I’ll be 64 in July, I work part time bringing home $1950 a month. Should I get social security now or wait. All my bills are covered with this income.
No question, answer, or discussion of any kind facilitated on this site is confidential or constitutes financial or legal advice. Questions answered are selected based on general consumer interest, and not all are addressed. Questions and answers may be displayed online and archived by Wealthtender. Wealthtender is a trusted, independent financial directory and educational resource governed by our strict Editorial Policy, Integrity Standards, and Terms of Use. While we receive compensation from featured professionals (a natural conflict of interest), we always operate with integrity and transparency to earn your trust. Wealthtender is not a client of these providers.
Since your current income is covering your bills, there may be a good case for waiting to claim Social Security, particularly if you are in good health and expect a normal or longer life expectancy.
If your full retirement age is 67, claiming at exactly age 64 would generally give you about 80% of your full retirement-age benefit, meaning a roughly 20% permanent reduction for claiming three years early. Waiting beyond 67 increases your benefit further, with delayed retirement credits of 8% per year through age 70. At 70, your benefit would generally be about 124% of your full retirement-age amount.
Because you are still working, the Social Security earnings test is also important. In 2026, if you are under full retirement age for the entire year, Social Security withholds $1 of benefits for every $2 of earnings above $24,480. The test is based on gross wages or net self-employment income, not take-home pay, so your $1,950 monthly take-home amount is not enough to determine whether it would apply. Benefits withheld under the earnings test are also taken into account when Social Security recalculates your benefit at full retirement age.
The decision is not simply about getting the largest monthly check. Health, life expectancy, marital status and potential spousal or survivor benefits, taxes, other savings and income, and whether you actually need the Social Security income today should all be considered.
Everyone’s circumstances are different, and we do not know all of the details of your situation. Consider reviewing the decision with a fee-only fiduciary financial advisor who can compare claiming at 64, 67, and 70 based on your personal needs and overall financial picture.
This is a question I see all the time. The limit you can earn without needing to pay back Social Security is $24,480. You are right there. I don’t know your entire situation, but from the information you’ve shared, I’d wait until you’re 67 (full retirement age) to start taking Social Security.
Now, if you have a minor child, it may be worth speaking with a financial advisor to see whether that changes the optimal strategy. In short, if you have a minor child at home, your minor child will also receive a Social Security benefit.