Speculation about the health of the Social Security system seems to be an American pastime.
Based on what you may have heard, you might have complete faith that Social Security will be able to continue providing benefits for a long time. Or you may be concerned about what the future will hold for the system.
A 2025 retirement survey found that 71% of Americans were “at least somewhat concerned” about potential changes to Social Security.1
It’s a question that we hear from time to time, too. But we are quick to remind people that 94% of today’s retirees say Social Security is a source of retirement income and nearly 70% say it’s a major source of income.1
So, while it’s possible that changes may arise in the future, any adjustment would likely take effect over time. In 1983, for example, when the full-retirement age was raised from 65 to 67, it took 22 years for the full implementation of the new rules.
Pro Tip: Social Security stopped mailing annual statements in March 2011. To create a My Social Security account online, visit the Social Security Administration website. You will need to provide personal information, so make certain you are comfortable before starting the process.2
When Should You Take Social Security Benefits?
There’s a wide range of factors to consider, but the key is how much weight to give to each idea. You’ll see what we mean as you read through the following list:
Your Life Expectancy: If you are in poor health or have family history concerns, then early withdrawals might make sense.
Your Cash Needs: If Social Security payments will help ends meet, then early withdrawal could be part of your overall strategy.
Your Employment Status: Earning an income—even self-employment income—can affect your benefit temporarily.
Your Decision: So, if your health has influenced your personal finances and is limiting your working options, you might be in a position to consider taking Social Security closer to age 62. On the other hand, if you’re in good health, have no immediate cash needs, and are confident about your outlook for work, you might be able to evaluate other options.
Did You Know? When you start Social Security benefits early, you agree to be automatically enrolled into Medicare Parts A and B when you turn age 65.3
What if I change my mind?
You can but you will have to pay the Social Security income back. Here’s how it works: If you change your mind within the first 12 months, you can cancel your Social Security application. However, any benefits you received—including Medicare payments—are paid back to the government.3
“A father of the fatherless, and a defender of the widows, is God in His holy dwelling.” Psalm 68:5
For some married people, applying for Social Security can be a million-dollar decision. The benefits that you would accumulate as part of a married couple over an extended retirement period can top $1 million, so we encourage you to seek some insight and guidance before making any decision to determine what role Social Security can play in your retirement.
- EBRI.org, 2025.
- SSA.org, 2025
- Schwab.com, March 14, 2025
