Ask The Hammer: When to take Social Security

Key Takeaways

• File a retroactive application within 6 months of full retirement age to undo your decision to delay—you'll receive a lump sum check for 6 months of foregone benefits plus continue monthly payments at the delayed rate
• Break the 3-4 year window between full retirement age (66-67) and age 70 into 6-month decision periods rather than one large choice, making it psychologically easier to delay and giving you better visibility over near-term life changes
• You can theoretically repeat this process every 6 months between FRA and 70 by waiting, reassessing, and filing retroactively if you still want to claim—but you must specifically request a retroactive application (not just file normally) to get both the lump sum and the adjusted benefit rate
• Verify with Social Security that your retroactive claim was processed correctly by confirming you receive two things: one large check for 6 months of benefits AND monthly checks starting at the delayed rate you earned
• More people should delay Social Security to age 70 than currently do; the 8.12% annual increase per year of delay (from full retirement age to 70) is a significant incentive, and this 6-month reversibility option removes much of the regret risk