Should I start my pension now or wait?
Many pensions pay a reduced amount if you start before the plan's normal retirement age and a full amount at that age; whether waiting longer increases the payment depends on the plan. Starting earlier means more payments at a lower amount; starting later means fewer payments at a higher amount.
Timing interacts with when you stop working, when Social Security starts, the income you need now, a spouse's survivor benefit and taxes in the years before and after required distributions. There is no universal best start date.
The right choice depends on the plan's actual figures, other reliable income, savings, health and family longevity, a spouse's needs, comfort managing investments, taxes and estate goals.
Reviewed by Bay Area Wealth Advisors. Last reviewed 2026-10-04. Educational information only — not individualized financial, tax or legal advice.