How timing affects your benefit
You can claim retirement benefits anytime from age 62 to 70. Claiming before full retirement age (FRA) reduces your monthly amount; delaying increases it. For most born in 1960 or later, FRA is 67.
Example below assumes a $2,000/month benefit at age 67 (FRA). Adjusted amounts illustrate how claiming age changes benefits.
What's new for 2025--2026
- The OBBB created an additional federal deduction for some taxpayers who receive Social Security (effective 2025). Eligibility, phase‑outs, and amounts depend on IRS guidance and your income.
- SSA earnings tests and many tax parameters are adjusted annually. Check SSA/IRS for the current year when planning.
Educational only -- not tax advice. For tailored guidance, contact Tandy Consulting.
Age vs. benefit (assuming $2,000 at 67)
| Age | Percent of Benefits | Adjusted Monthly Benefit |
|---|---|---|
| 62 | 70.0% | $1,400 |
| 63 | 75.0% | $1,500 |
| 64 | 80.0% | $1,600 |
| 65 | 86.7% | $1,734 |
| 66 | 93.3% | $1,866 |
| 67 (FRA) | 100% | $2,000 |
| 68 | 108% | $2,160 |
| 69 | 116% | $2,320 |
| 70 | 124% | $2,480 |
Reasons to claim earlier
- You need the cash flow.
- You're in poor health.
- Shorter life expectancy for you or a spouse.
- You have minor children.
Reasons to claim later
- You're financially independent and can wait.
- Higher earner wants to maximize survivor benefits.
- Expect longer life expectancy.
- You're still working and haven't reached FRA.
Next steps
- Create/visit your mySocialSecurity account for personalized estimates.
- Discuss 2025--2026 tax planning to evaluate whether you may qualify for the OBBB deduction.
- Model scenarios with different claim ages, continued work, and other income sources.
This page is for education only and does not constitute tax, legal, or investment advice.