Cortburg Speaks Retirement

When Should You Take Social Security? Age 62, 67, or 70?

• Season 2025 • Episode 251

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Not sure when to claim Social Security? In this episode, Miguel Gonzalez, CRC, explains the pros and cons of taking benefits at 62, full retirement age, or 70—so you can make the smartest choice for your retirement.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week, we’re answering one of the most common — and important — questions in retirement planning:
 “What’s the best age to start taking Social Security?”

As with most things in retirement, there’s no one-size-fits-all answer. But understanding your options — and the trade-offs — can help you make the most of your benefits.

Let’s break it down.

Option 1: Start at Age 62

Age 62 is the earliest you can start taking Social Security. And it’s also the most popular choice. But here’s the catch — your monthly benefit will be reduced by as much as 25–30% compared to waiting until full retirement age.

Why do people still take it early?

  • They need the income right away
  • They’re in poor health and don’t expect to live long
  • They want to preserve other savings or delay withdrawals from retirement accounts

While taking benefits early can make sense in some situations, it’s important to know that the reduction is permanent. If you live into your 80s or 90s, that smaller check may not go as far.

Option 2: Wait Until Full Retirement Age (FRA)

Your full retirement age depends on the year you were born. For most people retiring today, that age is between 66 and 67.

Claiming at FRA allows you to receive 100% of your earned benefit, with no reductions or bonuses.

This option is often considered the “safe middle ground.” You get a steady benefit for life without locking in a reduced amount or having to wait too long.

Option 3: Delay Until Age 70

Here’s where things get interesting: for every year you delay taking Social Security past full retirement age, your benefit increases by 8% annually—up to age 70.

That’s a powerful guaranteed return that’s hard to match with other low-risk investments.

Delaying may be smart if:

  • You expect to live a long life
  • You’re still working and don’t need the income
  • You want to maximize survivor benefits for a spouse

So… What’s the “Best” Age?

The best time to start Social Security depends on:

  • Your health and family longevity
  • Your income needs
  • Whether you’re still working
  • Your marital status
  • Your other sources of retirement income

In some cases, a hybrid approach works best — like drawing on savings early and delaying Social Security to maximize lifetime benefits.

A financial professional can help you run the numbers, compare break-even points, and create a withdrawal strategy that fits your unique goals and life expectancy.

In Closing

Social Security is one of the few sources of guaranteed lifetime income — so it’s worth the time to plan your start date carefully.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

CRC conferred by The International Foundation for Retirement Education.
 
 

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
 
 

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
 
 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
 
 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.



 

 

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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