When Should You Claim Social Security?
Should You Take It At 62 or 70
💡Watch the full episode on YouTube.
One decision can impact your income for decades — yet many people claim Social Security without fully understanding their options.
On The WISE Retirement Podcast, we spoke with Jammie Lyell, Program Manager at AARP about one of the biggest retirement questions: Should you claim early or wait?
“Social Security is not a one-size-fits-all decision. Your health, your family, and how you want to live in retirement all matter.”
— Jammie Lyell
🧠Claiming at 62 vs. Waiting Until 70: What’s Really at Stake?
Let’s look at a simplified example Jammie shared.
Person A: Claims at 62
Receives income right away
Can travel or pursue hobbies sooner
Locks in permanently reduced benefits
Person B: Waits Until 70
Uses savings in the interim
Receives larger monthly checks
Earns delayed retirement credits
By age 78, the person who waited has:
Collected more total lifetime benefits
A higher guaranteed income for the rest of their life
Better protection for a spouse or survivor
The surprising part?
Many people never run these comparisons before claiming.
🎯A Key Insight Many People Miss
Social Security benefits are based on your highest 35 earning years.
That means:
Continuing to work can increase your benefit
Incorrect earnings records can reduce your check
Reviewing your history matters more than timing alone
📚 Action Steps You Can Take This Week
If you do nothing else, do this:
Create or log into your MySSA account
Review your earnings history for accuracy
Run benefit estimates for ages 62, full retirement age, and 70
Use the AARP Social Security Calculator
Knowledge is leverage—and clarity reduces anxiety.