Published: May 10, 2026 • By Rick Allison, CFP®
Social Security can be complex. Here are some thoughts on this subject.
Married couples should coordinate their timing of Social Security in order to obtain the most income possible. We can help with this strategy.
If you are still working, then you definitely should not consider taking your Social Security early. There is a penalty for doing so, in a way. I know someone who wanted to do this, but they did not realize what would happen if they did take Social Security at age 62 while still working. What happens is instead of getting over $2,500 per month, they would only get about $280 per month. Yes, you read that right. Now, they would eventually get their lost money back, but it would be spread out over 10 years after age 67! They would not get it all back until age 77! Like I said above. This stuff is complex.
If you are single, your choice (if not working) is between taking it early at age 62, or at Full Retirement Age (67). Every year that you wait after age 62 to take it, you earn 8% until FRA 67. This means by delaying, your payout would grow 8% per year. There are other calculations that should be considered like potential pension income, or dividend income that could delay taking Social Security early. It is always good to get a second opinion on this issue. Especially when a wrong decision can be very costly long term.
Of course, your health is a major factor in the Social Security decision. Are you eating right? Are you regularly working out? Have you been through the ringer with MRI's, colonoscopies and ECG's? Do you have blockage in your arteries? Can you do a 15 minute treadmill stress test? What does your family history look like? These are things to be discussed and thought about prior to taking Social Security, because knowing these things in advance is very helpful.
Important: Every situation is different. We analyze potential Social Security Optimization Strategies for each client to determine what strategy makes the most sense.
Would you like to discuss whether a Social Security Optimization strategy is right for you? Call Rick at (904) 460-2700.
This article is for informational purposes only and does not constitute legal advice, personalized investment or tax advice. Please consult with your legal or tax professional before making any decisions.