Social Security Timing

Why it matters

  • The age you start Social Security can impact hundreds of thousands of dollars over a lifetime.
  • Many retirees rely on simple rules like: “Take it at 62”, “Always wait until 70”, or “Start when you retire”.
  • The right timing depends on your health, taxes, goals, and the rest of your retirement plan.

Key ages to know

AGE 62 (EARLIEST ELIGIBILITY) FULL RETIREMENT AGE (FRA) AGE 70 (MAXIMUM BENEFIT
Benefits can start at 62 but are permanently reduced. For most current P&G employees: 67. Benefits increase 8% per year after FRA.
For someone with a Full Retirement Age of 67, benefits are reduced roughly 30%. You receive your full Primary Insurance Amount (PIA). Waiting from 67 to 70 increases benefits by about 24%.

Why many retirees delay

  • Higher guaranteed lifetime income.
  • Stronger survivor protection for a spouse.
  • Larger inflation-adjusted benefit over time.

When starting earlier may make sense

  • Health concerns or shorter life expectancy.
  • Income needs early in retirement.
  • Tax planning opportunities such as Roth conversions.

Example

If a retiree is eligible for $3,000/month at age 67:


  • Starting at 62: about $2,100/month
  • Starting at 70: about $3,720/month


That difference could create over $19,000/year of additional guaranteed income.

Additional Guides

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Evaluate your P&G stock options to understand the implications of when and why you may choose to exercise them.

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Get essential info on P&G retiree healthcare & Medicare enrollment.

The Three-Bucket Strategy: A Smarter Way to Manage Retirement Withdrawals

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Learn how the 3-Bucket Strategy for retirement withdrawals can potentially balance short-term needs with long-term growth goals