Should You Claim Social Security Before 70? Here Are 3 Good Reasons to Do It

Many people wonder whether they should wait until age 70 to claim their Social Security benefits.

While waiting increases your monthly payment, there are solid reasons to consider filing earlier.

We explore when it might be wise—and how it impacts your retirement plans in the United States.

According to the SSA, in the US you can begin receiving Social Security benefits as early as age 62, but this permanently reduces your monthly payment. While waiting until 70 can boost your check by as much as 25%, for many people—depending on health, work situation, or financial needs—claiming earlier offers some advantages.

Retirement in the US: Clear Rules and an Uncertain Future?

Retirement in the US: Clear Rules and an Uncertain Future? – PHOTO: Canva

Claiming Social Security benefits at age 62 reduces your monthly payment by about 30% compared to waiting until 66 or 67 (full retirement age). Waiting until 70 provides the highest monthly benefit—but doesn’t necessarily guarantee greater overall financial security.

A report from the Committee for a Responsible Federal Budget warned that, without reforms, Social Security payments could be reduced by between 19% and 23% starting in 2034. If those cuts happen, people who waited longer might end up receiving less than they’d projected.

Three Reasons to Claim Social Security Benefits Before 70

PHOTO: Canva

The decision of when to start your retirement in the United States should be personal. Here are three key reasons to consider claiming your SSA benefits early:

Getting Ahead of Possible Benefit Cuts: By claiming earlier, you lock in more years of full payments before potential cuts. Although monthly checks are smaller, you receive them over a longer period—and avoid future surprises.

Investing That Money Sooner: If you start collecting benefits at 62 and invest the money—for example, in an annuity or stocks—you might earn higher returns over time than by waiting. Having cash sooner gives you more control and flexibility.

Working After Age 67 Without Penalties: If you’ve reached full retirement age (66 or 67, depending on your birth year), you can work as much as you want and keep your entire Social Security benefit. In fact, your income could even increase your future monthly check. Before full retirement age, SSA imposes reductions if you exceed certain income limits, but those deductions are later adjusted.

What Institutions Say About Retirement in the US

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“Claiming earlier can result in higher expected lifetime benefits, for example, if a person expects to live shorter than average,” states the Bipartisan Policy Center on its website.

The SSA cautions: “If you decide to start receiving benefits before your full retirement age, your benefits will be reduced by a small percentage for each month you begin receiving benefits before your full retirement age.” Source: SSA official site.

Key Recommendations

Evaluate your health, financial stability, and current age.
If you need income now, claiming early may be helpful.
Remember that reductions are permanent if you claim before full retirement age.
Consult a financial advisor to plan your retirement wisely.
Use SSA’s tools to estimate your monthly benefit.

? In summary: Claiming before 70 doesn’t mean losing out. It could be the best option if you want security against potential cuts, greater control over your money, and freedom to work. Your retirement strategy in the U.S. should fit your reality—not a fixed number. The key is to decide with clear information and based on your personal goals.