Start with the permanent tradeoff

Social Security adjusts your monthly benefit according to when you claim. Filing before full retirement age generally means a permanently smaller monthly benefit. Waiting after full retirement age generally increases it through delayed retirement credits, up to age 70.

  • Compare lifetime cash flow, not just the first check.
  • For couples, examine the survivor benefit—not only two individual break-even ages.
  • If you keep working before full retirement age, review the earnings test.

A decision checklist

Write down your essential monthly spending, guaranteed income, liquid savings, health outlook, and whether either spouse may depend on the larger record. Then model several claiming ages. A calculator is a planning aid; confirm personalized estimates in a my Social Security account.