When Should I Take Social Security?
As a CFP® professional, this is one of the most common retirement questions I get… and not just in client meetings.
I've been asked at dinner parties, tennis matches, get-togethers with friends and everywhere in between.
And honestly, I wish I could give them a simple answer.
I wish I could say, "Take it at 62," or "Always wait until 70."
But the truth is, I can't.
The best age to take Social Security depends entirely on your unique situation. What works perfectly for one person may be the wrong decision for someone else.
Let me explain why.
Why There's No Universal Answer
Many people compare what they'll receive at age 62, their earliest Full Retirement Age, and an older age, like age 70.
The assumption is often that the largest monthly benefit automatically equals the best decision.
But Social Security doesn't exist in a vacuum.
It's one piece of a much larger retirement puzzle that includes your investments, taxes, income needs, spouse, health, and long-term goals.
I often tell clients that retirement planning is like a Rubik's Cube. Every time you move one piece, the rest of the puzzle shifts.
Social Security is no different.
A Few Examples
Scenario #1: The Healthy Couple
Let's say you're married, both in good health, and longevity runs in your family.
In many cases, waiting longer to claim benefits may make sense because there's a greater likelihood you'll be collecting those larger checks for many years.
Scenario #2: The New Retiree
Maybe you've retired at 62 but think there's a good chance you'll work again in the next few years.
Claiming Social Security immediately may not be the best move if future earnings could impact your benefits before Full Retirement Age.
Scenario #3: The IRA Dilemma
Let's say delaying Social Security means you'll need an additional $20,000 per year from your retirement accounts to cover expenses.
That sounds simple enough until you realize those withdrawals may be fully taxable.
Sometimes the decision isn't just about maximizing Social Security. It's about finding the most efficient way to generate retirement income overall.
The Factors That Matter Most
When evaluating when to claim Social Security, I encourage clients to consider:
Life expectancy and family longevity
Marital status and spousal benefits
Current employment status
Other retirement income sources
Tax implications
Overall retirement cash flow needs
The goal isn't simply to maximize a Social Security check. The goal is to maximize your retirement strategy.
The Best Thing You Can Do
I cannot stress this enough: before making a Social Security decision, talk with a financial advisor who can evaluate it in the context of your entire financial picture.
A good Social Security analysis doesn't just tell you what your benefit will be at different ages. That’s something you could easily look up with any number of online Social Security calculators out there.
What a truly good (and accurate) Social Security analysis can do for you is help you understand how that decision affects everything else.
And perhaps most importantly, knowing the answer will give you an immense amount of confidence.
Bottom Line
So, when should you take Social Security?
The answer is: it depends.
Not because financial advisors enjoy giving vague answers, but because there truly isn't a one-size-fits-all solution.
The right strategy is the one that fits your life, your goals, and your overall retirement plan.
Ready to Build Your Retirement Income Strategy?
If you're approaching retirement and wondering when to claim Social Security, let's talk.
At Winstone Wealth Partners, we help individuals and families evaluate Social Security as part of a comprehensive financial plan—not as a standalone decision. Together, we can explore your options, understand the tradeoffs, and create a strategy designed around your goals and lifestyle.
Schedule a consultation today with me today and I’d be happy to help you get some more clarity around Social Security in your own life: https://calendly.com/winstone-wealth-partners/financial-consultation-with-lauren-smith
Please Note: Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.