Understanding When to Take Social Security in Texas & Virginia

Deciding when to start collecting Social Security is one of the most important retirement choices you’ll make. Taking benefits early at 62 reduces your monthly payout, while waiting until full retirement age (or beyond) can significantly increase lifetime income. The right choice depends on your health, income needs, marital status, and long-term goals—and it’s rarely one-size-fits-all.

 

The Social Security Timing Puzzle

If you’re approaching retirement in Houston, TX or Williamsburg, VA, you’ve probably wondered: should I take Social Security as soon as I’m eligible, or wait? The decision can have lasting consequences. Damon & Travis Paull help clients through this choice by evaluating more than just the math—we look at the full picture of your financial life.

 

Claiming at 62: Pros and Cons

Many people choose to start benefits early, but doing so comes with trade-offs.
Pros:

• Immediate income if you need it
• Flexibility to stop working sooner
• Useful if you have a shorter life expectancy

Cons:

• Up to 30% lower monthly benefit
• Reduced spousal benefits for your partner
• More strain on other retirement assets early on

 

This approach may work for retirees who lack other income sources, but it’s critical to understand the long-term impact.

 

Waiting Until Full Retirement Age (FRA)

Full Retirement Age ranges from 66 to 67, depending on your birth year. Claiming at this point gives you 100% of your earned benefit and greater flexibility to optimize survivor and spousal strategies. For many of our clients in Houston and Richmond, this middle path strikes the right balance between income and preservation.

 

Delaying Until Age 70

Each year you wait beyond FRA adds roughly 8% to your monthly benefit—making this one of the best guaranteed returns in retirement planning. For high-earning households or those with strong longevity expectations, delaying can create powerful results, especially when paired with other retirement income sources.

 

Couples: Coordinate for Maximum Impact

Spousal benefits, survivor strategies, and joint income needs add another layer of complexity. For example, in some cases it makes sense for the lower-earning spouse to file early while the higher earner delays until 70. Coordinated planning helps preserve income for the surviving spouse and reduce portfolio withdrawal pressure.

 

Other Factors We Consider

• Do you plan to work part-time after 62?
• Do you have a pension or rental income?
• What’s your family health history?
• Are you concerned about market volatility or inflation?

 

What This Looks Like in Practice

Here’s how we helped a Williamsburg couple navigate their options: the husband planned to retire at 65, while the wife had a longer life expectancy and preferred to delay her claim. By staggering their filing strategy and managing their investment withdrawals, we helped them maximize benefits, reduce taxes, and protect their portfolio through market cycles.

 

Next Steps: Let’s Build Your Strategy

The decision around Social Security doesn’t exist in a vacuum. It’s part of your full financial picture—from retirement savings to tax planning and lifestyle goals.