Waiting Until 70 for Social Security Is Not Right for Everyone

Waiting until 70 raises Social Security retirement benefits, but it is not automatically the best choice. The Social Security Administration increases benefits for each month claimed after full retirement age, with the increases stopping at 70.

For people born in 1960 or later, full retirement age is 67. Waiting until 70 raises the monthly benefit by 24% compared with claiming at 67, according to the SSA. That larger check comes at the cost of receiving no retirement benefits during the delay.

Health is one reason to consider claiming earlier. Someone with a condition that may shorten their life has less time to receive the higher payments, though no one can know exactly how long they will live. The right comparison depends on personal health and benefit estimates, not a universal break-even age.

A cash shortage is another reason not to wait. If covering essentials means carrying high-interest debt or repeatedly withdrawing from savings, starting benefits sooner may reduce that strain. But compare the cost of borrowing or drawing down assets with the value of the larger future check.

Waiting can also mean selling investments or using retirement savings to cover bills. That may leave less money for later expenses, even as the eventual Social Security benefit rises. A retirement plan should account for both the income bridge to age 70 and the savings left afterward.

Some retirees may prefer to spend more during healthier, more active years. That is a personal trade-off, not a calculation the monthly benefit alone can settle. Claiming earlier provides income sooner; waiting buys a larger monthly payment later.

Married couples should weigh how the higher earner’s choice may affect a surviving spouse. The SSA says delayed retirement credits can be included in a surviving spouse’s benefit, so claiming early may reduce a protection that lasts beyond the worker’s lifetime.

Before deciding, compare estimates at different claiming ages and check Medicare enrollment separately. The SSA advises people who delay retirement benefits to sign up for Medicare at 65, since waiting on Medicare can delay coverage or raise costs in some cases.