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Social Security can offer an immediate financial cushion, but the short-term advantage of claiming at 62 can leave a lot of money on the table by the time you turn 70.
The decision of when to claim Social Security should come down to your specific situation, such as your other forms of income, savings, whether you plan to continue to work part-time and whether you have any debt. But for many married couples, it makes sense for at least one spouse to delay receiving their benefits. Here’s why.
How waiting increases your benefits
You are eligible to claim Social Security as soon as you turn 62. But doing so reduces your maximum benefits, including survivor benefits your spouse could receive in the future. The amount you earn is based on how much you’ve earned throughout your life and when you retire — and the later you claim, the higher your benefit will be.
In 2026, the highest possible benefit you can receive if you claim Social Security at 62 is $2,969 per month, and that’s if you are earning the maximum amount. But if you wait until you reach full retirement age, which is 66 or 67, the maximum benefit would be $4,152 per month. If you wait until age 70, it’s $5,181 per month.
If both spouses claim their benefits early, they reduce their monthly household income. This is typically irreversible if you have been receiving Social Security checks for more than a year. (You can withdraw within a year but you’ll have to pay your benefits back; after that you can only suspend your benefits.)
The dollars left on the table
Consider a best-case scenario in which both spouses qualify for the maximum benefit. If they tap Social Security at age 62, they will receive a total of $5,938 per month. Waiting until full retirement age yields $8,304 per month in combined benefits, while waiting until 70 produces $10,362 per month. In short, couples can receive thousands of dollars per month in extra income just by waiting a little longer to claim Social Security.
Before claiming Social Security, you should create an account on Social Security’s website and calculate personalized estimates for your benefit upon turning 62, reaching full retirement age and turning 70. That way, you know your exact numbers and how much money you will leave on the table if you take out Social Security when you are first eligible.
When claiming at 62 can make sense
Every person’s situation is unique and for some couples, it may make sense to claim at age 62. For example, some couples use what’s called the “split strategy” in which the lower-earning spouse claims earlier than the higher-earnings spouse so the higher-earnings spouse can lock in higher benefits while the couple lives off the lower-earning spouse’s benefits. Of course, sometimes you may not have a choice. People with health problems, little savings, a recent layoff or an urgent need for cash flow may need to claim benefits as soon as they can
Map out your Social Security strategy. If both spouses go to the Social Security website and see their calculated benefits based on when they claim benefits, they can strategically consider what makes the most sense for them.
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