2 Situations When a Delayed Social Security Claim Will Definitely Cost You Money

You can claim Social Security benefits at any time between the ages of 62 and 70. It can be difficult to decide if you are better off claiming Social Security ASAP -- which would mean you get more checks than those who delay, but which relegates you to getting smaller payments -- or if you should delay to earn larger monthly payments, even though that means getting fewer checks over your lifetime. If your spouse was a higher earner than you or if you didn't earn enough on your own to get Social Security retirement benefits, you may decide claiming spousal benefits is the way to go.