Early or Delayed Social Security: Here’s What You Should Do Depending on Your Situation

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Anyone nearing retirement should be asking this question: Should I delay my Social Security payment? The answer is almost always going to be a resounding yes, but there are exceptions. 

Let’s talk about the social security situation and what you should do when your time comes.

For help, we asked expert, Maria Rosey, Founder of One Touch Finance and CFA (Chartered Financial Analyst), to weigh in. Here’s what she had to say.

When Can You Collect Social Security? 

First, what’s your retirement age? 

• If you were born before 1943, the full retirement age is around 65 and 10 months.
• If you were born between 1943 and 1954, the full retirement age is 66. 
• If you were born after 1960, the full retirement age is 67. 

Now, just because you don’t retire until you’re 65, 66, or 67, doesn’t mean you can’t collect a check. In fact, you can start collecting early retirement when you’re 62.

The trick, however, is that if you decide to collect early, you’ll receive a smaller check every month than if you wait. 

As Rosey notes: “Whether to claim Social Security early at 62, wait until full retirement age, 66-67 for most current retirees, or delay until 70 for maximum benefits represents one of retirement’s most consequential financial decisions. Yet research shows that approximately 35% of Americans claim at the earliest possible age, potentially leaving thousands of dollars on the table.”

Yes, if you delay your Social Security check until you’re 70, you can increase your monthly check amount by that much more. 

However, as Rosey makes clear: “To put this in dollars: If you’re entitled to a $2,000 monthly benefit at full retirement age (67), here’s how the numbers shake out:

• At age 62: approximately $1,400 monthly
• At age 67: $2,000 monthly
• At age 70: approximately $2,480 monthly

But these figures only tell part of the story. The right decision hinges on your unique circumstances: health status, financial needs, family longevity, employment situation, and whether you have a spouse to consider.”

At 70, your check amount stops increasing, so there is no reason to further delay collecting it. 

When Should You Collect Social Security? 

Great, you know when you can collect your check, but when should you? 

Rosey advises: “Early claiming is often the right move if you:

• Find yourself unemployed in your 60s with limited job prospects
• Need to stop working due to health problems, but don’t qualify for disability
• Have burned through your emergency funds and lack other income sources
• Would otherwise need to tap retirement accounts during market downturns

When early benefits enable significant lifestyle improvements, reducing stress, improving health outcomes, or providing care for loved ones, the non-financial returns may outweigh mathematical optimizations.

There are also certain circumstances, like if you are divorced or widowed. If you were married at least 10 years before divorcing, you’ve got options that many people miss. For example, you might be able to claim on your ex-spouse’s record at full retirement age, then switch to your benefit at 70 when it maxes out.

And if you’re retiring before Medicare kicks in at 65, health insurance costs can take a huge bite from your budget. Taking Social Security early, even at a reduced amount, might be necessary to help cover those private health insurance premiums during the gap years.”

How Long Should You Delay Collecting?

Barring these circumstances, you should delay your Social Security for as long as you can.

As Rosey tells us, it’s almost always a better idea to delay the Social Security payout. Here are her specific instructions: 

“Longevity in Your Family Tree: If you’re likely to live into your mid-80s or beyond, delaying benefits typically results in substantially more lifetime income. We’re talking potentially hundreds of thousands of dollars more. 

Still Working or Capable of Working: If you’re still bringing in a paycheck, there’s another wrinkle to consider: the earnings test. Claim before your full retirement age while earning above certain thresholds ($22,320 in 2025), and you’ll have $1 in benefits withheld for every $2 earned above that limit. Yes, these withheld benefits eventually come back to you, but many working seniors sensibly choose to delay claiming until this penalty disappears.

Protecting a Surviving Spouse: When one spouse earns significantly more than the other, having the higher earner delay until 70 creates invaluable survivor protection. After one spouse passes away, the survivor steps up to the larger of the two benefit amounts for the rest of their life. 

Tax Efficiency and Wealth Preservation: Draw down your IRAs first while delaying Social Security. This strategy can dramatically reduce your future required minimum distributions (RMDs) and create more tax-efficient retirement income streams.”

What to Consider Before Deciding

Don’t rush into this decision. Rosey offers you plenty of options to explore before choosing, because it’s not easy to change your status once you’ve made a choice. 

Rosey emphasizes: “Before making this life-changing choice, take advantage of these resources:

• Create your mySocialSecurity account at ssa.gov to see exactly what benefits you’ve earned
• Try out sophisticated Social Security calculators that let you play with different claiming scenarios
• Consider talking with financial advisors who specialize in retirement income planning
• Dig into the Social Security Administration’s detailed publications about your benefits

Bottom Line

Rosey says the bottom line is to “align your Social Security decision with your unique vision for retirement, your financial situation, and what security means to you personally. The perfect timing depends entirely on your circumstances, goals, and what matters most in your life.”

In the end, it is often in your best interest to wait for as long as possible to delay your Social Security check. You’ll get more money, and you can enjoy your retirement more fully.

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