The age that you decide to file for your Social Security benefits can have a significant impact on your retirement. This is because it will directly affect the size of your monthly payments. 


To start, you can begin claiming benefits as early as age 62, or you can wait a few more years which will allow you to collect larger monthly checks. There’s no real cookie-cutter age, but there are options you can consider. 



Age 62 -

  • This is the most popular age to begin claiming.

  • Starting this early, it can give you some extra spending money earlier in your retirement years. 

  • Doing this will allow you to not have to rely on your savings to make ends meet. 

  • If for some reason you don’t expect to live very long in your retirement, this can be a wise choice. 


Your Full Retirement Age (FRA) -

  • Your FRA is the age where you will collect 100% of the benefit amount that you are entitled to. 

  • If you were born in 1960 or later, your FRA is 67 years old. 

  • If you were born before 1960, your FRA is either 66 years old or 66 and a few months, depending on the year you were born. 

  • You will receive more benefits each month, without having to wait until you turn 70 to start collecting. 

  • You can claim at your FRA to continue working after claiming benefits. 


Age 70 -

  • You’ll receive the largest possible monthly payment at age 70.

  • If your savings are looking slim in your later years, waiting until age 70 can make it easier to afford retirement. 

  • If you expect to live a long lifespan, delaying your benefits at age 70 could result in receiving more money in total over your lifetime. 


So, which option is best?


Everyone has an unique situation. The time for you to file for Social Security benefits may not be the best time for one of your friends or family members to file. It’s important to consider the factors: how much do you have saved in your retirement fund, what’s your life expectancy, what age would you like to retire, and do you want to continue working after claiming benefits. Identifying these factors will give you a better idea of which option can allow you to fully enjoy your retirement without worrying.


Ready to achieve true financial peace of mind?

If you are ready to achieve financial peace of mind, it's time to schedule a coaching session with an experienced wealth management advisor. Contact Quraishi Law Firm and Wealth Management at 870-275-4304 if you have additional questions or would like to learn more about our wealth coaching process.

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Carrie Russom Quraishi, JD, CAPP
Carrie provides personalized wealth management, tax and estate planning services to clients in AR, TX & TN.