Timing is everything when claiming Social Security, and your retirement can depend on when you file for benefits.
But is there a worst possible time? In most cases, yes — but it depends on your circumstances. Here are the worst times to claim Social Security, according to your situation.
Any Earlier Than You Must if You Have the Means To Wait
According to the Pew Research Center, most retirees rely on Social Security to get by. The most recent data shows that more than 38 million beneficiaries, or around 63% of adult recipients, depend on monthly benefits for at least half their income.
Millions claim early simply because they need the money, but it comes at a cost.
The Social Security Administration (SSA) reduces benefits for each month you claim before the full retirement age (FRA) of 67 — first by 5/9 of 1%, then by 5/12 of 1% — until the monthly check shrinks by a full 30% if you claim upon becoming eligible at 62. Conversely, the SSA increases checks with delayed retirement credits until age 70, up to 8% per year, for a total of 24% extra.
Those who are in good health and can afford to wait usually should. Delaying ensures bigger checks for life and provides security should your nest egg dwindle quickly as you age.
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If You Earn Substantial Income, It’s Before Your FRA
Claiming early always locks in a reduced benefit for life, but there are other drawbacks if you’re still working for a sizable income.
The SSA’s earnings test temporarily reduces benefits by $1 for every $2 in earned income above $24,480 in 2026. In the year you’ll reach your FRA, the reduction is $1 for every $3 earned above $65,160.
If your earned income is above those thresholds, claiming early:
- Reduces your benefit for life through early retirement deductions
- Temporarily reduces that smaller amount down to as low as $0 per month, depending on your income
- Could bump you into a higher tax bracket through reduced benefit payments that aren’t needed
The earnings test never applies once you reach your FRA.
If You’re Married, the Worst Time To Claim Is Before Your Lower-Earning Spouse
Social Security benefits are calculated based on lifetime income, with higher earners receiving larger monthly checks. Couples with lopsided incomes should delay claiming the higher earner’s benefit until it grows as large as possible at as close to age 70 as possible.
They can still claim the lower earner’s benefit starting at age 62, if needed, to provide monthly income while they wait for the larger benefit to mature. In doing so, they lock in the higher benefit for the lives of both spouses because when either spouse dies, the survivor receives the higher of the two benefit amounts.
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This article originally appeared on GOBankingRates.com: Yes, This Is the Worst Possible Time To Claim Social Security — Here’s What It Is
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