The One Social Security Decision That's Hard to Take Back

When it comes to personal finances, you can often change your mind if you decide a strategy isn’t working for you. People who didn’t invest in their 20s and 30s can catch up later and build their nest eggs. You can change your bank if you decide it’s not right for you.

But some decisions are harder to reverse, like claiming Social Security.

How your claiming age affects your benefits

The later you claim Social Security, the more you will receive in monthly benefits. In 2026, the maximum benefit if you claim at age 62 is $2,969, versus $5,181 if you wait until age 70.

Many people claim Social Security as early as possible, but that decision can be costly: You’re locking in smaller benefits. Married couples need to take an extra step while strategizing, since the higher earner’s claiming age will help determine the survivor benefit that the other spouse would receive if they live longer. Because of that, many couples opt to have the higher earner delay Social Security benefits for as long as possible.

How to decide when to claim

The break-even calculation anticipates how many years you must live to break even on claiming benefits at 70 instead of 62. Most of these break-even calculators require that you live until your early 80s.

But it’s not the only factor you should consider. For many people, it makes sense to secure higher payouts by waiting a little longer than rushing to claim Social Security as soon as possible. For others — such as those with a history of poor health or shortened life expectancy, or those strategizing to have their spouse claim later — it can make sense to claim earlier.

It’s a good idea to run your numbers on the Social Security Administration’s website before claiming. That way, you know how your benefit will change based on when you claim.

Why the decision is hard to redo

You can only redo the decision to claim your Social Security benefits after the first 12 months, and you must repay everything received. If you want to redo your decision after that, you have to suspend and restart your benefits. The strategy is called “claim-suspend-restart,” or CSR.

"Some people claim Social Security early even though it may not be in their best interest. In fact, 58% of people claim before their full retirement age (FRA)," Brad Koval, director of Financial Solutions at Fidelity said, according to the firm’s website. "However, CSR may be a good strategy if you can afford to forgo some payments for 1 to 3 years in exchange for a greater payout of guaranteed income in later years."