Are you excited to receive your hard-earned Social Security payments but unsure of when you should begin benefits? In this post, we’ll help breakdown the disadvantages and advantages of taking Social Security early or delaying. Individuals can begin benefits anywhere from age 62 to 70, with 67 being considered full retirement age for most individuals.

Taking benefits at age 62

  • Disadvantages:
    • Smallest amount of monthly benefits
    • Possibility of living longer than anticipated and therefore permanently smaller payments that may be cumulatively less compared to taking at age 70
  • Advantages:
    • Will receive benefits for the longest time compared to taking at full retirement age or 70 (if no premature death)
    • Best for those who don’t anticipate longevity


Taking benefits at age 70

  • Disadvantages:
    • Will receive benefits for the shortest time compared to taking at full retirement age or 62
    • Possibility of premature death and therefore few overall payments
  • Advantages:
    • Largest amount of monthly benefits

If you want the “Goldilocks” between the two extreme ages, taking Social Security at full retirement age may be appropriate. Taking benefits at full retirement age gives your “normal” Social Security amount calculated based on your work history and how much you’ve contributed to the system. Whereas taking Social Security at 62 provides a discounted monthly amount and taking at 70 provides an increased monthly amount. If you would like to receive a personalized Social Security analysis and report, book an appointment with a Lockheed Martin retirement specialist today!

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Be sure and check back next week for more incredibly valuable information. Cheers!


Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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