Social Security Retirement Benefits

Estimate when to start collecting retirement benefits to help optimize your income in retirement.

What is the optimal age to take Social Security retirement benefits?

If you’re over age 35, the Social Security Optimizer can help estimate the optimal age to start collecting benefits, which could result in a greater cumulative lifetime benefit.

Determining when to start receiving Social Security is an important part of retirement planning

The Social Security retirement benefit is meant to replace part of your income when you either retire or reduce the amount you work as you age. It’s typically received as a monthly check that can help create income in retirement.

Although you may be eligible to take benefits as early as age 62, waiting until you’re older could increase the amount you receive, depending on your life expectancy. If you’re retiring with a partner, then it’s even more important to find the optimal time for each of you to start collecting benefits as a part of your larger retirement strategy.

Get an optimization strategy

Answer a few questions, and the Social Security Optimizer will estimate the:

Optimal age for you to take Social Security
Optimal age for your partner to take Social Security, if applicable
Social Security benefit amount you will receive

Start the Optimizer

Why is it important to optimize your benefits?

There are many factors that contribute to estimating when the best time to start receiving benefits could be. These range from highest level of income, to marital status, to life expectancy, and more. By optimizing your Social Security retirement benefits, you could:

Increase the likelihood of maximizing your cumulative lifetime benefits.

Reduce the probability of exhausting your financial assets.

Frequently asked questions

How much income could I receive in retirement?

You can estimate your total monthly retirement income, and receive tips that could help improve your outlook, by using our Retirement Income Planner.

At what age should I start receiving my Social Security retirement benefits?

The age you should choose to start receiving your Social Security retirement benefits depends on your personal situation. Age, retirement age, life expectancy, savings, whether you plan on working during retirement, and whether or not you’ll be retiring with a partner all play a critical role in determining the best time to start receiving your benefits. You can estimate the optimal time to start receiving your benefits by using our Social Security Optimizer.

What is the maximum Social Security retirement benefit I could receive?

Your maximum Social Security retirement benefit depends on your life expectancy, earnings history, and full retirement age, which is when the Social Security Administration deems you eligible to collect your full retirement benefit based on your birth year. Starting to collect your retirement benefits at age 62 would yield a very different amount of money than waiting until age 70. To estimate how to maximize your benefit, use our Social Security Optimizer.

Will I have to pay taxes on my Social Security retirement benefits?

You will likely need to pay taxes on up to 85% of your Social Security retirement benefits if:

You filed a federal tax return as an individual and your total income exceeds $34,000
You filed a joint tax return and and you and your partner have a combined income of over $44,000
You’re married, but file taxes separately

You will likely need to pay taxes on up to 50% of your Social Security retirement benefits if:

You filed a federal tax return as an individual and your total income is between $25,000 and $34,000
You filed a joint tax return and and you and your partner have a combined income between $32,000 and $44,000

For more information, please visit the Social Security Administration website.

How do I apply for Social Security retirement benefits?

Can I still work if I’m collecting Social Security retirement benefits?

Explore additional resources

Article

3 Ways to Make the Most of Your Social Security Income

Podcast

How Social Security Works

Article

When Should I Begin to Receive My Social Security Benefits?

The information provided in the Social Security Optimizer is for general and educational purposes only, and is not intended to provide legal, tax, or investment advice. This tool allows you to explore hypothetical scenarios for claiming Social Security benefits. Results are intended as an aid, are not guaranteed, and should not be your only source of information when making financial decisions. Please consider your own circumstances before deciding which claiming strategy is appropriate and seek independent legal, financial, and tax advice before making any decisions. Other T. Rowe Price educational tools or advice services may use different assumptions and methods and may yield different results.

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This website has been prepared by T. Rowe Price Retirement Plan Services, Inc., for general and educational purposes only. This material does not provide recommendations concerning investments, investment strategies, or account types. It is not individualized to the needs of any specific investor and is not intended to suggest that any particular investment action is appropriate for you, nor is it intended to serve as a primary basis for investment decision-making. T. Rowe Price Retirement Plan Services, Inc., its affiliates, and its associates do not provide legal or tax advice. Any tax-related discussion contained in this website, including any attachments/links, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or tax professional regarding any legal or tax issues raised in this material.

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