What's the One Thing All Retirees Should Do Before Claiming Social Security Benefits in 2026?
The Motley Fool
by newsfeedback@fool.com (Maurie Backman)February 21, 2026
AI-Generated Deep Dive Summary
Retirees planning to claim Social Security benefits in 2026 should not rush into filing without careful consideration. While individuals aged 62 or older can technically start receiving benefits by the end of the year, it’s crucial to evaluate whether claiming early aligns with your long-term financial goals. The timing of your Social Security filing plays a significant role in determining the amount you’ll receive monthly. If you file before reaching your full retirement age—which is currently 67 for those born in 1960 or later—you may face a reduction in benefits that lasts for the remainder of your payments.
The decision to claim early versus waiting until full retirement age can have far-reaching financial implications. Social Security calculates your benefit amount based on your lifetime earnings and creates a baseline payment at full retirement age. Claiming before this age reduces your monthly check by a percentage, depending on how many years you file early. For example, someone who claims benefits at 62 instead of 67 may receive about 30% less in total benefits over their lifetime. This reduction can significantly impact your financial stability during retirement.
Understanding the nuances of Social Security filing is essential for anyone nearing retirement age. While immediate cash flow needs might push some retirees to claim early, it’s important to weigh this decision against long-term financial security. Consulting with a financial advisor or using the Social Security Administration’s online tools can help you estimate your benefits and make an informed choice. This exercise is particularly valuable for those looking to optimize their financial well-being in retirement.
Ultimately, taking the time to evaluate your options before claiming Social Security benefits can have a lasting impact on your retirement income. Whether you’re considering early filing or waiting until full retirement age, understanding how these choices affect your monthly payments and overall financial health is critical. By running through this exercise, retirees can make more confident and financially sound decisions about when to start receiving Social Security.
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Originally published on The Motley Fool on 2/21/2026