Social Security: Take It Now
or Wait?
Delaying Social Security means giving up payments now in exchange for a larger check every month for the rest of your life. There's no single right answer — but understanding the trade-off is the first step to making the right call for your situation.
What Are Social Security Retirement Benefits?
Social Security retirement benefits are a monthly, lifetime payment based on your own earnings history — funded by the payroll taxes you (and your employers) paid throughout your working years. Here's how eligibility and your benefit amount actually work.
You generally need 40 "credits" (also called quarters of coverage) to qualify — roughly 10 years of work where you paid Social Security taxes. You can earn up to 4 credits per year, and the years don't need to be consecutive.
Your benefit amount isn't based on how many credits you have — once you've reached 40, earning more doesn't increase your benefit. It's based on your highest 35 years of earnings, which is why working longer or earning more during your career can raise your eventual monthly check.
The rest of this page assumes you already qualify and are deciding when to claim — not whether you're eligible in the first place. If you're not sure you have enough work credits, you can check your own record at ssa.gov.
Two Ways to Think About It
Claim Earlier
You can start Social Security retirement benefits as early as age 62. You'll receive payments sooner and for more years overall — but each monthly check is permanently smaller than if you'd waited.
Wait Longer
Every year you delay (up to age 70) increases your monthly benefit. You'll receive fewer total payments upfront — but each check is larger, for as long as you live.
What This Looks Like in Real Numbers
| Claiming Age | Approx. Monthly Benefit | Payments Received Before Age 67 |
|---|---|---|
| 62 | $1,400 | $84,000 |
| 63 | $1,500 | $72,000 |
| 64 | $1,600 | $57,600 |
| 65 | $1,733 | $41,592 |
| 66 | $1,867 | $22,404 |
| 67 (Full Retirement Age) | $2,000 | $0 |
| 68 | $2,160 | $0 |
| 69 | $2,320 | $0 |
| 70 (Maximum Benefit) | $2,480 | $0 |
Claiming at 62 provides about $84,000 in benefits before age 67, but each check is about $600/month smaller than waiting. Ignoring investment returns, taxes, and cost-of-living adjustments, someone who waited until 67 would have received more in total lifetime benefits starting around age 79.
There's No Universally "Right" Answer
The best age to claim isn't the same for everyone. It depends on your own circumstances — here's what actually matters most.
Health & Life Expectancy
Longer expected lifespans generally favor waiting; shorter ones may favor claiming earlier.
Income Needs Now
If you need the income to cover expenses today, waiting may not be realistic.
Whether You're Still Working
Working while claiming early can temporarily reduce your benefit, depending on your earnings.
Other Retirement Resources
Pensions, savings, or a spouse's income can change how much this decision matters.
Taxes
Social Security benefits can be partially taxable depending on your total income.
Spousal & Survivor Benefits
Your claiming age can affect what a spouse may be eligible to receive later.
Social Security & Medicare Are Related — But Not the Same
The two programs are connected, but they run on different rules. Here's how they actually fit together.
Social Security retirement benefits can generally begin as early as age 62.
Medicare eligibility generally begins at 65 — a separate age, on a separate timeline.
If you're already receiving Social Security before turning 65, you're generally automatically enrolled in Medicare Part A and Part B when you become eligible.
If you're not yet receiving Social Security at 65, you generally need to actively enroll in Medicare yourself.
Still working with employer health coverage at 65? Your Medicare enrollment considerations may be different — see our Turning 65 guide for the specifics.