Claiming Social Security is a big decision because the age you choose affects how much money you get every month for the rest of your life. Claiming too early can cost you thousands of dollars over time because your monthly checks stay smaller forever. Many retired people depend heavily on Social Security to survive, not just as extra income, according to the Pew Research Center.
About 38 million people, or around 63% of adult Social Security beneficiaries, rely on these payments for at least half of their income. Many people claim Social Security early because they need the money right away, but this choice comes with long-term losses, as reported by GOBankingRates.com.
The SSA rewards people who delay claiming with higher payments called delayed retirement credits. Your benefit can grow by up to 8% each year if you wait beyond full retirement age. By waiting until age 70, your benefit can be up to 24% higher than at full retirement age. Another bad time to claim Social Security is when you are still working and earning good money, as stated by GOBankingRates.com. If you claim before full retirement age and earn too much, the SSA temporarily reduces your benefits.
The earnings test stops once you reach full retirement age, and your benefits are no longer reduced due to work income. Married people need to be extra careful about when they claim Social Security, as noted by GOBankingRates.com. Social Security benefits are based on lifetime earnings, so higher earners usually get bigger monthly checks.
In couples where one spouse earned much more than the other, claiming too early can reduce the household’s total lifetime income. The higher-earning spouse is usually better off delaying Social Security as close to age 70 as possible. The lower-earning spouse can claim as early as age 62 if the couple needs income while waiting. This approach allows the higher benefit to grow as much as possible over time. When one spouse dies, the surviving spouse receives the higher of the two benefits.
Delaying the higher earner’s claim helps protect the surviving spouse from a big drop in income later in life. Claiming Social Security at the wrong time can hurt you for decades, not just a few years, according to GOBankingRates.com. The key message is that if you can afford to wait, delaying Social Security can mean much more money and better financial safety in old age.
The worst time is claiming too early, especially at 62, or while still earning good money before full retirement age.
Q2. Why should married couples delay Social Security?
Delaying helps the higher earner get bigger lifetime payments and protects the surviving spouse later.
About 38 million people, or around 63% of adult Social Security beneficiaries, rely on these payments for at least half of their income. Many people claim Social Security early because they need the money right away, but this choice comes with long-term losses, as reported by GOBankingRates.com.
Early claiming cuts Social Security money
Your full retirement age is 67 for most people, and claiming before this age reduces your benefit.The SSA cuts your benefit for every month you claim before age 67, and these cuts are permanent. If you claim as soon as you are eligible at age 62, your monthly check can be about 30% lower for life. If you can afford to wait and are in good health, delaying your claim is usually the better option. Waiting gives you bigger monthly checks for life and helps protect you if your savings run out later in retirement.The SSA rewards people who delay claiming with higher payments called delayed retirement credits. Your benefit can grow by up to 8% each year if you wait beyond full retirement age. By waiting until age 70, your benefit can be up to 24% higher than at full retirement age. Another bad time to claim Social Security is when you are still working and earning good money, as stated by GOBankingRates.com. If you claim before full retirement age and earn too much, the SSA temporarily reduces your benefits.
Working and married risks in Social Security
In 2026, the SSA reduces benefits by $1 for every $2 you earn above $24,480 if you have not reached full retirement age. In the year you reach full retirement age, benefits are reduced by $1 for every $3 earned above $65,160. Claiming early while working can shrink your already reduced benefit down to very little or even $0 for some months. Claiming early while earning a lot can also push you into a higher tax bracket for no real benefitThe earnings test stops once you reach full retirement age, and your benefits are no longer reduced due to work income. Married people need to be extra careful about when they claim Social Security, as noted by GOBankingRates.com. Social Security benefits are based on lifetime earnings, so higher earners usually get bigger monthly checks.
In couples where one spouse earned much more than the other, claiming too early can reduce the household’s total lifetime income. The higher-earning spouse is usually better off delaying Social Security as close to age 70 as possible. The lower-earning spouse can claim as early as age 62 if the couple needs income while waiting. This approach allows the higher benefit to grow as much as possible over time. When one spouse dies, the surviving spouse receives the higher of the two benefits.
Delaying the higher earner’s claim helps protect the surviving spouse from a big drop in income later in life. Claiming Social Security at the wrong time can hurt you for decades, not just a few years, according to GOBankingRates.com. The key message is that if you can afford to wait, delaying Social Security can mean much more money and better financial safety in old age.
FAQs
Q1. When is the worst time to claim Social Security?The worst time is claiming too early, especially at 62, or while still earning good money before full retirement age.
Q2. Why should married couples delay Social Security?
Delaying helps the higher earner get bigger lifetime payments and protects the surviving spouse later.
