When to Claim Social Security if You Have a Mortgage Payment

Run the cash-flow math

The average retired worker gets a $2,088.79 monthly benefit from Social Security, as of September 2026. Say you use that check to cover a $1,500 mortgage payment, you are left with just $588.79 per month from Social Security. If you’re relying on the check to help cover groceries, transportation, utilities and other essentials, you may not have enough of your check left over after making a mortgage payment.

However, it’s important to consider your other savings and sources of income, as well as the benefit of waiting. The math can help determine if you should delay retirement. Early Social Security can act as a valuable supplement on top of a nest egg and other investments, but you must see how much you have left to cover remaining living expenses each month.

Claiming early to cover the payment has a cost

Another key detail is that taking out Social Security at 62 to help with mortgage payments prevents your benefit from growing over time. People born in 1960 and later miss out on as much as 30% of their benefit if they claim Social Security at 62 instead of waiting until full retirement age, according to the Social Security Administration. Waiting a few extra years until age 70 results in even higher benefits later, which can boost financial flexibility when you may need it the most.

Waiting longer can give you a few extra years to fortify your nest egg, accelerate your mortgage payoff and pay off other debt. A current mortgage payment is worth considering, but it shouldn’t be the only factor that determines if you make the decision of accessing Social Security at 62.

Options besides claiming early

For some people, claiming Social Security early makes sense. But it’s important to consider all your options.

Refinancing your mortgage can provide extra cash or lower your monthly payments. You can also downsize or rent a room out in your home to keep housing costs under control.

If you have money in your savings account, you can use those funds as a bridge to delay when you take out Social Security. Even delaying by one year can increase the size of your monthly checks.

You can also consider working part-time to make ends meet. Ideally, it’s not something you will have to do for long if you let Social Security compound over time, especially if you are close to paying off your mortgage.