When Should I Start Taking Social Security?

Key Takeaways

• Use a bridging strategy: withdraw from your IRA or 401(k) to replace the income you'd get from Social Security, then claim at 70 for a larger benefit—research shows this typically makes your total savings last longer over a 25-30 year retirement
• If you claim Social Security before full retirement age and then find employment, earning above the limit will reduce your benefits; you can only withdraw and reset within 12 months by repaying all benefits received
• For married couples, have the highest earner delay to age 70 to maximize survivor benefits for the spouse—the surviving spouse receives whichever benefit is higher, making this strategy particularly valuable
• Women have longer life expectancies than men, so the financial benefit of delaying Social Security is typically greater for women; singles should factor this into their decision more heavily than married couples
• After reaching full retirement age, you can suspend benefits to earn delayed retirement credits and restart at 70 for a larger amount, though most people psychologically resist pausing paychecks once they've begun