Why timing matters so much
Social Security is inflation-adjusted, guaranteed for life, and partially tax-free. Claiming early permanently reduces it; delaying permanently increases it. There is no other asset on your balance sheet where a single decision changes lifetime income this much.
The three anchor ages
- 62: earliest eligibility. Your benefit is permanently reduced — roughly 25-30% below full retirement age.
- Full retirement age (66-67 depending on birth year): 100% of your calculated benefit.
- 70: delayed credits stop accruing. Roughly 24-32% more than full retirement age.
The survivor benefit couples miss
When one spouse dies, the household keeps the larger of the two benefits, not both. That means the higher earner's claiming age sets the floor for the survivor's income, potentially for decades. In most couples, delaying the higher earner's benefit is the single most valuable move available.
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