Social Security can provide 40% of your retirement income, but when you claim makes a huge difference—up to $100K lifetime. For most Americans approaching retirement or in, it’s key to coordinate with savings and trusts.
At Davenport Associates, we help optimize it. When should I claim Social Security in 2026? Between 62–70, with full benefits at 67. This guide explains options simply. Ready to maximize yours? Read on.
Full Retirement Age (FRA) is 67 for those born 1960 or later—claim then for 100% benefits.
Average monthly benefit in 2026: ~$2,000 (up from 2025 with 2.5% Cost Of Living Adjustment).
Spousal benefits: 50% of partner’s at FRA.
Pros: Get money sooner if needed (e.g., health issues).
Cons: Permanent 30% reduction. Earnings test: $24,480 limit—$1 reduced for every $2 over.
Best if: Expect shorter life or need cash now.
Pros: 8% annual credit past FRA (24% total boost). Higher spousal/survivor benefits.
Cons: Wait for money; no credits after 70.
Best if: Healthy family history, can bridge with savings.
Claim spousal at FRA for 50% while delaying your own for credits. Survivors get higher of their own or 100% of deceased’s. Delay maximizes for your spouse.
| Age Claimed | Monthly Benefit | Lifetime Difference (to 85) |
|---|---|---|
| 62 (Early) | $1,400 (30% cut) | -$144,000 |
| 67 (FRA) | $2,000 | Baseline |
| 70 (Delayed) | $2,480 (24% boost) | +$115,200 |
Working while claiming? Earnings test reduces early benefits (returned later). No limit at FRA.
Divorced? Claim spousal if married 10+ years.
How to decide? Factor health, savings, spouse—we’ll model yours free.
Timing Social Security is huge—claim wrong and lose $100K+. Ready to find your best age? Schedule a free consultation at https://iwantmywealthplan.com/free-call or take our retirement quiz at https://iwantmywealthplan.com/quiz
John F. Davenport, founder of J. Davenport Advisors and Davenport & Associates in Norwalk, CT, is a licensed attorney in New York and Connecticut with more than 30 years of experience as a financial advisor and investment advisor. He specializes in helping Americans maximize retirement income, explore tax-efficient strategies, implement in-plan annuity and hybrid solutions, and build lasting legacies for their heirs through thoughtful wealth planning.