Social Security retirement age: Many Americans like the idea of waiting until age 70 to claim Social Security because doing so guarantees larger monthly checks for life. Social Security allows people to start claiming as early as 62, while those born in 1960 or later can receive full, unreduced benefits at age 67, as per a report.

Bigger Monthly Social Security Checks Don’t Mean It’s the Best Decision for Everyone

But the decision isn’t as simple as bigger checks are better. Delaying until 70 can come with real drawbacks, and it isn’t necessarily the best move for everyone.

Why Your Retirement Savings Matters in This Decision

If someone has saved a large amount of money for retirement, they may be able to stop working in their 60s and rely on their retirement accounts until Social Security kicks in at 70, as per The Motley Fool report. But without a substantial nest egg, delaying benefits often means working longer, sometimes all the way to age 70.

That can be tough if a job is stressful or physically demanding. Even people who once enjoyed their work may find it harder to continue as they get older and may want to leave the workforce earlier.

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Health and Longevity Are Unpredictable For Social Security

Waiting until 70 increases monthly payments, but it doesn’t guarantee higher lifetime income. If someone only lives into their mid-70s, delaying could actually cause them to collect less overall.

The challenge is that no one can predict their lifespan. Health can change suddenly, and even people in excellent condition may face unexpected issues, while those with chronic health concerns sometimes live much longer than expected. This uncertainty makes delaying a financial risk that some people may not want to take.

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The Risk of Missing Out on Enjoying Life Earlier

Even though larger checks at 70 sound appealing, waiting could mean missing out on experiences you might enjoy more while you’re younger.

For example, someone who always wanted to hike in Europe might find that by 70, their knees can’t handle it, even though they could have taken that trip a few years earlier using Social Security income, as per The Motley Fool report. In this scenario, delaying benefits would mean missing an important opportunity, even if the checks are bigger later on.

Is Delaying Social Security Worth It

There’s a clear financial advantage to waiting until age 70, but bigger monthly payments don’t automatically mean it’s the right choice. Working longer, health uncertainties, and the value of enjoying money earlier in life are all important factors.

Before committing to a later claim, it’s worth considering whether the trade-offs align with your lifestyle, health, and personal goals.

FAQs

Is waiting until age 70 always the best choice for Social Security?
No. It depends on your health, finances, and how long you expect to work.

Does delaying mean I’ll get more money overall?
Only if you live long enough to make up for the years you didn’t collect.