2 Good Things About Claiming Social Security at 65 -- and 1 Bad One

By Kailey Hagen, CFP – Apr 13, 2026 at 12:00PM ESTKey PointsIf you claim at 65, the Social Security Administration can take your Medicare Part B premiums from your checks.Claiming at 65 is considered early claiming and is subject to a penalty.But this penalty is a lot smaller than what you'd pay if you applied at age 62.Age 65 remains a popular retirement age for many people, and many also choose to claim Social Security at that time. There's nothing wrong with applying for benefits then, but it's important to understand what this gets you and what it costs before you decide if it's the right move. Here's a closer look at the pros and cons of claiming Social Security at age 65 to help you make that choice. Image source: Getty Images. 2 good things about claiming Social Security at 65 Here are some of the advantages of claiming Social Security at 65. 1. You won't have to pay for your Medicare Part B premiums separately When you're claiming Social Security and Medicare at the same time, the Social Security Administration will automatically withhold money for your Medicare Part B premiums from your monthly checks. This is a small convenience, but it gives you one less bill to worry about. If you apply for Medicare before you're on Social Security, you'll need to pay this monthly bill yourself. But you could set up autopay through your bank account so you don't have to do this manually. 2. You'll pay a smaller early claiming penalty If you receive Social Security benefits before your full retirement age (FRA) -- 67 for most workers today -- you're considered to be claiming early.

The Social Security Administration will reduce your checks slightly because of this. If your FRA is 67 and you apply at 65, that's 24 months of early claiming. You lose 5/9 of 1% per month for each of the first 36 months of early claiming. So applying two years early would shrink your checks by 13.33%. That's a noticeable drop. It's enough to take the $2,079 average monthly benefit as of March 2026 down to $1,809 per month. But that's a lot more than the $1,455 per month you'd get if you applied as soon as you became eligible at 62. 1 bad thing about claiming Social Security at 65 Since claiming at 65 is still considered claiming early, you'll get less than you would have if you'd waited until your FRA or beyond to apply. Once you pass your FRA, your checks grow by 2/3 of 1% per month, or 8% per year, until you turn 70. For some, claiming benefits at their FRA or later can lead to a larger lifetime benefit. But only you can decide whether that makes sense for you. If you don't feel you can afford to delay Social Security for that long, signing up at 65 could be wise. If that's not an issue, waiting a little longer could help your checks go further in the future.Read NextApr 14, 2026 •By Reuben Gregg BrewerHow to Turn Your Tax Season Paperwork Into a Retirement Planning CheckupApr 14, 2026 •By Maurie BackmanThe 4% Rule Is Under Fire. Here's Why.Apr 14, 2026 •By Maurie BackmanWhy a Roth IRA Could Be Your Best Retirement Move -- or Your Biggest MistakeApr 14, 2026 •By Katie BrockmanSocial Security COLA 2027: Retirees May Want to Brace Themselves for Bad NewsApr 14, 2026 •By Dana GeorgeThe Common Strategy 401(k) Millionaires UseApr 14, 2026 •By Maurie BackmanWorking While Collecting Social Security? Here Are 2 Key Numbers You Need to Keep in Mind.About the AuthorKailey Hagen, CFP, is a contributing Motley Fool retirement analyst covering Social Security, Medicare, and retirement planning.

Before The Motley Fool, Kailey was a research analyst for Reviews.com focusing on credit and banking products. She is a Certified Financial Planner® and holds a bachelor’s degree in English from the University of Wisconsin-Madison.TMFKailey