Claiming Social Security in 2026? One Overlooked Factor Could Make or Break Your Checks.

Key Points

You can claim Social Security as long as you're 62 or older.

If you don't wait until full retirement age, you face permanently reduced benefits.

Think through your decision carefully before committing to it.

• The $23,760 Social Security bonus most retirees completely overlook ›

A lot of people get excited when they realize that after years of paying taxes on their wages, they're finally eligible to sign up for Social Security.

You can claim Social Security benefits as long as you're at least 62 years old and have accumulated enough work credits to qualify. But before you rush to take benefits this year, there's one factor you need to pay attention to.

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Why full retirement age changes everything

Although you can claim Social Security once you turn 62, you don't get your benefits without a reduction until you reach full retirement age. If you were born in 1960 or later, that age is 67.

Now you may be willing to accept reduced monthly benefits if it means getting your money sooner. But over time, that's a decision you might end up regretting.

Social Security may end up being your one income source that's guaranteed for life. If you have savings -- even a lot -- that money could run out if market conditions are poor for many years, or if your investments fail to keep pace with inflation.

Social Security, on the other hand, is guaranteed to pay you a benefit every month. And it's also protected against inflation. Benefits are eligible for a cost-of-living adjustment automatically each year.

If you file for Social Security before reaching full retirement age and slash your monthly benefits in the process, you could end up in a cash crunch if your savings run out.

Plus, once you reach full retirement age, you can work and earn any amount of money from a job without risking withheld benefits. If you file sooner and work, you'll be subject to an earnings limit -- or withheld benefits for exceeding it.

Patience can truly pay off

Tempting as it may be to claim Social Security as soon as you can, waiting for full retirement age is, in many cases, the smarter move. If you're planning to claim Social Security this year, see if you've reached full retirement age. If you haven't, make sure to run the numbers so you understand exactly how much of a reduced benefit you may be looking at for life.

And remember, waiting on Social Security doesn't necessarily have to mean waiting to retire. You may be able to cobble together an income that consists of freelance work and retirement plan withdrawals. That, coupled with reduced spending, could make it possible to retire in 2026 without necessarily having to claim Social Security in 2026.

The $23,760 Social Security bonus most retirees completely overlook

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