Question 1

Should I claim Social Security at 62 or 70?

Accepted Answer

It depends on how long you expect to live, whether you're married, and whether you're still working. Claiming at 62 locks in a permanently reduced benefit — about 30% less than your Full Retirement Age amount. Waiting until 70 adds delayed retirement credits worth about 24% on top. The breakeven is usually between 78 and 82. For married couples, the higher earner's decision is the most consequential.

Question 2

What is the Social Security earnings test?

Accepted Answer

If you claim before Full Retirement Age and keep working, Social Security temporarily withholds $1 of benefits for every $2 you earn above an annual limit ($24,360 in 2026). Withheld benefits are not lost: at FRA your benefit is recalculated upward to credit the months you didn't receive payment.

Question 3

How is Social Security taxed?

Accepted Answer

Up to 85% of benefits can be subject to federal income tax, depending on combined income — AGI plus tax-exempt interest plus half of your Social Security benefits. Below $25,000 single / $32,000 married, none is taxable; above $34,000 / $44,000, up to 85% becomes taxable. These thresholds are not indexed to inflation.

Question 4

Can I claim benefits on my ex-spouse's record?

Accepted Answer

Yes, if the marriage lasted at least 10 years, you are currently unmarried, and both ex-spouses are at least 62. You can receive up to 50% of your ex-spouse's benefit, and your ex does not need to have claimed yet. It does not reduce their benefit.

Question 5

What happened to file-and-suspend and restricted application?

Accepted Answer

File-and-suspend was eliminated by the Bipartisan Budget Act of 2015. Restricted application was phased out for anyone born after January 1, 1954. Neither strategy is available to people reaching 62 today.

Question 6

How does delaying protect my spouse?

Accepted Answer

When the higher-earning spouse dies, the survivor receives the greater of their own benefit or 100% of what the deceased was actually receiving, including delayed retirement credits. Delaying the higher earner's claim to 70 permanently raises the survivor's income for the rest of their life.

When should you claim Social Security — 62 or 70?