k) or an Individual Retirement Account (IRA). Maximize the 401(k) employer match if one is offered, to help grow your retirement savings. Even if you're unable to save as much as you'd like, small savings today can grow over time.

If you expect Social Security to be your only source of income, you can still make the most of it by claiming at your full Social Security benefit age or later. If you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent. Or, get increases for waiting to claim past your full benefit age until age 70. Learn more about how retirement savings grow.

There are many ways to plan for a secure retirement outside of Social Security.

You might be able to save through your employer's 401(k) plan or an Individual Retirement Account (IRA). Maximize the 401(k) employer match if one is offered, to help grow your retirement savings faster. Your decision about when to claim your Social Security benefits is important if you cannot or did not save as much as you would like. When you claim at your full Social Security benefit age or later, you avoid a reduction in your monthly benefit. You also get increases for waiting to claim past your full benefit age until age 70. Learn more about starting an IRA.

Many people live longer than they expect.

Because Social Security provides guaranteed income for life, it's especially valuable to you when you reach age 80 and beyond. Claiming benefits at your full Social Security benefit age or later could be a good way to secure your monthly income during your later years. Your benefit increases the longer you wait to claim, up to age 70, and is adjusted annually with the cost of living. If you live into your 80s but claim at age 62 instead of your full retirement age or later, your total lifetime benefits are lower by thousands of dollars. Calculate your expected longevity.

Claiming at your full benefit age could still make sense for you.

We understand it's difficult to make predictions. You might want to plan for the possibility that you or your spouse spends 20 or more years in retirement. On average, a woman reaching age 65 today lives to age 87, and a man lives to age 84. Waiting as long as you can before you claim could make sense if you are married, are the higher earner in the household, and want your surviving spouse to keep the highest monthly benefit after you die. You can claim at any point between age 62 and 70. Each additional month that you wait to claim gives you a permanent increase in your monthly benefit, which becomes more valuable as you age. Calculate your longevity.

There's a good chance that you'll live into your 80s and beyond.

We understand it's difficult to make predictions. You might want to plan for the possibility that you or your spouse spends 20 or more years in retirement. On average, a woman reaching age 65 today lives to age 87, and a man lives to age 84. Claiming benefits at your full Social Security benefit age or later could be a good way to secure your monthly income during your later years. Your monthly benefit increases the longer you wait to claim, up to age 70, and is adjusted annually with the cost of living. If you live into your 80s but claim at age 62 instead of your full retirement age or later, your total lifetime benefits are lower by thousands of dollars. Calculate your longevity.