Misinformation pertaining to the Social Security Program and its future abounds today, leading many recipients to make poor claiming decisions which may result in a more challenging Retirement Income Plan, higher retirement income taxation, and a smaller legacy left to heirs. For many Americans, Social Security is one of the most valuable assets they will ever own, yet many people make decisions to claim benefits early based on assumptions that may not hold up when the numbers are analyzed. Here are three common—and often misleading—reasons people give for claiming Social Security too soon.
- “I’ve paid into it for years, so I might as well take it now.”
That sounds reasonable, but Social Security isn’t simply a savings account that you are trying to get your money back from. The timing of your claim can have a major impact on the size of your future monthly benefit. You can begin retirement benefits as early as 62, but claiming before Full Retirement Age permanently reduces the monthly benefit. Conversely, delaying beyond Full Retirement Age can earn Delayed Retirement Credits until age 70. For people born in 1960 or later, for example, claiming at 70 produces a benefit equal to 124% of the Full Retirement Age benefit.
- “Social Security might run out, so I need to get mine before it does.”
Social Security does face a financing challenge, but “running out” is an oversimplification. According to the 2026 Trustees Report, the OASI Trust Fund is projected to be depleted in the fourth quarter of 2032 under current law. At that point, ongoing program income is projected to cover 78% of scheduled benefits. Congress has numerous potential policy options available, including changes to retirement ages, payroll taxes, taxable earnings, benefits, taxation of benefits, and other program provisions. The Social Security Administration itself publishes analyses of these options. In other words, today’s uncertainty does not automatically mean you should make a permanent claiming decision based on fear.
- “Taking Social Security early gives me more money and preserves my investments.”
This is where retirement planning becomes much more complicated. The question isn’t simply, “When can I start Social Security?” It is, “What combination of Social Security, retirement accounts, taxes, investments, longevity, and legacy goals produces the most appropriate overall strategy for my situation?” Delaying Social Security may provide a larger future income stream, but using other assets to bridge the gap can have tax and investment consequences. In some situations, the decision can also affect a surviving spouse and the amount of assets ultimately passed to heirs.
That’s why a proper Roadmap analysis can be so important. Instead of making the Social Security decision in isolation, a Roadmap analysis can model different claiming ages alongside retirement income, withdrawals, taxation, longevity, investment assets, and legacy objectives. The goal isn’t simply to maximize a Social Security check—it is to coordinate the pieces of the retirement plan so that one decision doesn’t unintentionally undermine another. Social Security provides choices. The challenge is understanding how those choices interact with the rest of your financial life. Before you claim, run the Roadmap.1
I’m excited to share that I have officially earned the Registered Social Security Analyst® (RSSA®) credential. This specialized certification allows me to help individuals, families, and businesses seek to optimize their Social Security benefits and make informed financial decisions for retirement. As an RSSA®, I’m here to assist people in understanding the benefits they may be entitled to receive and help them evaluate their Social Security options. If you have any questions about your Social Security benefits or know someone who could benefit from a personalized Social Security plan, I’d love to help!
Click here to learn more, and may God bless your Social Security claiming decision! Shaun
“Choosing when to trigger Social Security benefits can be one of the most financially impactful decisions the vast majority of Americans will make pertaining to their Retirement Income Plan”. ~Shaun Scott
“In the multitude of counselors there is safety” ~Proverbs 11:14
1 National Association of Registered Social Security Analysts, RSSA Program, 2026
Disclosures:
Old Forge Wealth Management, LLC is a registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training.
This material is provided for informational and educational purposes only and should not be construed as individualized investment, tax, legal, or Social Security advice. Social Security claiming strategies and their potential effects vary based on individual circumstances, and there is no assurance that any particular strategy will achieve a specific financial outcome.
Social Security laws, regulations, benefit calculations, and tax laws are subject to change. Information and projections regarding the Social Security program are based on information available as of the date of publication and may change as a result of future economic, demographic, or legislative developments.
Any Roadmap analysis is based on information provided and assumptions made at the time of the analysis. Results are illustrative and are not guarantees of future results.
The Registered Social Security Analyst® (RSSA®) designation is offered by the National Association of Registered Social Security Analysts (NARSSA). Old Forge Wealth Management, LLC and its representatives are not affiliated with or endorsed by the Social Security Administration or any other government agency.