Social Security can be an important source of retirement income. Deciding when to begin receiving benefits is one of the decisions you’ll make as you approach retirement.
You can generally begin receiving retirement benefits at age 62, but claiming before your full retirement age results in a lower monthly benefit. Waiting beyond full retirement age can increase your benefit through delayed retirement credits until age 70.
That may make the decision seem like a simple comparison of monthly benefit amounts, but there are other factors to consider. Start with your overall financial picture.
Are you still working? Do you have other sources of retirement income? Do you need Social Security to help cover your current expenses? Your answers can help provide context for evaluating your options.
Our Social Security Roadmap highlights some of the questions and key milestones to consider as you begin the planning process.