One of the biggest decisions retirees face is when to start taking Social Security. Do you claim early at 62, wait until full retirement age (FRA), or delay until 70 to maximize benefits?

There’s no one-size-fits-all answer. The right strategy depends on your health, finances, and long-term goals—including, for married couples, the financial wellbeing of a surviving spouse.

While the monthly benefit you receive is determined by your earnings history and the age you claim, the choice also affects how much income you’ll collect over your lifetime—and what your surviving spouse may receive if you pass away first.

Let’s walk through three typical scenarios, using simple examples to highlight both lifetime benefit totals and survivor implications.

Scenario 1: Claiming Early at Age 62 – Immediate Income, Lower Long-Term Benefit

Jane, age 62, is recently retired and has modest savings. She needs income now. If she claims Social Security at 62, she receives $1,500/month, a 25% reduction from her full benefit of $2,000/month at FRA (67).

• If Jane lives to age 75: she’ll collect $234,000 in total benefits
• If she lives to age 90: she’ll collect $504,000

Survivor Consideration: If Jane passes away first, her surviving spouse would only be eligible for the reduced $1,500/month—permanently locking in the early-claim discount. If her spouse’s benefit is smaller, that reduction could have long-lasting effects.

Bottom Line: Early claiming offers immediate income but may lead to reduced lifetime and survivor benefits. This route can make sense for those with health concerns or urgent financial needs—but comes at a long-term cost.

Scenario 2: Claiming at Full Retirement Age (67) – A Balanced Approach

John, now 67, has a good pension and enough savings to wait. By claiming at his full retirement age, he receives $2,000/month, the full value of his benefit.

• If John lives to 75: he’ll collect $192,000
• If he lives to 90: he’ll collect $552,000

Survivor Consideration: If John dies first, his surviving spouse can receive the full $2,000/month, provided they wait until their own FRA to claim. This locks in a higher survivor benefit than if he had claimed early.

Bottom Line: Waiting until FRA strikes a healthy balance—decent monthly income, full survivor benefits, and no long delay in access. This strategy is well-suited for people with solid health and moderate retirement savings.

Scenario 3: Delaying Until Age 70 – Maximum Monthly and Survivor Benefit

Clarence, now 70, has income from investments and doesn’t need Social Security yet. By waiting, his benefit jumps to $2,640/month, a 32% increase over his FRA benefit.

• If Clarence lives to 75: he’ll collect $158,400 (over just 5 years)
• If he lives to 90: he’ll collect $633,600

Survivor Consideration: If Clarence dies first, his spouse would receive $2,640/month, the highest possible survivor benefit based on his work record.

Bottom Line: Delaying maximizes lifetime income—especially for those who live into their late 80s or beyond—and greatly enhances financial security for a surviving spouse. The trade-off: you need other income sources while you wait.

Survivor Benefits: Why Timing Matters for Couples

When one spouse dies, the survivor is entitled to the larger of their own benefit or their spouse’s. But that survivor benefit is based on the amount the deceased was receiving (or eligible to receive) at death.

• If you claim early, the lower amount becomes permanent—even for your surviving spouse.
• If you wait, your spouse can inherit a higher benefit, assuming they wait until FRA themselves.

For couples where one spouse was the higher earner, delaying benefits can be one of the most powerful tools to provide financial security for the survivor—especially if they live decades longer.

The Claim Early and Invest Scenario

There’s another lens through which to evaluate your claiming decision—and that’s the potential of investing your Social Security checks. (Note that this scenario also hinges upon whether your Social Security benefits are taxable).

Let’s say you don’t need the income immediately and instead decide to invest your monthly benefit, earning a 10% annual return (the long-term average of the S&P 500). What kind of nest egg might you build by age 85, depending on when you start claiming?

Assume your full retirement benefit at age 67 is $2,000 per month. Claiming early at 62 drops that to $1,500/month, while waiting until 70 boosts it to $2,640/month. Here’s how the math plays out:

Scenario 1: Claiming Early at 62 and Investing

If you start collecting at 62 and invest all of your $1,500 monthly checks, that’s $18,000 per year for 23 years. With 10% annual growth, by age 85 your account could grow to an impressive $1.38 million.

Scenario 2: Claiming at Full Retirement Age (67) and Investing

Waiting until 67 gives you more per month—$2,000—but you’ll only have 18 years to invest it. If you invest $24,000 per year, you’d end up with about $1.02 million by age 85.

Scenario 3: Delaying Until 70 and Investing

Hold out until 70 and your benefit rises to $2,640/month, or $31,680 per year. Over 15 years of compounding, this still leaves you with a smaller final balance of $896,000 at age 85.

What’s the takeaway? From a pure investment perspective—and assuming you don’t need the income early—claiming benefits at 62 and aggressively investing the proceeds could build more wealth over time. But of course, this strategy requires discipline, a strong stomach for market risk, and other retirement savings that can provide for your needs.

For those who want to blend income security with growth potential, this kind of exercise can help shape a more customized strategy. And it’s another reason to view Social Security not just as a government check, but as part of your broader retirement planning toolbox.

So, When Should You Claim?

There’s no universal answer, but here are a few guidelines to help frame your decision (ignoring the investment scenario above):

• If you have poor health or urgent income needs, early claiming may make sense.
• If you expect to live into your 80s or 90s, waiting until FRA or even 70 could boost total lifetime income.
• If you’re married and the higher earner, delaying helps maximize survivor benefits.
• If you have other income or retirement savings, waiting may be more feasible.

Final Thoughts

Social Security claiming strategies aren’t just about maximizing income today—they’re about building a financial foundation for the years (and decades) to come. For couples, this includes protecting your spouse’s future, not just your own.

By thinking beyond the monthly benefit and considering your health, your needs, and your family, you’ll be better positioned to make a decision that pays off in every sense of the word.