Investopedia spoke with Social Security experts Marc Kiner and Jim Blair from Premier Social Security Consulting about strategies for collecting benefits and changes coming in 2026. Marc Kiner says: “Don’t assume age 62 or age 70 is the best time to take benefits. About 5% to 7% wait until age 70, and 20% to 25% take it at age 62.”
Social Security depends on your situation
Social Security depends on each person’s situation. Couples should consider joint lifetime benefits, not just individual benefits. Jim Blair says single people should consider their health, work status, and if they need the money immediately. Couples should look at both spouses’ work histories and how important survivor benefits are. The higher earner may want to delay benefits for bigger survivor benefits.
Age differences matter. For example, if spouses are 5–10 years apart, the younger spouse might benefit from starting at 62 to get survivor benefits sooner, as stated by Investopedia. The “break-even point” is the age when delaying Social Security gives more lifetime money than taking it early. Couples should calculate this. Retirees should also consider if they have minor or disabled children who may be eligible for benefits.
Earnings limits for 2026
Starting in 2026, the earnings limit before Social Security is reduced has gone up from $23,400 to $24,480 for people under full retirement age. If you earn over the limit before full retirement age, Social Security will hold back $1 for every $2 you earn. In the year you reach full retirement age, the earnings limit goes up from $62,160 in 2025 to $65,160 in 2026. $1 of benefits is held back for every $3 earned over the limit.
There is a 2.8% cost-of-living adjustment in 2026. It starts this month but shows in your check next month. Kiner says there is a new senior tax deduction of $6,000 for people 65 and older starting 2025. You don’t need to get Social Security to claim it, as noted in the report by Investopedia.
The deduction is from adjusted gross income and lowers your taxable income. Couples filing jointly can get $12,000 off AGI. The deduction can be used for four years, ending in 2028. The deduction phases out for individuals earning $75,000 or more and couples earning $150,000 or more.
FAQs
Q1: When is the best age to start Social Security in 2026?
It depends on your health, work, and family situation, but waiting until full retirement age or later can increase your monthly benefits.
Q2: What are the new Social Security changes in 2026?
Earnings limits are higher, there’s a 2.8% cost-of-living increase, and people 65+ can get a $6,000 senior tax deduction.