When Should I Claim Social Security Retirement Benefits?


Those nearing retirement age have several options regarding when they begin to claim their Social Security retirement benefits. Deciding which of these options to choose, however, can be confusing. Here, we discuss several options and their effect on benefits.

Early Benefits

Social Security allows retirees to begin claiming benefits as early as age 62, and about 40 percent of retirees take this option. However, your benefits may be up to 25% lower than if you had waited until full retirement age to claim them – and in 2022, this number goes up to 30% for those born in 1960 or later.

Full Retirement Age Benefits

“Full retirement age,” currently, is either age 66 or 67, depending on when you were born. The Social Security website can help you determine at which age you qualify. Although you’ll receive no reduction in benefits if you wait until full retirement age to start claiming them, you can also receive an incentive if you wait a few years more.

Post-Full Retirement Age Benefits

For those who wait one or more years after full retirement age to start claiming Social Security benefits, the SSA increases benefits by 8 percent per year for each year you wait between full retirement age and age 70.

The SSA website offers a benefits calculator that can help you determine which option is right for you. Considering other factors, such as your work options in your 60s, can also help you decide when to start claiming your Social Security retirement benefits. For instance, those who are still interested in working well into their 60s might prefer to postpone their retirement benefits, while those who are less physically able to handle their jobs in their early 60s may wish to start claiming benefits sooner.

Social Security benefits rules can be complex, particularly if you’re balancing retirement with disability. An experienced attorney can help you understand your options and choose a path that best fits your goals. To learn more, contact the Law Offices of Silverman & Roedel, LLC today by calling 973-772-6411 or by filling out our convenient online contact form.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney/client relationship. If you are seeking legal advice, please contact our law firm directly.