Often, as we sit down with our clients to discuss their financial goals and aspirations for retirement, the same questions almost always arise:

“How much income will I need to maintain my lifestyle in retirement?”
and
“Where is that income going to come from?”

These are important questions—because retirement isn’t just about hitting a certain total balance in your investment accounts. It’s also about creating a reliable income strategy that supports your lifestyle and gives you confidence that your money will outlive you.

For most retirees, that income plan is built from a few key sources: investment accounts, employer retirement plans, pensions, and in many cases, continued part-time work. But almost always, one income stream sits at the center of the conversation – Social Security.

When Should You Begin Taking Social Security Benefits?

There is no universal “perfect age” to claim Social Security. The right strategy depends on how Social Security fits into your retirement income plan. When we help clients make this decision, we typically focus on five key factors:

1) Income Needs

Some retirees need Social Security to begin immediately to support their monthly lifestyle. Others can delay benefits because they have sufficient savings or income from other sources.

2) Health and Longevity

If longevity runs in your family and you’re in good health, delaying benefits can provide greater protection later in life. If health is a concern, claiming earlier may be more appropriate.

3) Employment Income

“If you claim Social Security before the “Full Retirement Age” (“FRA”) of 67 but continue working, your benefit may be temporarily reduced if your earnings exceed $24,480 for 2026. For clients continuing to work, delaying benefits until at least 67 may be helpful because it can reduce complexity.”

4) Spouse and Survivor Planning

For married couples, Social Security is rarely a “one-person decision.” In many cases, delaying benefits—especially for the higher earner—can increase spousal or survivor income and strengthen household retirement security.

5) Taxes and Retirement Planning

Social Security should be coordinated with IRA withdrawals, Roth conversion planning, and future Required Minimum Distributions (RMDs). A well-designed claiming strategy can improve the overall efficiency and sustainability of the retirement plan.

Evaluating When to Begin Social Security

One helpful way to evaluate different claiming strategies is to compare how monthly income changes depending on when benefits begin.

Assume a higher wage earner qualifies for the estimated 2025 maximum Social Security benefit of per month at Full Retirement Age (67)

Approximate Monthly Benefits

• Claim at 62: $2,812.60/month
• Claim at 65: $3,482.27/month
• Claim at 67 (FRA): $4,018.00/month
• Claim at 70: $4,982.32/month

Breakeven Chart (Cumulative Lifetime Benefits)

This chart illustrates how total lifetime benefits compare over time, depending on when Social Security begins.

Final Thoughts

Claiming Social Security is one of the most important retirement decisions you’ll make. The right age depends on your lifestyle goals, health outlook, retirement timing, tax strategy, and family situation.

The age that pays off most isn’t always the earliest or the latest—it’s the one that fits your plan.

Daniel joined the Leavell team in 2019. He previously worked at RSM US LLP as an assurance supervisor, providing assurance services to a variety of large privately-held clients in both the Real Estate and Manufacturing industries. Daniel holds a bachelor’s and master’s degree in accounting from The University of Alabama. He also received his CPA designation in 2017 and is a member of the AICPA and the ASCPA. He earned his CERTIFIED FINANCIAL PLANNER™ designation in 2021. Daniel is an active member on the Young CPA Cabinet for the ASCPA and the Monday Morning Quarter Back Club, a charitable organization that benefits Children’s Hospital of Alabama. Daniel enjoys traveling, snow skiing and attending Alabama football and basketball games.

Leavell’s Team-Based Approach to Client Relationships

At Leavell, we believe exceptional financial guidance begins with a collaborative approach. Every client is supported by a dedicated team that ensures personalized, comprehensive, and responsive service.

Each client team includes:

• Investment Counselor – Your primary advisor, focused on understanding your financial goals, risk tolerance, and long-term objectives. The Investment Counselor designs a customized investment strategy and holistic financial plan tailored to your unique needs.
• Portfolio Manager – Responsible for executing your investment strategy. The Portfolio Manager makes investment decisions, actively monitors market conditions, and adjusts portfolios to stay aligned with your goals.
• Client Service Representative – Delivers attentive, high-touch service. From account setup and document management to money movement and ongoing inquiries, your Client Service Representative ensures every detail is handled with care.

This team-based structure enables Leavell to provide well-rounded support and long-lasting client relationships built on trust, expertise, and continuity.

Important Disclosures: The statements and opinions expressed in this article are those of the authors as of the date of the article, are subject to rapid change as economic and market conditions dictate, and do not necessarily represent the views of Leavell Investment Management, Inc. This article does not constitute investment advice, is not predictive of future performance, and should not be construed as an offer to sell or a solicitation to buy any security or make an offer where otherwise unlawful. Investing in securities carries risk including the possible loss of principal. Individual circumstances vary. Past performance is no guarantee of future results.