Watch out for these three signs before claiming Social Security early

The Social Security retirement benefits are the most widely-used form of financial support offered to Americans.

In 2025 more than 51 million retirees will get a payment from the Social Security Administration (SSA) with an average monthly benefit of $1,975. But despite that there is still a degree of uncertainty about the program, which offers retirees the chance to bring forward, or even delay, the start date of payments.

Many people will expect to retire at around 65 but you can opt to claim SS payments from 62, or as late of 70. This, of course, alters the amount that you will receive in the monthly payments.

If you’re considering claiming Social Security payments in retirement, here’s three things that you should watch out for...

Are you in good health?

Although it seems perverse, you should be cautious not to underestimate your life expectancy. If you are in good health then claiming early and taking the smaller monthly payments could leave you in a tricky financial position.

GoBankingRates recounts the experience of retiree George who is still in good health at 77, expects to live for another 10 or 15 years, and is now concerned that the lower payment amount may not stretch as far as he had hoped.

Have you reached full retirement age?

Historically, the age of 65 has been the point at which people have taken retirement. However the full retirement age in the United States has pushed higher over the years as life expectancies have risen.

The full retirement age varies for different generations. If you were born between 1943 and 1954 the full retirement age is 66. That figure increases gradually for birth years between 1955 and 1960, until topping out at 67. Just because a friend or relative was able to claim full retirement at 66, doesn’t mean that you will be able to.

Do you really need the money?

If you are financially comfortably, particularly if you have no further house payments to make, you may want to consider holding off on Social Security payments.

It’s difficult to plan for retirement, potentially spanning more than 30 years. However you can give yourself the best chance by waiting to claim SS payments and boosting your retirement benefits for the remainder of your life.

This is particularly true if you’re still working at an age when you could claim Social Security support. The SS payments will be temporarily reduced in line with your earnings so your continued employment won’t be as beneficial as it could otherwise be. In most cases, it is best to hold off and start to claim when you have left the workplace.

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