Is it better to take Social Security at 64 or 67?

Claiming Social Security at 64 means a permanently reduced monthly benefit (around 20% less than full retirement age, or FRA), while waiting until 67 (your FRA for many) gives you the full monthly amount, plus delayed credits increasing it further for each month you wait past 67, up to age 70. The choice involves a trade-off: starting at 64 provides income sooner but less money long-term, while waiting at 67 offers higher lifetime payments but requires more financial resources until then.

What is the difference between Social Security at 64 and 67?

Social Security Benefits

Retiring before full retirement age results in a permanent reduction in monthly benefits. At 64, retirees will see a reduction of about 25%. At 67, retirees receive their full benefit with no reductions thus increasing their lifetime payments.

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

Does it make sense to take Social Security at 64?

Deciding to take Social Security at 64 means getting reduced benefits for life but receiving payments sooner, requiring a careful look at your health, other income, lifestyle, and spouse's situation; delaying to your Full Retirement Age (FRA, likely 67) or later boosts your monthly payment significantly, but taking it early offers cash flow now, which might suit poor health or high cash needs, though it impacts long-term security. 

What does Suze Orman say about when to take Social Security?

Suze Orman strongly advises waiting as long as possible to claim Social Security, ideally until age 70, to maximize your monthly benefit, explaining that delaying provides a significant guaranteed annual increase (around 8%) and offers crucial inflation protection for a longer retirement. While some suggest claiming at 62 and investing the money, Orman counters that most people don't invest it and end up with less income long-term, emphasizing that a higher monthly check with cost-of-living adjustments (COLAs) is a better, more secure financial tool, especially for the surviving spouse. 

Is it better to take Social Security at 65 or 67?

What is the average Social Security check at age 64?

The average Social Security check for someone taking benefits at age 64 is generally in the $1,400 to $1,700 range, but it varies by source and exact timing, often representing about 80% of the Full Retirement Age (FRA) benefit, with figures like $1,459 (Experian), $1,447 (Fool/Yahoo), or $1,657 (Bankrate) appearing in 2025 data, reflecting earlier data points and COLA adjustments. Claiming at 64 means a reduced benefit, but it's higher than starting at 62, though lower than waiting for FRA or age 70, with the average overall benefit for all retirees now over $2,000 monthly. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

Can I retire at 64 and still work full time?

You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.

What is a good monthly retirement income?

A good monthly retirement income is often cited as 70% to 80% of your pre-retirement income, but it varies greatly by lifestyle, location, and expenses, with many needing $4,000 to $8,000+ monthly, depending on if they seek a modest, comfortable, or affluent retirement, while accounting for inflation and unique costs like healthcare. 

What are common retirement mistakes?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

Why are so many retirees filing for Social Security earlier?

Among Americans age 50-plus who, in the past year, claimed Social Security earlier than planned or considered doing so, 49 percent said they were motivated by media reports that the program is “running out of money.”

Is 64 too early to retire?

Retiring at 64 gives you early freedom but reduces your Social Security benefits and requires securing healthcare before Medicare starts. Waiting until 67 boosts your monthly benefits and provides full Medicare access.

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

What are the key steps to becoming retire ready?

Saving Matters!

1. Start saving, keep saving, and stick to.
2. Know your retirement needs. ...
3. Contribute to your employer's retirement.
4. Learn about your employer's pension plan. ...
5. Consider basic investment principles. ...
6. Don't touch your retirement savings. ...
7. Ask your employer to start a plan. ...
8. Put money into an Individual Retirement.

How much do you lose if you retire at 64 instead of 65?

If you retire at 65, your reduced benefit becomes $1,734 per month (86.7% of the full amount). If you retire at 64, your monthly benefit drops further to $1,600 (80% of the full amount). That one-year difference costs you $134 per month, or $1,608 per year, which can add up significantly over a lengthy retirement.

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

Can I live off $5000 a month in retirement?

To retire comfortably, many retirees need between $60,000 and $100,000 annually, or $5,000 to $8,300 per month. This varies based on personal financial needs and expenses.

What is a good pension amount?

A good pension amount replaces 70-80% of your pre-retirement income, meaning if you earned $100k, aim for $70k-$80k annually, but it varies; a comfortable monthly income is often cited around $4,000-$8,000+, depending on lifestyle, location, and other income sources like Social Security, with many financial experts suggesting a total retirement income replacing about 80% of your final salary for stability. 

How much Social Security do I get if I make $40,000 a year?

If you consistently earn $40,000 a year over 35 years, your estimated Social Security benefit at Full Retirement Age (FRA) could be around $1,700 to $1,800 per month, but it varies significantly based on your birth year and exact earnings history, so use the Social Security Administration's calculators for a personalized estimate. Your benefit depends on your 35 highest earning years (adjusted for inflation), with a higher percentage of your lower earnings being replaced. 

Is it wise to take Social Security at 64?

Taking benefits before your full retirement age (as early as age 62) lowers the amount you get each month. Delaying benefits past full retirement age (up to age 70) increases the monthly amount for the rest of your life.

What are the biggest retirement mistakes?

The biggest retirement mistakes involve poor planning (starting late, underestimating costs like healthcare/inflation, not having a budget) and bad financial decisions (claiming Social Security too early, taking big investment risks or being too conservative, cashing out accounts, having too much debt). Many also neglect the non-financial aspects, like adjusting lifestyle or planning for longevity, leading to running out of money or feeling unfulfilled.