5 Key Points to Consider Before You Claim Social Security, From a Financial Adviser

The big decision every retiree has to make is when to start taking their Social Security benefits. Here are five things to think about as you weigh your options.

By Brett Gottlieb, Investment Adviser Representative

last updated 14 January 2026

in Features

An older couple stand together at a window looking out.

When you hit your 60s, it's time for you and Social Security to come to a reckoning.

After all, it's likely that you have been paying into Social Security for decades, and you now have a choice to make: Claim your benefit early, claim it right on schedule or postpone claiming it.

Unfortunately, no perfect answer exists to make this easy. What's best for your neighbor may not be what's best for your cousin, which, in turn, may be different from what's best for you.

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You can claim Social Security as early as age 62, but there's a catch: The amount of your monthly checks will be reduced, and that reduction is for life. To qualify for your full benefit, you need to postpone claiming until your full retirement age, which for most people is 66 to 67.

But there is also a benefit to waiting until you're 70, because you're rewarded with an even larger monthly check if you do.

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As you ponder this momentous decision, here are five key points to keep in mind:

1. There's an earnings test

Would you like to continue to work even after you start drawing Social Security? You can, but be aware: There's a limit to how much you can earn if you haven't yet reached full retirement age.

If you earn more than what's allowed for the year, your benefit is reduced by $1 for every $2 you exceed the maximum. This rule begins to ease up in the year you reach full retirement age.

During that year, the benefit is reduced by $1 for every $3 you earn above the maximum.

Those earnings limits are adjusted for inflation each year, so make sure you're up to date.

Once you finally reach full retirement age, you can work and earn all you want. There's no limit.

2. Your benefits could be taxed

Your Social Security benefit could be taxed if you continue to work or have other sources of income.

However, your entire benefit is never taxed. Instead, the taxes owed are based on a percentage of your total benefits.

If you file federal taxes as an individual and your provisional income is between $25,000 and $34,000, you may have to pay income taxes on 50% of your Social Security benefit.

If your income is more than $34,000, up to 85% of your benefit could be taxable.

Married couples filing jointly may be taxed on 50% of their benefit if their income is between $32,000 and $44,000. They may be taxed on up to 85% of their benefit if their income is more than $44,000.

3. Your longevity affects when you claim your benefits

People are living longer, and that could play a role in when you decide to claim your Social Security benefit. Consider how healthy you are and how long you think you might live.

If you anticipate living into your 80s or 90s and you have other sources of income to hold you over, you might want to delay taking Social Security until you are 70 to get the maximum benefit.

That larger monthly check could be particularly important if, over time, your retirement savings start to run out.

4. The rules changed for certain government pensions

In the past, certain government pensions based on earnings where you didn't pay Social Security taxes could lead to a reduction in your Social Security benefit.

However, recent legislative changes have altered these rules. Effective for benefits payable starting January 2024, the provisions that previously reduced benefits for those with such government pensions — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) — were repealed.

This means that if you receive a government pension from non-covered employment, it no longer reduces your earned Social Security benefit or any spousal or survivor benefits you may be eligible to receive.

Even if these changes don't affect you, take time to review how your pension income will work alongside Social Security and other savings to support your long-term financial security — and stay on top of future legislative changes that could impact your benefits.

5. When you claim can affect your spouse

Marital status is another factor that can affect when you take Social Security.

For example, married people are eligible for benefits based on their spouse's work history. This spousal benefit is up to 50% of the working spouse's earned benefit, but for you to claim this, the working spouse must be at least 62 and have already filed for benefits.

To receive the full 50%, the dependent spouse must wait until they reach their own full retirement age.

If you are divorced, you may be eligible for spousal benefits based on your ex-spouse's work history. Naturally, there are rules related to this:

Your marriage must have lasted at least 10 years
You must have been divorced for at least two years
And you must still be single

Also, you need to be at least 62 and not be eligible for higher benefits based on your own work record. But unlike spousal benefits for married people, your ex-spouse does not need to have filed for benefits for you to claim them.

These are just a few factors to think about as you decide when to take Social Security benefits. The decision is a significant one, and getting it wrong could prove costly.

Consider talking to a financial professional to help you navigate the often-confusing rules before making any decisions regarding when to start benefits.

You earned that Social Security benefit, so make sure you use it to your best advantage.

Ronnie Blair contributed to this article.

The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.

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Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Brett Gottlieb is the founder of Comprehensive Advisor Financial & Insurance Services in Carlsbad, Calif. As a financial adviser, he helps pre-retirees and retirees with income planning, investment portfolio management, tax planning, health care planning and legacy planning. Gottlieb has bachelor’s degrees in business administration and economics from California State University-Chico. He has passed the Series 65 securities exam and is an independently licensed life insurance agent.