Why Filing for Social Security at 64 Can Beat 62 or 67 for Some Retirees

As retirement approaches, one of the biggest decisions is when to begin collecting Social Security.

Some people start as soon as they can at 62, while others wait until full retirement age or even 70 to maximize their monthly checks. But there is also an in-between option. For certain retirees, starting at 64 can be a sensible compromise.

Social Security by claiming age

The longer you delay, the larger your benefit generally becomes. You get your full benefit at full retirement age (FRA), and you can increase it further by waiting until 70. Here is how the monthly amount compares with your FRA benefit:

• 62 years old: 70% of FRA benefit

• 64 years old: 80% of FRA benefit

• 67 years old: 100% of FRA benefit

• 70 years old: 124% of FRA benefit

Choosing 64 can be appealing because it still provides a substantial share of your benefit while allowing you to begin collecting Social Security several years before age 67. For some retirees, getting money sooner can make retirement feel more manageable and offer greater flexibility.

That said, this approach does not fit everyone. If you are still employed, part of your Social Security benefit may be withheld. And by waiting, you can lock in a larger monthly payment later on.

Who may benefit most

Filing at 64 may work well for single retirees with relatively modest expenses. When monthly costs are lower, it takes less income to support your lifestyle, which can help your savings and investments last longer.

If you retire at 62 and do not have enough savings to cover five years of living expenses, claiming at 64 may be worth considering. It can also make sense if you are concerned about your health and think you may not live long enough to fully benefit from the higher payments available by waiting longer.

Health coverage considerations

One drawback of retiring early and starting Social Security at 64 is that you may face a one-year gap before Medicare begins. In that case, you would need to plan for private health insurance coverage during that period.

Healthcare costs are often easier to manage for single people who are not covering an entire family. Those who face more serious health risks may prefer to remain on an employer plan for another year and delay retirement slightly, if they are able to keep working safely.

Check your benefit at different ages

Your My Social Security account can show how much you may receive each month depending on when you file. Reviewing those estimates alongside your expenses can help you decide when it makes the most sense to claim benefits.

Some retirees start at 62, while others wait as long as they can. For certain people, age 64 may be the ideal middle ground.