One of retirement's most important decisions — and why there's no universal right answer.

Many clients have reached out to me asking when the right time is to start Social Security. It is one of the most common questions I receive — and unfortunately, it is not a straightforward answer. The honest truth is that unless you know when you are going to pass away, you will never know with certainty when the "best" time to begin collecting is. What we can do is look at the variables that matter most in your situation and make a well-informed decision together.

“

The right time to start Social Security is not the same for everyone. It depends on your health, your income sources, your family, and how long your money needs to last.

The breakeven question

Social Security lets you claim as early as age 62 or as late as age 70. Claiming early means a permanently reduced monthly benefit. The SSA uses a two-tiered reduction formula: for each of the first 36 months you claim early (roughly ages 62–65), your benefit is reduced by 5/9% per month. For any additional months beyond 36 (from age 65 up to your Full Retirement Age), the reduction is a smaller 5/12% per month. Waiting past your FRA earns delayed credits of 8% per year all the way up to age 70.

The "breakeven" is the age at which the cumulative benefits from waiting surpass what you would have collected by starting earlier — typically somewhere between ages 78 and 83. Use the interactive tool below to run your own numbers.

Spousal benefits — a layer many overlook

For married couples, Social Security offers an important additional benefit: a spouse who has lower lifetime earnings — or who never worked — may be entitled to collect up to 50% of the higher-earning spouse's Full Retirement Age benefit, if that amount is greater than their own earned benefit.

This spousal benefit is automatically paid as the higher of the two: the worker's own record or 50% of their spouse's FRA benefit. However, the spousal benefit is also subject to early claiming reductions if taken before the receiving spouse's own FRA. Importantly, it is not enhanced by the working spouse's delayed credits — if the higher earner waits until 70, the spousal benefit is still based on that spouse's FRA amount, not their age-70 amount.

This creates a common strategy in married couples: the higher earner delays as long as possible — maximizing both the age-70 benefit and the survivor benefit — while the lower earner claims earlier to provide household income in the interim. The surviving spouse will keep only the larger of the two checks, which makes the higher earner's delay especially powerful for long-term household income protection.

The complexity no one talks about

There are many layers to this decision beyond simply calculating the breakeven age. One of the most overlooked factors is your portfolio withdrawal rate during any gap between retirement and when you start Social Security.

For example, imagine you retire at 65 and decide to wait until 67 to begin collecting. During those two years, your living expenses must come entirely from your investment portfolio. Depending on your spending needs, that could mean a significantly higher withdrawal rate — potentially draining your assets faster than planned and permanently altering your retirement trajectory.

Had you started Social Security at 65, that monthly income would reduce what you need to pull from your portfolio, allowing your investments more time to grow and sustaining your assets deeper into retirement. The math on "delay to maximize benefits" can look very different once you factor in the cost of funding that delay from savings.

Other factors that belong in the conversation

Beyond withdrawal rates and longevity, a complete Social Security analysis should also consider the tax treatment of your benefits based on combined household income, whether you are still working and subject to the earnings test, your estate and legacy goals, and how Social Security fits alongside pensions, required minimum distributions, and Roth conversion opportunities. For married couples, survivor benefit strategy is especially critical — the surviving spouse keeps only the larger of the two benefit checks, which is a powerful reason for the higher earner to delay as long as possible.

Let's schedule a time to talk

There is no universal right answer to when you should start Social Security. The right answer is the one that fits your retirement income plan, your health, your family situation, and your goals. I would welcome the opportunity to work through this with you and build a personalized strategy as part of your broader retirement picture. Reach out to one of our Shoreline Financial Partners to start a conversation.