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If you’ll be at least 62 years old in 2026, it means you’re eligible to sign up for Social Security. However, that doesn’t mean that claiming Social Security this year is a smart idea.
When it comes to Social Security, your filing age matters for a big reason — it helps determine how much of a monthly paycheck you get.
If you wait until full retirement age (FRA) to claim Social Security, for example, you’ll get your monthly benefit without a reduction. If you file before FRA, you’ll have to accept a reduced monthly benefit for life. And if you file after FRA, your monthly benefit will be permanently boosted.
With that in mind, here are three things you absolutely have to do before you claim Social Security this year.
1. Review and correct your earnings record as needed
The Social Security benefit you’re entitled to in retirement is based on your 35 most lucrative years of earnings. Before you claim your benefits, create an account on SSA.gov or log into an account you created previously and review your earnings record.
Make sure to check for underreported income, as that could lead to smaller monthly benefits throughout retirement. If you notice a mistake, contact the Social Security Administration right away and ask what steps you need to take to have it corrected.
2. Make sure you understand how much monthly income you need from your benefits
Since your Social Security filing age has an impact on the amount of money you receive each month, it’s important to know what benefit you absolutely need. To that end, do two things.
First, estimate your annual retirement expenses — things like housing, food, utilities, and healthcare. Next, figure out how much income you can expect to get from your savings. If you have a $1 million IRA, for example, and you feel comfortable withdrawing 4% each year, that means your savings will provide you with $40,000.
If you need $64,000 a year to live comfortably, it means Social Security will have to provide you with $2,000 a month, or $24,000 a year, assuming those are your only income streams. You can use that information to land on a wise filing age.
3. Think about the state of your health
When you think about when to claim Social Security, it’s important to not only consider how much money you’ll get monthly based on your filing age, but also, what sort of lifetime payout that might lead to.
If your health is not in good shape, filing for Social Security early could make sense in terms of lifetime income. Even though you’ll get less money each month by claiming benefits ahead of FRA, you’ll start getting that money sooner. If you don’t live a long life, that could lead to a larger total lifetime payday.
On the flipside, if your health is great, you may want to delay Social Security past FRA. That could lead to more money not just each month, but also in your lifetime.
Is 2026 the year for you to claim Social Security? Maybe. But it’s important to make that decision confidently. And that means addressing these important matters first.