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Is It Better to Take Social Security Early or Wait? Key Considerations for FRS Retirees

Picture of James Gates, CFP® Investment Advisor Representative of GWN Securities Inc.

For many Florida Retirement System (FRS) retirees — especially those retiring young through Special Risk — Social Security plays a unique role in retirement income. Unlike your FRS pension, which may begin decades before Social Security eligibility, decisions around when to claim Social Security are flexible.

The most common question becomes:

“Should I take Social Security early or wait until later?”

There’s no one appropriate answer for everyone. The best timing depends on personal factors, income needs, health, longevity expectations, and how Social Security fits into the rest of your retirement plan.

Below are key points FRS members can consider when evaluating the timing of benefits.

When Can You Claim Social Security?

  • Age 62 – Earliest eligibility, but with reduced monthly benefits

  • Full Retirement Age (FRA) – Generally 66–67, depending on birth year

  • Up to age 70 – Benefits increase each year you delay beyond FRA

FRS retirees often face a wide gap between stopping work and Social Security eligibility, making timing especially important.

Claiming Early (62–66/67): Why Some Retirees Choose It

Many retirees choose to take Social Security early for practical reasons such as:

  • They need income sooner to supplement FRS pension payments

  • They retire long before FRA and don’t want to draw heavily from DROP/IRAs

  • They prefer to begin receiving benefits while they feel young and active

  • They have health concerns or shorter life expectancy expectations

  • They want to reduce withdrawals from investment accounts early on

Consideration: Claiming early generally results in a permanently lower monthly benefit, even after reaching FRA.

Waiting Until Full Retirement Age or Later: Why Some Choose to Delay

Others prefer to delay Social Security until FRA or even to age 70 for reasons such as:

  • They want a larger guaranteed monthly benefit for later years

  • They have other income sources (FRS pension, DROP, IRA withdrawals) that cover early retirement

  • They prefer to delay taxable Social Security income

  • They want to lower the risk of running short on income later in life

  • They expect longer lifespan based on health or family history

Consideration: Delaying requires having another income source in the meantime, which may involve withdrawals from retirement accounts or using DROP strategically.

How Social Security Fits Into the FRS Retirement Picture

Most FRS retirees will rely on a combination of:

  • Pension income

  • Social Security, either early or later

  • DROP or Investment Plan balances

  • IRAs / retirement savings

  • Health Insurance Subsidy (HIS)

Understanding how and when each income source activates can help provide structure.
For example:

Income Source Typical Start Age Notes
FRS Pension At retirement Fixed income for life
DROP After retirement Available lump sum / rollover distribution
Social Security 62–70 Flexible start date
HIS Subsidy After retirement Helps offset healthcare premiums
Medicare 65 Critical for health coverage planning

A strategy that looks manageable at age 55 may look different at age 70 when medical expenses rise and lifestyle changes.

Factors to Think About Before Choosing a Start Age

Before claiming, ask yourself:

  • Do I want more income now or later?

  • Do I expect to retire long before age 62?

  • Will I need withdrawals from DROP/IRAs to delay Social Security?

  • How is my health and family longevity history?

  • How would different claiming ages impact my surviving spouse?

  • How does this decision fit into my tax situation?

There is no perfect answer — just a thoughtful evaluation of what works best for your personal picture.

Common Misunderstandings

  • Social Security is not automatic when you retire. You must apply.

  • FRS pension timing is separate from Social Security timing.

  • You don’t lose benefits by retiring early — only if you claim early.

  • Waiting doesn’t mean “better” for everyone — just different.

The appropriate timing is the one that aligns with your needs, health, and long-term plan.

Final Thoughts

Deciding when to take Social Security is one of the most important retirement timing choices FRS members will make.
Some retirees prioritize income sooner. Others delay to strengthen future income. Both paths can work — depending on goals, health, family situation, and other retirement assets.

The key is to make the decision intentionally — not automatically.
Evaluating timing options before claiming can help retirees enter later life with more clarity and confidence.