"Waiting for More, But Getting Less?": When Delaying Social Security to 70 Doesn't Pay Off.
Conventional wisdom suggests that delaying Social Security benefits until age 70 is the best way to maximize your monthly check. While this strategy can work for many, it’s not always the golden ticket to financial security.
While benefits grow by about 8% per year after full retirement age, that increase doesn’t always translate into a better financial outcome. Here’s when claiming earlier might make more sense.
Health Concerns – If you have a shorter life expectancy due to health issues, waiting may not allow enough time to reap the benefits of a larger check.
Need for Immediate Income – If delaying Social Security means draining retirement savings faster, you might be better off claiming earlier and preserving other assets.
Break-Even Point is Too Far – Typically, it takes until your early 80s to "break even" by waiting until 70. If you don’t expect to live that long, taking benefits sooner could be smarter.
Spousal Considerations – If you're the lower-earning spouse, claiming earlier may allow the higher-earning spouse to delay and maximize survivor benefits.
While delaying Social Security can be a great strategy for some, it’s not a one-size-fits-all decision. Your health, financial needs, and life expectancy should all play a role.
Sometimes, getting less now means more peace of mind—and that’s worth considering.