When Should You Claim Social Security? (Ep. 36)
When should you claim Social Security, at 62, full retirement age, or 70?
The answer can affect more than your first monthly payment, including your future income, taxes, portfolio withdrawals, and the benefit available to a surviving spouse.
In this episode, Dan Reese, CFP®, explains how Social Security benefits differ when claimed at age 62, full retirement age, or age 70. He examines break-even calculations, annual cost-of-living adjustments, life expectancy, earnings limits, and household claiming decisions. Dan also explains how delaying benefits may create room for Roth conversions, change portfolio withdrawals, and support a surviving spouse.
Key points:
- How claiming at 62, 67, or 70 can produce significantly different monthly Social Security payments
- Why cost-of-living increases compound differently when your starting Social Security benefit is higher
- When health, longevity, income needs, and other retirement resources may influence your claiming age
- How delaying Social Security may create additional time for Roth conversions and lower taxable income
- Why couples should consider survivor income before either spouse begins receiving Social Security
- And more!
This is not intended to provide specific legal, tax, or other professional advice. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Converting from a traditional IRA to a Roth IRA is a taxable event.
Resources:
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