When should you claim your social security benefits

Social Security Roadmap

by Eric Riggenbach | Mar 27, 2025 | Retirement | 0 comments

When Should you Claim your Social Security Benefits? Social Security is an important source of income for 91% of retirees, so deciding when to start benefits is critical. Here are a few quick questions to consider before drawing benefits.

Are you still working? If yes, you might be subject to the earnings test. And that may influence your decision on when to begin benefits. If no, let's move on to the next question. Quick Fact #1 Benefits got a 2.5% cost of living adjustment for 2025, Quick Fact #2: The Earnings Test only applies if you haven't yet reached Full Retirement Age.

Do you have other sources of income? If yes, Let's take a look further. If no, Remember you can start taking benefits as early as age 62. How your benefit changes: At 62, you'll get 30% less than your full benefit. At full retirement age, you get 100% of your benefit. At 70, you'll see a 24% boost to your benefit. Quick fact #3: Claiming early means a smaller benefit and waiting means a bigger benefit.

Do you think you'll live beyond 81? If yes, Family history and longevity are factors to consider when drawing benefits. If no, let's look at one more factor. Quick fact #4: Full Retirement Age is 67 if you were born in 1960 or later.

How about living past 77? If yes, For some living past 77 is a consideration when starting benefits at full retirement age. If no, in this case, you might consider claiming as early as age 62. Remember, this is just a guide. Your situation is unique, and this guide is designed to help you start the decision process.

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Eric Riggenbach

Executive Director

I have been in the financial and insurance industry since 1990 and began my career while pursuing a Bachelor of Science in Business Management.

For the last 30 years, I have embraced further education by obtaining a Securities registration, and further education with a bachelor’s degree in economics and finance from Cambridge.

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