When Should I Take Social Security?

When Should I Take Social Security: 62, 67, or 70?

Quick Answer:

The best time to take Social Security depends on your income needs, health, and overall retirement plan. Taking it at 62 gives you smaller checks sooner, while waiting until 70 gives you the largest monthly benefit.

For many professionals across Michigan, deciding when you take Social Security is one of the biggest retirement decisions they’ll make.

What Happens If You Take Social Security at 62?

You can start benefits as early as age 62.

• You get money sooner
• But your monthly check is permanently reduced
• You may receive about 25–30% less than if you waited until full retirement age

This can make sense if:

• You need income right away
• You plan to retire early
• You have health concerns

What Is Full Retirement Age (Around 67)?

For most people today, full retirement age is 67.

• You receive your “standard” benefit amount
• No reduction or bonus
• This is often a middle-ground option

This can work well if:

• You want steady income without delay
• You are retiring around your late 60s

What If You Wait Until 70?

Delaying Social Security increases your benefit.

• Your monthly check grows about 8% per year after 67
• You could receive up to 20–30% more than at 67
• This is the highest possible benefit

This can make sense if:

• You don’t need income right away
• You expect to live a longer life
• You want to maximize guaranteed income

How Do You Decide What’s Right for You?

There is no one-size-fits-all answer. The right choice depends on:

• Your retirement savings (401(k), pensions, investments)
• Your health and life expectancy
• Whether you are still working
• Your spouse’s benefits and plan

For many people, Social Security is not just about “when,” but how it fits into their full retirement income plan.

Common Mistake to Avoid

Many people take Social Security early without looking at the bigger picture.

Once you start, your benefit is mostly locked in. That’s why it’s important to look at your full plan before making a decision.

The Bottom Line

• 62: Smaller checks, sooner
• 67: Full benefit
• 70: Largest checks, later

The best option is the one that supports your long-term financial security, not just what feels right today.

At Investment Consulting Group, we work with individuals and families across Birmingham, Dearborn, Novi, the greater Detroit area, and Grand Rapids to help them make confident retirement decisions.

We’re here to help you make a confident decision.

Want to see how your pension choices might affect your retirement income? Check out Should I Take a Lump Sum or Monthly Pension?