When Should I Start Social Security?

In my role I’m often asked, “When should I start Social Security?” It’s a fair question. This decision affects your income for the rest of your life, so it deserves careful thought. Proverbs 21:5 reminds us that good planning matters, and deciding when to start Social Security is one of those moments. Let's consider some of the factors.

At age 62, the earliest you can file, the average monthly benefit is $1,341.61. At full retirement age (67 for those born in 1960 or later), the average benefit is $1,929.73. At age 70, it rises to $2,148.12 (Social Security Administration). That’s a 37.6% difference between starting at 62 and waiting until 70.

If you claim early, your benefit is permanently reduced—up to 30% if your full retirement age is 67. If you wait past full retirement age, your benefit grows about 8% per year until age 70.

The maximum benefits make the point even clearer. In 2026, the maximum benefit at 62 is $2,969. At 70, it’s $5,251—a difference of $2,282 per month (Social Security Administration).

This decision also affects cost-of-living increases and spousal benefits. A smaller starting check means smaller increases over time.

Of course, there’s no single right answer. Health, other sources of income, and family needs all play a role. But the data is straightforward--waiting generally increases your monthly income for life.

For additional information, I encourage you to read Donna LeValley’s article in Kiplinger (December 30, 2025) and review the Social Security Administration’s tables for more detail. Let’s make these decisions thoughtfully, prayerfully, and steward well what the Lord has entrusted to us.

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Steve Crawley, PhD

BMA Financial

Executive Director