- If you’re ready to claim Social Security, there are three key steps to maximize your lifetime benefit. Your benefit amount is locked in once you apply, so choose your claiming age carefully. Early claiming can result in a 30% reduction in benefits if you sign up at age 62. Your checks grow with every month you delay your application, increasing by 2/3 of 1% per month past your full retirement age. Estimate your benefit using your my Social Security account to ensure you’re comfortable with the amount.
- Married couples can coordinate their claiming strategies to maximize household benefits. Spousal benefits can be worth up to half of the higher earner’s benefit, but only one benefit can be claimed at a time. If both partners have similar benefits, it’s best to delay claiming unless financial difficulties or a short life expectancy dictate otherwise. In cases of significant income disparity, the lower earner might claim early to provide extra cash while the higher earner delays for a larger benefit.
- Before applying for Social Security, gather necessary documents like your Social Security number, birth certificate, and proof of citizenship. Original documents are required for birth certificates and citizenship proof. If you’re missing any documents, try to collect them now, but don’t delay your application. The Social Security Administration can help you track down missing forms if needed. Ensure you have everything in order to speed up the application process.
Read more at NASDAQ.: Planning to Claim Social Security in 2026? 3 Things to Do Right Now