The Social Security Check Near-Retirees Should Make

After years of working, you can begin claiming Social Security at age 62.

That added income can be appealing, particularly with steep costs for gas, groceries, utilities, housing, and other essentials. Still, many people approaching retirement — and many already retired — may benefit from waiting to file. No matter when you plan to begin, it is important to review a few commonly missed Social Security details that could permanently reduce your monthly payment.

Start with your Social Security statement

Your review can begin with your Social Security statement, available through your account on the Social Security Administration’s website. It includes your lifetime earnings and estimates of retirement benefits at different claiming ages.

Make sure your earnings record is accurate. The Social Security Administration uses that information to calculate benefits, and mistakes can lower what you receive. Compare the record with old W-2s, tax returns, and pay stubs. Pay especially close attention to years when you changed jobs or worked for yourself, since information may be missing from those periods.

Look beyond the monthly amount

While reviewing your earnings history, also examine how your estimated benefit changes based on when you claim. You can see projected payments at 62, at full retirement age, at 70, and at other ages in between.

Waiting longer generally means a larger benefit. Even so, some people choose not to delay until 70 because they need money sooner. Taking benefits earlier may also make it easier to shift from full-time work to part-time employment. Health, career plans, and expected lifespan should all factor into the decision.

Married couples should coordinate their claiming strategy. In many cases, it can make sense for the higher earner to wait until 70, since that may help increase the survivor benefit for the lower-earning spouse if one is needed. Some people also use a bridge strategy, relying on savings for a period so they can delay claiming.

Review the details that can complicate a claim

Your earnings record is only part of the picture. Depending on your combined income, some of your Social Security benefits may be taxable. That is why it helps to think through your retirement timing before filing. Using tax-deferred retirement accounts as a bridge can also help spread out your tax burden while preserving a larger benefit.

Before you are ready to claim, set up your Social Security account and add personal information such as direct deposit details to avoid delays. You do not need to understand every rule or nuance of the program, but checking your records now and preparing your account can make the claiming process smoother. It can also help you decide when it makes the most sense to begin receiving benefits.