When Should You Claim Social Security? Key Factors to Consider Before Filing
- Mica Dauch
- 3 days ago
- 2 min read
When to Claim Social Security?
Have you wondered when you should claim Social Security? Should you claim early, at your Full Retirement Age (FRA), or wait until 70 to maximize your benefit? These are all great questions, and the right answer truly depends on your financial situation and how well you've saved for retirement. We recommend meeting with one of our financial advisors to discuss your options in more detail.
The Case for Waiting
One of the most powerful features of Social Security is the delayed retirement credit. For every year you wait to claim beyond your Full Retirement Age, your benefit grows by 8%, and this increase is prorated if you claim at any point in between. That can add up to a significantly larger monthly check by the time you reach age 70.
Earning Limits Before Full Retirement Age
If you claim Social Security early and are still working, there are income limits to be aware of. As of 2026:
Before FRA: You can earn up to $24,480 annually without penalty. For every $2 earned above that limit, $1 is withheld from your benefit.
The year you reach FRA: The limit increases to $65,160, and the penalty is reduced. Only $1 is withheld for every $3 earned above the limit.
The month you reach FRA: The earnings limit disappears entirely, and your benefit is no longer reduced regardless of how much you earn.
It's also worth noting that these limits apply to your individual earnings, whether from W-2 wages or self-employment income, and are not calculated jointly with a spouse.
Special Considerations for Married Couples
For married couples, the claiming decision becomes even more significant. The larger of the two Social Security benefits will ultimately be the one that survives both spouses. When one partner passes away, the surviving spouse retains the higher benefit, making that larger benefit the one that lasts for as long as either of you is alive.
With that in mind, it may be especially worthwhile for the higher-earning spouse to delay claiming until at least their Full Retirement Age, or even until 70, to lock in the largest possible benefit for the household over the long run.
Understanding the Breakeven Age
When evaluating whether to delay, it helps to consider the breakeven age, which is the point at which the cumulative benefit from waiting exceeds what you would have received by claiming earlier. For a single individual, that breakeven typically falls around age 80.
For married couples, however, the math shifts meaningfully:
A 65-year-old woman has roughly an 82% chance of living to age 80.
A 65-year-old man has roughly a 70% chance.
But for a married couple at age 65, there is approximately a 95% probability that at least one spouse will reach age 80.
Given those odds, the likelihood of reaching and surpassing the breakeven point is quite high. For many couples, this makes a delayed claiming strategy one of the most compelling financial decisions available in retirement planning.
If you would like help understanding your social security situation better but don’t know what questions to ask or where to start, reach out to your financial advisor today!
