Your FRA depends on your birth year. Boomers born between 1943 and 1954 have an FRA of 66. Those born in 1955-1959 see FRA gradually increase by two months per year of birth, up to 66 years and 10 months. For anyone born in 1960 or later, FRA is 67. Claiming before FRA reduces your benefit by as much as 30%; delaying past FRA earns you delayed-retirement credits of 8% per year (up to age 70).

Early vs. late claiming

• Claim at age 62: You lock in benefits early — but your monthly check will be permanently reduced by up to 25%-30%.
• Claim at FRA: You receive your “full” benefit with no reductions or bonuses.
• Delay until age 70: You earn delayed-retirement credits, boosting your benefit by up to 24% if your FRA is 66 (8% per year for four years).

Choosing the right age depends on your health, work plans and financial needs.

Break-even analysis

A simple break-even analysis compares total benefits received by claiming early versus delaying. If you claim at age 62, you might receive more payments over time — but each check is smaller. If you wait until age 70, your checks are larger but you start later. Typically, the crossover point falls in the late 70s or early 80s. If you expect to live into your mid-80s or beyond, delaying often yields higher lifetime benefits.

Spousal and survivor benefits

Married couples have extra strategies:

• Spousal benefit: A lower-earning spouse can claim up to 50% of the higher-earner’s FRA benefit as early as age 62, subject to reduction for early claiming.
• Survivor benefit: When one spouse dies, the survivor can receive the higher-earner’s full benefit if they wait until their own FRA. Claiming survivor benefits early reduces monthly payments.

By coordinating claiming ages, couples can maximize both household cash flow and survivor income. For example, one spouse might claim early to meet immediate needs while the other delays to grow benefits and protect survivor income.

Tax considerations and IRMAA

Up to 85% of your Social Security income may be taxable if your “combined income” (adjusted gross income + nontaxable interest + half of Social Security) exceeds $34,000 for singles or $44,000 for couples filing jointly. Higher combined income can also trigger higher Medicare premiums via IRMAA. Coordinate withdrawals from IRAs, 401(k)s, and Roth conversions to manage taxable income — drawing from tax-efficient sources first to keep your combined income below critical thresholds.

Claiming strategies in practice

1. File and suspend (limited eligibility): For those who reached FRA by the end of 2015, you could file for benefits and immediately suspend them — allowing your benefit to grow while enabling a spouse to claim spousal benefits. Though this strategy ended in 2016, some boomers may still qualify.
2. Restricted application (historic): Those who reached FRA by Dec. 31, 2015, could file only for spousal benefits while letting their own benefit accrue delayed-retirement credits. This option no longer applies to later enrollees.
3. Staggered claiming: One spouse claims early for immediate income; the other delays until age 70 to build higher benefits and protect survivor income.
4. Hybrid approach: Claim a reduced benefit at age 62 or FRA and use personal savings to bridge to age 70 when the larger benefit begins.

Choose a strategy that fits your health outlook, savings cushion, and desire for guaranteed lifetime income.

Action steps for baby boomers

1. Obtain your Social Security statement: Review your earnings record and projected benefits at SSA.gov.
2. Run what-if scenarios: Use online calculators or work with a financial advisor to model claiming ages at 62, FRA and 70.
3. Assess health and longevity: Consider family history and personal health when deciding how long you expect to collect benefits.
4. Coordinate with your spouse: Plan claiming ages together to optimize household and survivor income.
5. Incorporate tax planning: Schedule withdrawals and conversions to manage combined income and IRMAA surcharges.
6. Stay flexible: Revisit your claiming decision if new life events occur — such as a job loss, major medical news or changes in family status.

Bottom line

Social Security claiming isn’t a one-size-fits-all decision. Your optimal strategy depends on personal factors: health, life expectancy, spousal needs, tax situation and other retirement income sources. By understanding your FRA, considering early versus delayed claiming, leveraging spousal and survivor benefits, and weaving in tax planning, you can maximize your Social Security income and build a more secure retirement foundation. Start the conversation now — running numbers and exploring strategies — to ensure you make the choice that best supports your financial and lifestyle goals.

Lyle Boss, The REAL BOSS Financial, endorsed by Glenn Beck as the premier retirement advisor for Utah and the Mountain West states. Boss Financial, 955 Chambers St., Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.