Social Security: This Is the Single Best Move You Can Make Right Now

Key Points

• The majority of Americans depend heavily on Social Security in retirement.

• Knowing your benefit amount is the first step toward planning a comfortable retirement.

• Your age can also affect your payments by hundreds of dollars per month.

• The $23,760 Social Security bonus most retirees completely overlook ›

More than half of U.S. adults rely on Social Security so much that missing even half of a monthly payment could ruin them financially, according to a 2025 survey from the Nationwide Retirement Institute.

If you're going to be relying on Social Security to any extent in retirement, it's critical to plan accordingly. Whether you're closing in on retirement or still have years left in your career, one of the smartest moves you can make right now is to check your future benefit amount.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »

Image source: Getty Images.

How to check your Social Security benefit

If you've worked and paid Social Security taxes for at least 10 years, you're likely already eligible for retirement benefits. While you can't begin claiming until at least age 62, you can check your estimated benefit by reviewing your Social Security statements online through your mySocialSecurity account.

This estimate is based on your real earnings, and it will give you an idea of how much to expect if you were to file at your full retirement age (FRA) -- which is between ages 66 and 67, depending on your birth year.

Image source: The Motley Fool.

Keep in mind that this number can change between now and when you begin taking benefits, especially if your income changes substantially or retirement is decades away. However, by checking your benefit estimate regularly, it will be easier to determine how much you can realistically rely on Social Security.

How your age will affect your benefit

Your estimated benefit found on your statements is what you'll collect by filing at your FRA. But if you begin claiming before or after that age, it will affect the size of your checks.

Filing as early as possible at age 62 will reduce your payments by up to 30%, and these reductions will last the rest of your life -- not just until you reach your FRA. If you delay claiming until after your FRA, you'll receive a bonus of at least 24% by filing at age 70.

No matter where you are in your retirement planning journey, right now is a good time to think about what age you want to file for benefits. With an accurate idea of what you'll collect from Social Security, you can determine how much you'll need to save on your own.

What's the best age to take Social Security?

The age you file for benefits is a highly personal decision, and there won't be a single correct answer for everyone. In some cases, delaying until age 70 is the best option. For others, though, you might be better off filing as early as possible.

In general, delaying is ideal when you want to maximize your monthly income, while filing early can be smart if you want to spend more time in retirement.

The average retired worker collects around $807 more per month at age 70 than at age 62, according to December 2024 data from the Social Security Administration. If you know money will be tight in retirement, delaying claiming by even one or two years can substantially increase your monthly income.

For those who have ample savings, claiming early can make early retirement more feasible. While you can retire early and delay benefits, filing for Social Security upon retirement can help your savings last longer. Also, if you have health issues or reason to believe you may not live well into your 70s or beyond, filing early can give you more time to enjoy your retirement.

Regardless of when you start receiving benefits, knowing your estimated benefit is a crucial first step. When you know exactly how much to expect from Social Security once you retire, it will be far easier to plan accordingly.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.