For most of us, Social Security is the bedrock of retirement income. And Medicare is likely to be your primary source of health coverage. But when can you claim Social Security? And exactly what is Medicare? Understanding how and when to start taking advantage of these programs can help you maximize your benefits—and positively impact your retirement lifestyle.
Though the two programs are separate, Social Security works closely with Medicare to enroll people who are 65 and older, provide information and collect premiums.
Social Security basics
Who can claim Social Security?
There are various types of Social Security benefits, but here’s how to qualify for the retirement benefits that could make up a third of your monthly income:
There are various types of Social Security benefits, but here’s how to qualify for the retirement benefits that could make up a third of your monthly income:
- You are at least 62 years old;
- You have worked at least 10 full years (and they don’t need to be consecutive as long as you have earned the requisite 40 credits), and Social Security taxes were withheld; or
- Your spouse or ex-spouse worked 10+ years, and you qualify for benefits based on his or her record.
Keep in mind that Social Security benefits may also be available for children, spouses, former spouses or people with disabilities. And if a loved one dies, certain family members (widows or widowers, unmarried children and dependent parents) may qualify for survivor benefits. To learn more about qualifying for any of these benefits, you should consult a tax professional or your financial consultant to see how it applies to your own situation.
When can you claim Social Security?
The right age to claim all depends on you. Americans can file for Social Security as early as 62 years old. If you file at 62, it’s a move that could drastically reduce the total amount you could otherwise receive over your lifetime, and over the lifetime of a surviving spouse. This is an especially important consideration for women, who tend to live longer and earn less than men.
The right age to claim all depends on you. Americans can file for Social Security as early as 62 years old. If you file at 62, it’s a move that could drastically reduce the total amount you could otherwise receive over your lifetime, and over the lifetime of a surviving spouse. This is an especially important consideration for women, who tend to live longer and earn less than men.
Here’s why timing is everything: 1
Early claiming: You can collect a Social Security retirement benefit as early as age 62. But if you do claim early, your benefits will be reduced by as much as 25% to 30% depending on when you were born. For example, if you are eligible for $1,000 a month at full retirement age, you might get only $750 a month at age 62. The reduction in benefits due to early filing will be less for each year you delay your filing between age 62 and your “full retirement age.”
Full retirement age: What does the Social Security Administration mean when it refers to your “full retirement age?” It’s the age at which you’re able to claim full benefits, and it varies based on the year you were born. It’s age 66 for people born from 1943 to 1954, and it gradually increases to 67 for those born in 1960 or later.
Delayed claiming: If you wait to file for Social Security until after your full retirement age, you can increase the size of your monthly benefits by 24% to 32%, depending on your full retirement age. But after age 70, there’s no increase in the size of the monthly benefit if you delay your filing. So it doesn’t make sense to delay claiming beyond your 70th birthday.

More factors: The right age to claim also depends on your work plans in retirement, your health, and the rest of your retirement income. Delaying a claim for as long as possible could make sense for some people, but there are cases where early retirement is the better option.
Claiming before your full retirement age reduces the size of your monthly benefit, but could be a good choice if:
- Your life expectancy is shorter;
- You need the income for immediate cash flow;
- Your family members (such as a disabled child) can qualify for additional benefits; or
- To enhance your benefits as a couple.
Claiming Social Security after your full retirement age, which increases monthly benefits, could be a better option if:
- Your life expectancy is longer;
- You are still working;
- Benefits for a surviving spouse need to be maximized; or
- You are looking for tax savings options and a way to help retirement investments last longer.
Three common Social Security strategies
Get the timing right, and you could potentially boost monthly benefits for yourself and a spouse or dependent. Here are three strategies to consider:
Get the timing right, and you could potentially boost monthly benefits for yourself and a spouse or dependent. Here are three strategies to consider:
1. Delayed retirement: Waiting to claim Social Security benefits based on your own work record provides what are called “delayed retirement credits” for each year you wait past your full retirement age. If you were born in 1943 or later, you can increase your benefit by up to 8% per year for each year you delay your claim after your full retirement age, up to age 70.
Let’s say you were born in 1960 or later. If you delay your Social Security until age 70, your full retirement benefit would be multiplied by 124%. For example: If you were set to receive $2,000 a month at full retirement age, but you delay to age 70, you would get about $2,480 a month instead.
One note: Even if you delay your Social Security claim, make sure you still sign up for Medicare at age 65 if you need coverage. (More on that below.)
2. File and suspend: With this strategy, you could file for Social Security at your full retirement age, but then “suspend” the claim to accrue delayed retirement credits. This strategy used to be more commonly used by married couples, but has been eliminated. However, it may still make sense for individuals in the following situations:
First, if you file early for your Social Security retirement benefit, and then change your mind or no longer need it. Suspending the claim can increase the size of your monthly payments in the future and can help offset some of the reduction to your benefit due to early filing.
Second, you expect your income to increase, and you don’t want your Social Security benefit to be taxed. When your annual income exceeds certain levels, a portion of you Social Security could be subject to income tax. (More on that below.) So, if your income rises unexpectedly, suspending Social Security for that year might help you lower your tax bill.
3. Restricted filing: Married couples should approach the timing of each spouse’s claim as a team strategy, and take advantage of both spousal and individual benefits as a way to maximize their income. One popular strategy used by couples, filing for a spousal benefit with a restricted application, lets one spouse get the benefit from the other’s record while delaying his or her own benefit. However, due to changes in the law, this strategy is no longer available for people who were born on or after January 2, 1954.
What if you are divorced?
If you are divorced from a worker who is entitled to a Social Security retirement benefit, and your marriage lasted at least 10 years, you may have the opportunity to claim benefits on your ex-spouse’s record—even if he or she remarried.
If you are divorced from a worker who is entitled to a Social Security retirement benefit, and your marriage lasted at least 10 years, you may have the opportunity to claim benefits on your ex-spouse’s record—even if he or she remarried.
- If you are divorced, you can receive spousal benefits on your ex-spouse’s record if you are unmarried, at least 62 years old, and the benefit you’re entitled to is less than what you could get through your own record.
- If your ex-spouse dies, you may be entitled to a survivor’s benefit on his or her record. You can claim as early as age 60 for reduced benefits, or receive full benefits at your full retirement age. And if you remarry after age 60, there’s no impact on your eligibility.
Are Social Security benefits taxed?
Yes, if your income reaches certain levels (see the chart below). Generally, the more you make, the more your benefits could be taxed. It’s important that you keep taxes in mind when planning:
Yes, if your income reaches certain levels (see the chart below). Generally, the more you make, the more your benefits could be taxed. It’s important that you keep taxes in mind when planning:
- When to claim Social Security;
- Whether (and how much) to work in retirement; and
- When to make withdrawals from retirement savings accounts.

As you can see, it’s important to think about Social Security as part of your retirement income plan. Once you have a sense of the guaranteed monthly benefits you will get through Social Security, you can build them into the “income floor” that you can use to cover essential expenses in retirement.What if you have a gap in guaranteed lifetime income? You can consider filling it by purchasing a fixed annuity, one of the few sources of guaranteed lifetime income beyond Social Security.