Printable checklist for your desk
Print this checklist, write in your estimates from ssa.gov, and bring it to our meeting.
Download the PDF (large print)The short version. Your claiming age changes your monthly check for life. Claiming at 62 permanently reduces it, waiting past full retirement age raises it up to age 70, and how much of it is taxed depends on your other income.
2026 numbers worth knowing
| Item | 2026 figure |
|---|---|
| Cost-of-living adjustment (COLA) | 2.8%. The 2027 adjustment had not been announced as of October 7, 2026. |
| Earnings subject to Social Security tax | Up to $184,500 |
| Maximum benefit at full retirement age | $4,152 per month |
| Earnings needed for one work credit | $1,890 (four credits per year, 40 credits needed to qualify) |
| Earnings test limit before full retirement age | $24,480 per year |
| Earnings test limit in the year you reach full retirement age | $65,160 per year |
Your full retirement age
| Born | Full retirement age |
|---|---|
| 1943 to 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
What claiming early or late does
- Claiming early (as early as 62). Your benefit is cut by 5/9 of 1% for each of the first 36 months before full retirement age, and 5/12 of 1% for each month beyond that. With a full retirement age of 67, claiming at 62 means a 30% permanent reduction. [5]
- Claiming late (up to 70). Delayed retirement credits add 8% for each year you wait past full retirement age. They stop at 70. [6]
Spouses, ex-spouses, and survivors
- Spousal benefit. Up to 50% of the worker's full-retirement-age benefit. It is reduced if you claim before your own full retirement age and does not grow if you wait past it. [7]
- Divorced spouse. Generally requires a marriage of at least 10 years, being unmarried now, and being at least 62. If the ex-spouse has not yet applied, the divorce generally needs to be at least two years old. [8]
- Survivor benefits. A surviving spouse can claim as early as 60 (50 if disabled), at a reduced amount, and gets 100% of the worker's benefit at full retirement age. A surviving spouse caring for a child, and each child, can receive 75%. [9]
- Government pension offsets. The Social Security Fairness Act, signed January 5, 2025, repealed the Windfall Elimination Provision and Government Pension Offset, effective for benefits starting January 2024. If either applied to you before, ask about a recalculation. [10]
If you keep working before full retirement age
The earnings test withholds $1 of benefits for every $2 you earn over $24,480. In the year you reach full retirement age, it withholds $1 for every $3 over $65,160, counting only the months before your birthday month. From the month you reach full retirement age, there is no limit. Withheld benefits are not lost: your benefit is recalculated upward once you reach full retirement age. [3]
How benefits are taxed
The IRS looks at half of your Social Security benefits plus all your other income, including tax-exempt interest. If that total passes the base amounts below, part of your benefits become taxable. [11]
| Filing status | Up to 50% taxable above | Up to 85% taxable above |
|---|---|---|
| Single | $25,000 | $34,000 |
| Married filing jointly | $32,000 | $44,000 |
| Married filing separately, lived together | $0 | $0 |
The 2025 to 2028 senior deduction of $6,000 for people 65 and older reduces taxable income, but the IRS has not described it as changing how benefits are taxed. [11, 12]
Check your own record
Your benefit is built from your earnings history. Set up a free my Social Security account at ssa.gov to see your earnings record and estimates, and look for missing years. [13]
Questions worth asking
- What is my full retirement age, and what is my benefit at 62, at full retirement age, and at 70?
- If I am married, how do the two claiming ages work together, including the survivor benefit?
- Will I still be working, and would the earnings test apply?
- How much of my benefit will be taxable with my other income, including required withdrawals?
- Does my earnings record have any missing or wrong years?
Frequently asked questions
How much does claiming Social Security at 62 reduce my benefit?
With a full retirement age of 67, claiming at 62 means a 30% permanent reduction. Waiting past full retirement age adds 8% per year up to age 70.
What is the 2026 Social Security cost-of-living adjustment?
2.8%. The 2027 adjustment had not been announced as of October 7, 2026.
How much of my Social Security can be taxed?
Up to 85%, depending on your other income. The base amounts for a single filer are $25,000 and $34,000, and for married filing jointly $32,000 and $44,000.
Sources and review notes
- Social Security: Latest cost-of-living adjustment
- Social Security: Contribution and benefit base
- Social Security: Retirement earnings test
- Social Security: Full retirement age
- Social Security: Early or late retirement (page last reviewed 2008)
- Social Security: Delayed retirement credits
- Social Security: Spousal benefits
- Social Security: Benefits for spouses
- Social Security: Survivors benefits
- Social Security: Social Security Fairness Act
- IRS Publication 915: Social Security and equivalent railroad retirement benefits
- IRS: Tax deductions for working Americans and seniors
- Social Security: my Social Security
General education, not individualized investment, tax, or legal advice. Discuss tax decisions with your tax professional, and recheck annual limits before using this page for another tax year.