Last Updated: December 30, 2025

Deciding when to file can be one of the trickiest parts of claiming your Social Security benefits. The Social Security Administration bases how much you receive each month on your work history and earnings, as well as your “full retirement age.” Plus, when you elect your own Social Security can have an impact on spousal benefits as well.

Full retirement age is determined by when you were born. For example, if you were born before 1955, your full retirement age is 66. However, if you were born in 1960 or later, your full retirement age is 67.

No matter when your full retirement age is, though, you can begin taking benefits at age 62 or delay taking benefits until past age 70 (though delaying past 70 won’t increase your benefits). Taking Social Security too early or too late can impact your retirement finances. However, too early or too late isn’t just about whether you claim benefits at age 62 or wait until much later.

Determining the right time for you should also include a review of your break even point, the age at which you’ll earn more overall from claiming benefits at a later age rather than an earlier one. Knowing this point is important if you think you might live past this age, since it may make sense to delay your election in that case.

Mistake: Taking benefits too early

While it’s possible to take benefits at age 62, that’s not always the best option. For each year you claim Social Security before your full retirement age, you see a reduction in monthly benefits. Additionally, by waiting you could see a bump of 6% at your full retirement age and 8% between that age and when you turn 70 for every year you put off claiming benefits.

For those who have certain retirement accounts—especially traditional accounts with required minimum distributions (RMDs)—it might make more sense to draw down those accounts between ages 62 and 70. Remember, if you take Social Security early (before you really need it) while you're also drawing down accounts with RMDs, you might have a higher tax bill as a result.

Then, you have increased monthly benefits from Social Security and can adjust withdrawals from other accounts accordingly.,

Mistake: Taking benefits too late

Even though you could see a bump in monthly benefits, it doesn’t always make sense to wait until age 70 to start claiming them. You might be able to benefit from taking payments starting at full retirement age rather than waiting until later, particularly in certain situations.

For one thing, spousal benefits can’t be delayed past their full retirement age, so you won’t get an additional benefit if you wait. Also, check your break even point. If longevity isn’t on you or your spouse’s side when it comes to your Social Security benefits it may not make sense to delay claiming.

It’s also important to note that you won’t see an additional bump in Social Security income past age 70. If you wait until after that age to claim your benefits, you won’t see a better outcome, so waiting until then could be detrimental—especially if you know you’ll need the money.

Finally, consider factors such as your health and the size of your nest egg in tax-advantaged retirement accounts. Claiming benefits at age 62 might make sense if you have health issues that might reduce your ability to enjoy higher payments later. Additionally, if your nest egg isn’t large enough to support you without Social Security income, starting benefits at 62 might make sense to provide needed cash flow.

Mistake: Misunderstanding the timing of benefits

Remember, when you file for Social Security the timeline for receiving your first payment depends on a few different factors. Benefits don’t start on your birthday, but in fact the month following your birthday, and are not prorated. If your birthday falls between:

• The 1st and the 10th of the month: Payment will be issued on the second Wednesday of the month following your birthday month.
• The 11th and the 20th of the month: Payment will be issued on the third Wednesday after your birthday month. 
• From the 21st through the last day of the month: Payment will be issued on the fourth Wednesday of the month following your birthday.  

To help you plan for your ideal election age, check out our Social Security Break-Even Calculator to find out your break-even age and discover the moment in your life when the amount of money from choosing to take earlier benefits equals the total amount you would’ve received if you delayed electing benefits.