For many people, the decision of when to claim Social Security is worth tens—or even hundreds—of thousands of dollars over a lifetime.
We recently worked with a retired couple who planned to begin collecting Social Security as soon as they both reached age 65. After modeling several different claiming strategies,
we recommended that the wife begin benefits earlier while the husband delayed claiming until age 70.
The result? Their projected lifetime Social Security benefits increased by more than $200,000.
Nothing about their work history changed. They didn't save more money or earn a higher investment return. The difference came from making a better claiming decision.
Isn't the Answer Just "Wait Until 70"?
Not necessarily.
Many articles suggest waiting until age 70 because monthly benefits continue to increase for every year you delay claiming after your full retirement age.
While that's often good advice, it's far from a universal rule.
For some people, claiming earlier makes more sense. Others benefit from waiting. The right answer depends on your unique financial situation.
What Factors Should You Consider?
When we evaluate a Social Security strategy, we don't focus on age alone.
Instead, we consider questions like:
- Are you single or married?
- Which spouse has the higher lifetime earnings?
- How is your health?
- How long do people in your family typically live?
- Will you continue working after claiming benefits?
- How much money do you have saved for retirement?
- How will Social Security affect your taxes?
- When will Required Minimum Distributions begin?
Each of these factors can significantly change the best claiming strategy.
Why Married Couples Have More Options
Married couples often have opportunities that single retirees don't.
In many cases, one spouse earned substantially more than the other during their working years. That difference can affect not only retirement income while both spouses are living but also the survivor benefit after one spouse passes away.
Because of this, it's important to evaluate the claiming decision as a couple—not as two individuals making separate decisions.
A strategy that maximizes one person's monthly benefit may not maximize the family's lifetime income.
The Cost of Getting It Wrong
Unlike many financial decisions, you generally don't get a second chance with Social Security.
Once you've made your election, your options become much more limited.
That's why it's worth spending time evaluating your choices before filing for benefits.
The goal isn't simply to maximize this year's income. It's to maximize your lifetime retirement income while coordinating Social Security with your investments, taxes, and overall retirement plan.
Social Security Is Only One Piece of Retirement Planning
This is one area where we believe retirement planning should be viewed as an integrated process.
For example, the best Social Security strategy may depend on:
- Whether you're making Roth conversions.
- Your projected tax brackets over the next 20–30 years.
- Required Minimum Distributions.
- Medicare premiums.
- Your investment withdrawal strategy.
- Your legacy goals.
Each decision affects the others.
Looking at only one piece can lead to costly mistakes. Looking at the entire picture often uncovers opportunities that aren't obvious when each decision is made in isolation.
Final Thoughts
There isn't a single "best age" to claim Social Security.
The best age is the one that fits your health, your family, your tax situation, and your overall retirement plan.
For some retirees, the difference between a good claiming strategy and a great one can add up to hundreds of thousands of dollars over a lifetime.
If you're approaching retirement and would like to understand how Social Security fits together with Roth conversions, taxes, Required Minimum Distributions, and retirement income planning, we'd be happy to have a conversation. Sometimes the best retirement decisions aren't made by looking at one piece of the puzzle—they're made by seeing the whole picture.
