When to claim Social Security is one of the most permanent financial decisions you’ll ever make. Get it right.

Claiming at 62 permanently reduces your benefit by up to 30% for life. Waiting until 70 earns Delayed Retirement Credits of 8% per year beyond FRA, producing a monthly payment up to 77% higher than an age-62 claim. The break-even point where delaying surpasses early claiming typically falls around age 80 to 82. This section covers the full comparison of claiming at 62, 67, and 70, the tradeoffs of 62 vs. 70, and a practical framework for deciding when to take Social Security based on your health, income needs, and household situation.

Your benefit is based on your 35 highest-earning years and expressed as a Primary Insurance Amount. The 2026 average monthly retirement benefit is approximately $2,071, while the maximum for someone who worked at or above the wage base and delayed to 70 is around $5,108 per month. This section explains how Social Security is calculated, how to find your personalized estimate at SSA.gov, and how retiring early can permanently lower your benefit by introducing zero-earning years into your average.

Collecting Social Security before your Full Retirement Age while still earning income comes with important rules. In 2026, the earnings limit is $24,480 for those under FRA all year, with $1 withheld for every $2 earned above it. In the year you reach FRA the threshold rises to $65,160. Withheld benefits are not lost permanently, the SSA recalculates your monthly payment upward at FRA to credit back the withheld months. This section explains how the earnings test works and how working before FRA affects your long-term income, critical context for anyone planning a phased or part-time retirement.

For couples, divorced individuals, and surviving spouses, Social Security involves multiple interconnected decisions that can mean tens of thousands of dollars in additional lifetime household income. A spouse can receive up to 50% of their partner's Primary Insurance Amount. A surviving spouse can receive up to 100% of the deceased worker's benefit, which is why the higher earner's decision to delay has lasting consequences for both partners. Divorced individuals married at least 10 years may also qualify based on an ex-spouse's record. This section covers spousal benefits, survivor benefit strategy, divorced spouse entitlements, and how couples can coordinate claims to maximize total lifetime household income.

Up to 85% of your Social Security benefits can be subject to federal income tax depending on your combined income, and large IRA withdrawals or RMDs can trigger that exposure unexpectedly. Coordinating Roth conversions and withdrawal sequencing with your Social Security strategy is one of the most impactful tax planning moves available to pre-retirees. This section also covers the Social Security Fairness Act, signed January 5, 2025, which permanently repealed the WEP and GPO, restoring benefits to over 3.2 million public employees with more than $17 billion in retroactive payments completed by mid-2025. It also addresses the trust fund solvency question many clients raise. Moore Invested builds retirement income strategies designed to remain sound regardless of future legislative changes.