Should I Take My Social Security Early? How to Tell

It’s one of the biggest retirement questions you’ll face: Should you claim Social Security as soon as you can—or wait? You’ve been paying into the system your entire working life. Now it’s time to get what you’ve earned. But timing your benefits isn’t just a financial decision—it’s a life decision. And it’s one that will impact your retirement lifestyle, your legacy, and your peace of mind.

At LaTour Asset Management, we know the answer isn’t one-size-fits-all. That’s why we help you break down the numbers and choose a path that’s right for you.

When Can You Claim Social Security?

You’re eligible for Social Security benefits as early as age 62. But the amount you receive depends on when you claim:

• Age 62 (Early): You’ll receive reduced monthly payments—about 25-30% less than your full benefit.
• Full Retirement Age (66-67): You’ll receive 100% of your earned benefit.
• Age 70 (Late): Your benefit grows by about 8% per year after full retirement age.

So, should you take it early—or wait for a bigger monthly check? Here’s a general overview of how to decide.

When Taking Social Security Early Might Be the Right Move

Claiming benefits at 62 isn’t always a bad decision. In fact, sometimes it’s the smartest one.

• You Need the Income Now: If you’re out of work, facing unexpected expenses, or simply can’t cover your bills without it, taking benefits early can protect your savings and your lifestyle.
• Health Concerns: If your life expectancy is shorter due to medical issues, claiming early helps you get the most from your benefits while you can enjoy them.
• Supporting a Spouse: If you’re the lower earner in a couple, claiming early could allow your spouse to delay their benefits for a larger payout later.
• Investing Your Benefits: If you have a solid investment strategy, you could take benefits early and grow them elsewhere. But be careful—this strategy requires expert guidance.

When Waiting to Claim Social Security Makes More Sense

Sometimes, patience really does pay off. Here’s when delaying your benefits could be the better option:

• You’re Still Working: If you claim before full retirement age while still earning income, your benefits could be reduced—and taxed. Waiting avoids this penalty.
• You Want a Bigger Check for Life: Every year you wait beyond your full retirement age, your benefits increase by about 8%. If you live into your 80s or beyond, that boost really adds up.
• You Want to Maximize Spousal Benefits: Waiting to claim your own benefit can mean a larger survivor benefit for your spouse if you pass away first.
• You Have Other Income Streams: If you can cover your expenses through savings, investments, or a pension, delaying Social Security can supercharge your retirement income later.

The Real Answer? It Depends—And We Can Help You Decide

No two retirements are the same. Your Social Security strategy shouldn’t be either. At LaTour Asset Management, we help you consider:

• Your full retirement income picture—Social Security, pensions, investments, and more.
• Your life expectancy and health outlook—because retirement involves long-term thinking.
• Your spouse’s needs (if applicable)—because what you choose affects both of you.
• Your tax situation—because timing your benefits can reduce your tax bill.

The Bottom Line: Get Expert Guidance in Springfield Before You Claim

Once you decide when to claim Social Security, it’s hard to undo. Luckily, you don’t have to figure it out alone. Our team at LaTour Asset Management can help you run the numbers and create a plan that leaves you feeling completely confident.

It’s never too early to know your options! Contact LaTour Asset Management for a no-obligation Social Security strategy session today. We’re here to answer your questions and make sure you’re empowered to enjoy your retirement to the fullest.