Deciding when to claim Social Security can be one of the biggest financial choices you’ll ever make. The age you file has a direct impact on the size of your monthly checks, and once you lock in that amount, it stays with you for life.
If you’re thinking of starting benefits before the end of 2025, it’s worth asking yourself some key questions first.
1. Have I Reached Full Retirement Age?
You can begin claiming Social Security at age 62, but doing so early reduces your monthly payment. To get your full benefit, you need to wait until full retirement age (FRA), which is 67 for those born in 1960 or later.
Even claiming just a month before FRA will shrink your check permanently. Depending on your other income sources, that reduction could make a big difference in your retirement lifestyle.
2. Am I Still Working?
Many people continue working while collecting Social Security. That’s allowed, but if you haven’t reached FRA, you’ll face an earnings limit. In 2025, the limit is:
$23,400 per year if you’re under FRA the whole year. For every $2 earned above this cap, $1 of benefits is withheld.
$62,160 per year if you’ll reach FRA during 2025. For every $3 earned above this threshold, $1 is withheld.
If you’re earning enough from your job to cover expenses, claiming early may not make sense. Not only will you reduce your benefits by filing early, but you could also see some of them withheld.
3. Am I Comfortable with My Savings?
Your Social Security decision should also reflect how much you’ve saved for retirement. For context, the average 401(k) balance for people 65 and older was $299,442 in 2024, according to Vanguard.
If your savings are lower than expected, you may want to delay claiming Social Security to boost your monthly checks for life.
If you’ve saved more than enough, you might prefer to claim now, enjoy your benefits, and rely on your nest egg to cover essential costs.
There’s no right or wrong answer—what matters is how your savings align with your lifestyle and goals.
Filing for Social Security before the end of 2025 could work well for some retirees, but the decision should never be rushed. Ask yourself whether you’ve reached full retirement age, whether you’re still working, and how satisfied you are with your retirement savings.
By addressing these questions first, you can feel more confident about the timing of your claim—and avoid costly mistakes that affect your income for decades.
