If you’re looking to maximize your Social Security checks, it might make sense to enroll as soon as you can. But if your goal is to get the most benefits over your lifetime, well, that’s a bit more complicated.
Claiming Social Security early, before reaching your full retirement age (FRA), leads to reduced benefits—sometimes significantly. This reduction is often permanent, making it a costly choice for those who opt for it, though certain groups face steeper losses than others.
Spousal beneficiaries face the greatest loss in early claims
If you decide to take Social Security at or before your FRA, you could see your benefits shrink by as much as 30%. So, for someone receiving the average monthly benefit of $2,081, that could drop to around $1,457 by April 2026. For those who live longer, the impact on lifetime benefits can be particularly pronounced.
Spouses who claim benefits based on their partner’s earnings are hit even harder. Since they’re limited to half of what their spouse would receive at FRA, these benefits start off lower. By April 2026, the typical monthly spousal benefit will hover around $986.
Like retirement benefits, claiming spousal benefits early results in penalties. But here’s the kicker: spousal benefits diminish even more sharply.
While retirement benefits drop by 5/9 of 1% per month (or about 6.67% annually) for the first three years after claiming early, spousal benefits take a steeper dive at 25/36 of 1% per month (about 8.33% a year) in that same period, and then transition to the same rate as retirement benefits afterward.
A 62-year-old claiming spousal benefits only gets about 32.5% of what their partner is entitled to at FRA. These reductions are generally lasting, which could mean a significantly smaller total payout throughout retirement.
How to make the most of your household’s Social Security benefits
If you’re worried about slashing your spouse’s Social Security benefits, you might think about delaying your decision until you’re eligible for a greater payment. Just keep in mind that you can’t claim spousal benefits unless your partner has already filed for theirs.
On the other hand, if you and your spouse have similar earnings, you might not even be able to claim spousal benefits. In that case, the Social Security Administration will provide the higher amount between your benefits and your spouse’s. You can apply whenever it suits you.
Postponing when you start receiving payments can help slightly increase your monthly benefits. You can even wait beyond your FRA, choosing to file for the maximum possible payment by age 70.
Have a chat with your partner about when you both plan to claim Social Security. It’s important to stay aligned and keep each other informed about any changes you’re contemplating.
