When to Claim Social Security
Timing Strategies That Could Be Worth Thousands
When you start Social Security might be the most important financial decision you make in retirement. The difference between claiming at 62 versus 70 can be tens of thousands of dollars over your lifetime. Here's how to think about it.
Social Security Stats — 2026
- Annual SS bump for delaying past FRA
-
8.7%
Annual SS bump for delaying past FRA
- Full retirement age (born 1960+)
-
67
Full retirement age (born 1960+)
- Max SS benefit age
-
70
Max SS benefit age
- 2026 SS taxable wage base
-
$176,100
2026 SS taxable wage base
Sources: LIMRA Q1 2026, AnnuityAdvantage rate survey, ACM internal data.
How Your Benefit Changes by Age
| Claiming Age | % of Full Benefit | Example Monthly | Example Annual |
|---|---|---|---|
| 62 | 70% | $1,750 | $21,000 |
| 64 | 80% | $2,000 | $24,000 |
| 67 (FRA) | 100% | $2,500 | $30,000 |
| 70 | 124% | $3,100 | $37,200 |
*Based on a full retirement age benefit of $2,500/month. Your actual amount depends on your earnings history.
When Claiming Early Makes Sense
- You have health concerns that may shorten your life expectancy
- You need the income immediately and have no other sources
- You've been laid off and can't find work
- But understand: your benefit is permanently reduced
When Delaying Pays Off
- You have other income (annuity, pension, savings) to bridge the gap
- You're in good health and expect a long retirement
- You're the higher earner and want to maximize spousal/survivor benefits
- Each year you delay past FRA adds 8% to your benefit — better than most investments
The Annuity Bridge Strategy
One of the most powerful strategies we use at ACM is the "annuity bridge." You use an annuity to create income from ages 62-70, allowing you to delay Social Security to its maximum benefit. The math usually works out heavily in your favor.
For example: A $200,000 annuity paying $1,200/month for 8 years costs $115,200 in total payments. But delaying Social Security from 62 to 70 increases your benefit by roughly $750/month for life — that's $9,000/year more, every year, for the rest of your life.
See If This Strategy Works for YouFrequently Asked Questions
When is the best age to start Social Security?
How much does Social Security pay in 2026?
Can I work and collect Social Security at the same time?
Does my spouse's Social Security affect mine?
Is Social Security taxed in Florida?
Related Pages
Ready to bridge the gap until you claim Social Security?
Use our Income Rider Calculator to see how an annuity can fund the years between retirement and your optimal Social Security age — then book a 20-minute review with John to model your claiming strategy.