Key Factors for Deciding When to Claim Social Security Benefits

Personal circumstances like health, financial needs, and longevity expectations play a critical role in determining the ideal age to start Social Security.

The decision on when to claim Social Security benefits depends heavily on individual factors such as life expectancy, financial needs, and health status.
Claiming benefits early at age 62 provides smaller monthly payments but may result in higher lifetime benefits for those with shorter life expectancies or immediate financial needs.
Delaying benefits until age 70 maximizes monthly payments and is generally recommended for those with longer life expectancies or sufficient financial resources to wait.
Concerns over Social Security's funding shortfall, projected to reduce benefits by 20-30% by the early 2030s, influence some individuals to claim earlier.
Special considerations apply for divorced or widowed individuals, including eligibility for spousal or survivor benefits under specific conditions.