When Should You Claim Social Security? Why the Right Strategy Matters More Than You Think
By Spencer Schmale
Senior Financial Advisor at Investment Consulting Group
Published August 7, 2026
For many Americans, Social Security is one of the most important sources of retirement income they will receive. Yet one of the most common retirement mistakes is treating the decision of when to claim benefits as a simple choice between "taking it early" or "waiting until 70."
The reality is much more complex.
The best Social Security claiming strategy depends on your overall retirement plan, including your income needs, investments, taxes, health considerations, spouse’s benefits, and other sources of retirement income.
Your Social Security Decision Could Impact Thousands of Dollars
While you can begin receiving Social Security benefits as early as age 62, delaying benefits can significantly increase your monthly benefit.
For those who are eligible, waiting until full retirement age, or even age 70, may result in a larger guaranteed lifetime income stream.
However, waiting is not always the best answer.
The right strategy depends on your unique circumstances.
Why a Social Security Analysis Matters
Many retirees make their Social Security decision without fully understanding the long-term impact.
A comprehensive analysis can help evaluate questions such as:
- Should you claim benefits at 62, full retirement age, or 70?
- How does Social Security coordinate with pension income?
- Should the higher-earning spouse delay benefits?
- How does your claiming strategy impact survivor benefits?
- What are the tax implications of your decision?
- How does Social Security fit into your overall retirement income plan?
Social Security Should Be Viewed as Part of Your Retirement Paycheck
For many retirees, retirement income comes from multiple sources:
- Social Security
- Pension benefits
- 401(k) and IRA accounts
- Investment portfolios
- Other income sources
The order and timing of these income streams can have a significant impact on your financial plan.
A decision that looks beneficial today may not always produce the best long-term outcome.
Using Technology to Create a More Personalized Strategy
At Investment Consulting Group, we use advanced retirement planning tools, including Income Lab, to help analyze retirement income decisions and create a more personalized strategy.
Our Social Security analysis helps illustrate different claiming scenarios and how they may impact your retirement plan over time.
Rather than asking:
"When can I start Social Security?"
A better question is:
"When does it make the most sense for my overall retirement strategy?"
Plan Your Retirement Income Before You Retire
Social Security is one of the few retirement decisions that cannot easily be changed once made. Taking the time to evaluate your options before filing can help you make a more informed decision.
If you are approaching retirement and want to understand how Social Security fits into your broader financial plan, we would be happy to help.
Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.