When is the best time for me to claim Social Security? – Ask Rusty

Dear Ready: You can certainly call us on 1.888.750.2622 during normal EST business hours for a personal conversation.  But to facilitate that conversation, be aware that deciding when to claim your Social Security benefit normally depends on just a few factors, including your financial need, your health and expected longevity, and your marital status. A few things to be aware of: 

• Born in 1958, your “full retirement age” is age 66 years and 8 months. If you were born in October 1958, you will reach you FRA in June 2025, and that is the point you can get 100% of the SS benefit you’ve earned from a lifetime of working.

• Once you reach your FRA in June, Social Security’s “annual earnings test” no longer applies. Thus, you can continue working after you start your SS benefits and your earnings will not negatively affect your monthly benefit amount. If you claim any earlier than your FRA, you will get a smaller benefit and also be subject to Social Security’s annual earnings test (which for you this year – your FRA year – is $62,160, or $5,180/month after you start your SS benefits). If you decide to claim before your FRA, your benefit will be reduced by .556% for each month early (a permanent reduction). 

• You can also wait beyond your FRA to claim and earn Delayed Retirement Credits (DRCs) at the rate of .667% per month (8% per year of delay), in order to get an even higher benefit later. If financially feasible, you can delay up to the age of 70 when your monthly benefit will reach maximum – about 27% more than it will be in June of this year.  

• If you are single and will not be eligible for a spousal benefit, then you should make your claiming decision based only on your own needs. If, however, you are married and your spouse’s FRA benefit is more than twice your FRA amount, you may be entitled to a “spousal boost” (a supplemental amount added to your own SS benefit).

• Your life expectancy should be considered when deciding when to claim your SS retirement benefits. If you expect to enjoy at least “average” longevity (about 87 for a woman your current age), then you might also consider delaying your claim (if financially feasible) and that is often a prudent choice. If you don’t expect to achieve a long life, or if you need the money sooner, or if you are entitled to spousal benefits, then claiming at your FRA of 66 years and 8 months is likely your best option. 

In the end, only you can decide when you should claim your Social Security, but we’re always here to answer any additional questions you may have. You can feel free to call us at any time (1.888.750.2622) during normal EST business hours to discuss your options directly with one of our certified Social Security advisors. Or you can also ask any additional questions via email, which we will be most happy to respond to promptly. 

Thank you for submitting your question to our Social Security Advisor department. Be sure to share our link with your family and friends. 

This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (amacfoundation.org/programs/social-security-advisory) or email us at [email protected].