Should You Take Social Security Early?

Mar 14, 2023 | Planning Playbook


Hi, I’m Tony Marquez, Senior Vice President and Wealth Advisor with GreenUp Wealth Management. 
Have you ever thought about taking Social Security early instead of waiting until full retirement age? In this video I’m going to discuss what you should consider before making a decision. 
Let’s start with what Full Retirement is. 
Full retirement, or normal retirement age, is the age that you’re eligible to get the full amount you’re rightfully owed after a lifetime of paying into Social Security. 
Benefits you’re owed at full retirement are used as a base for calculating what you’re owed if you decide to take it early. 
The earliest you can claim benefits is age 62. 
Taking benefits before full retirement age decreases the amount that you’ll receive based on how many months you take it early. 
This could mean up to a 30% decrease in your monthly payments. 
You’ll need to consider many things including your health, longevity, and other income sources you may have. It’s also important to think of Social Security as an investment that will compound based on the cost of living every year. 
Reasons to take your Social Security benefits early could include health issues, an unexpected early retirement, or something we’ll cover in a later session: spousal considerations. 
While it’s impossible to know how long you’ll live, the longer you expect to live, the better it is to wait, and vice versa. 
For example, let’s assume your full retirement benefit is $3,000 a month.  
Taking benefits at 62, you would get $2,100 a month, or $10,800 less a year.  
The breakeven age 76 years old, meaning if you live to or past this age it would make sense to wait until full retirement age. 
In this example, if you live until age 90, waiting to take benefits at full retirement age would give you an extra $110,000 of Social Security payments over your lifetime, rather than if you would have taken benefits at 62. 
When to take Social Security is one of the most important financial decisions you’ll make in your life. Connect with your GreenUp Wealth Advisor to make sure you’re making the right decision.


  • Tony Marquez, CFP®

    Senior Vice President | Wealth Advisor | Kansas City -- Tony is a Certified Financial Planner and has his master’s degree in Finance. Tony strives to be the expert, resource, and advocate that clients deserve when navigating a complex financial world. Prior to joining GreenUp Wealth Management in October of 2021, Tony worked as a Financial Advisor for a large financial services firm. There, he gained expertise in a variety of areas including financial planning, social security and retirement income strategies, college savings, and investment management.

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