When it comes to filing for Social Security, many experts advise waiting until age 70 to snag the largest possible payments. The average retiree collects roughly $740 more per month at 70 than at 62, according to 2023 data from the Social Security Administration, so it sometimes pays to delay.
That said, filing early can be a smart move in some cases. While everyone’s situation is different, there are three reasons I’m planning to take Social Security long before age 70 — and you might, too.
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1. I want to retire sooner
Technically, you don’t have to take Social Security when you retire. It’s possible to leave your job at 62 and then wait until 70 to file for benefits. However, you’ll need to rely on other sources of income during those years in between, which can take a hefty toll on your savings.
If you’re planning on retiring in your early 60s, it could be wise to take Social Security early, too. Filing early will still reduce your monthly payments, but it could also help your savings last longer — which could be more financially beneficial than retiring early and delaying benefits.
Just be sure you’re aware of the effect filing early will have on your payments. Claiming at 62 will reduce your checks by up to 30% compared with what you’d receive at your full retirement age. That’s not necessarily a reason to avoid claiming early, but it’s wise to factor these reductions into your budget now.
2. Life may throw curveballs
No matter how prepared you are for retirement, life can be unpredictable at times. Around 47% of those currently receiving Social Security say they began claiming benefits because of unexpected life events such as health issues, job loss, or financial problems, according to a 2024 survey from the Nationwide Retirement Institute.
If I were to delay benefits until 70 and then develop health problems a year or two later, I’d probably regret not filing earlier to give myself more time to enjoy my retirement. While filing early may require some financial sacrifices, the peace of mind of knowing I’m not betting on my longevity is worth it.
Keep in mind, too, that Social Security is designed so that you should theoretically break even no matter when you file. Claiming early will result in smaller payments but more of them over a lifetime, while delaying benefits will earn you larger checks but fewer of them in total.
While your claiming age will affect your monthly income, as long as you live an average lifespan, you should collect roughly the same amount overall regardless of when you file.
3. I can change my mind later
One of the advantages of filing earlier is that you have one opportunity for a do-over if you change your mind. Within 12 months of claiming, you can withdraw your application. You’ll need to repay all the benefits you’ve already received, but you’re then free to file again whenever you choose.
Suspending your benefits is another option that doesn’t require repaying your benefits. Once you reach your full retirement age, you can press pause on collecting Social Security up to age 70. When you file again, you’ll receive larger payments.
Again, life can be unpredictable at times, and this option can give you more flexibility in your retirement. If you retire early but then quickly decide to go back to work, you can reverse your claiming decision and file later instead. But if you delay benefits until 70 and then wish you’d claimed earlier, you’re stuck with that decision for the rest of your life.
The age you file for Social Security is a personal decision that will depend on your preferences and retirement goals. While delaying benefits can help maximize your monthly income, there are plenty of advantages to filing early, too.
