It might be the most common question I get asked as I help people in Central Georgia plan for retirement. Do I take Social Security as soon as I can at 62, or do I wait? It's a big decision and the information isn't always presented in the most easily understood ways. So let me walk you through it the way I would at the kitchen table, in plain English, with no pressure either way.
Should I take Social Security at 62 or wait?
The honest answer is that it depends on your health, your other income, and whether you are married. There is no single right age for everybody. Think of it like picking when to harvest. Pull the crop early and you get something in hand right now. Let it sit a little longer and each plant grows bigger. Social Security works a lot like that, and the rest of this guide shows you exactly how much bigger.
How much smaller is my check if I claim at 62?
Claiming at 62 permanently shrinks your monthly check by about 30 percent. For most people reading this, your full retirement age is 67 (Social Security counts anyone born in 1960 or later at age 67), and taking benefits at 62 instead reduces them by roughly 30 percent. So if your full benefit at 67 would be $2,000 a month, claiming at 62 drops it to around $1,400 for life. That is not a one-year haircut. It is the size of your check from that day forward.
How much bigger is it if I wait until 70?
Every year you wait past your full retirement age adds about 8 percent to your check, all the way up to age 70. The government calls these delayed retirement credits, and they add up to roughly 24 percent more by the time you reach 70. That same $2,000 benefit could grow to about $2,480 a month if you hold off until 70. One thing to know: the credits stop building at 70, so there is no reason to wait past then. Seventy is the finish line.
When do I break even by waiting?
You generally come out ahead by waiting if you live into your early 80s or beyond. The smaller checks you collect by starting at 62 add up for a while, but the bigger checks from waiting eventually pass them. Most analyses put that break-even point somewhere around age 80. However, none of us knows when our time may be up. So the question becomes less about beating the math and more about your preferences. What would bother you more, taking a smaller Social Security check now and forever, or leaving money on the table if you pass away sooner than expected?
Can I work and still collect Social Security?
You can, but if you claim early and keep working, some of your benefit can be temporarily held back. If you are under full retirement age for all of 2026, Social Security withholds $1 for every $2 you earn above $24,480. The good news is that money is not gone for good. Once you reach full retirement age, your check is bumped up to account for what was withheld.
How does my choice affect my spouse?
This is the part people forget, and it matters a great deal for married couples. When one spouse passes away, the survivor keeps the larger of the two Social Security checks, not both. And that survivor benefit includes any delayed credits the higher earner built up. So if the higher earner waits and grows their check, they are also protecting the spouse who may live many years longer. I have seen this single decision change a widow's whole retirement. This is part of what we call "the widow's penalty" and it's something I discuss with everyone as we talk about retirement planning.
Does Georgia tax my Social Security?
No. Georgia does not tax Social Security benefits at all. On top of that, once you are 65 or older, Georgia lets you exclude up to $65,000 per person of other retirement income like pensions and IRA withdrawals. That is one of the reasons Central Georgia is a friendly place to retire, and it is worth factoring in as you plan your income.
Where do annuities fit in?
For some people, the hardest part of waiting is simple. How do you pay the bills between retiring and turning 70? That is where a piece of guaranteed income can act as a bridge, covering your needs for a few years so your Social Security check has time to grow. It is one reason I help families turn savings into a reliable monthly paycheck. To see how the pieces fit together, our guide to guaranteed lifetime income and our retirement income planning page are good places to start. No pressure. Just information you can use.
Frequently asked questions
Is it ever smart to take Social Security at 62?
Yes. If you are in poor health, you need the income to live, or you have no other way to cover the bills, claiming at 62 can be the right call. It is a personal decision that we take the time to talk through.
What is the full retirement age in 2026?
For anyone born in 1960 or later, full retirement age is 67. People born earlier have a full retirement age between 66 and 67.
Does waiting until 70 always pay off?
Not always. Waiting tends to win if you live into your 80s and beyond. If your health or family history points to a shorter retirement, claiming earlier can make more sense.
How does claiming age affect my spouse's survivor benefit?
The surviving spouse keeps the larger of the two checks. When the higher earner delays and grows their benefit, the survivor benefit grows too, which can protect a spouse for years.
Want to talk through your own situation?
No pressure, no jargon. Just a straight conversation about your retirement. Serving Perry, Warner Robins, Macon, and Central Georgia.
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