Retirement Download
Strategies for a successful retirement
Financial experts almost unanimously agree: the mathematically optimal strategy for Social Security is to delay claiming until age 70. Every year you wait past your full retirement age (66–67, depending on birth year) adds a guaranteed 8% annual increase to your benefit — a rate no safe investment can match — plus annual cost-of-living adjustments. It’s the closest thing to a risk-free, inflation-protected lifetime annuity most Americans will ever own.
Yet in 2024, only about 8% of new claimants (8% of men, 8.6% of women) actually waited until 70. More than 90% started their benefits earlier — and roughly one-third claimed at the earliest possible age, 62, locking in a permanent 30–35% reduction.
So why do so few follow the “gold-standard” advice? Because for most people, the decision isn’t purely financial. It’s shaped by health, wealth gaps, job burnout, family needs, and fear the program might not be there later.
The Harsh Reality Behind Early Claiming
David Blanchett, head of retirement research at Prudential Financial, puts it bluntly: “For most people, it doesn’t matter what you tell them. They’re just trying to get by.”
Many who claim at 62 have been out of steady work for years. Ruth Finkelstein of the Brookdale Center for Healthy Aging notes that a large share of “early retirees” between 50 and 62 were pushed out of the labor force or left to care for family members with health issues. They’ve been holding on until the first day they’re eligible.
For roughly 40% of retirees, Social Security provides more than half their income; 13% rely on it almost entirely. When savings are thin and another paycheck isn’t coming, waiting until 70 isn’t an option — it’s a luxury.
Compounding the urgency is widespread fear about Social Security’s future. Over one-third of non-retirees worry the program will run dry. Current projections show that by 2033 the trust fund can pay only about 77% of scheduled benefits unless Congress acts.
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When Waiting Actually Makes Sense
The delay-until-70 advice is aimed squarely at a smaller group: people who are healthy, have adequate savings or pensions, and can afford to let their benefit grow. For them, the 8% delayed-retirement credits are unbeatable, and a larger check provides crucial protection against outliving their money in their 80s and 90s.
The Break-Even Myth
Many people fixate on the “break-even” age — the point where total dollars collected by waiting exceed dollars collected by claiming earlier. For someone entitled to $3,000 a month at full retirement age (67), waiting until 70 boosts the check to $3,720. They typically don’t break even until around age 82.
Financial planners caution against making this the sole deciding factor. Once you pass the break-even point, every additional year you live delivers significantly more income — and you can’t predict how many of those years you’ll get. Maximizing the benefit is really longevity insurance, not a race to collect the most before you die.
Some retirees consciously choose lifestyle over the last possible dollar. Whereas, some prioritize experiences. Similarly, for some Social Security is a mental-health lifeline.
A Simple Decision Framework
Most pre-retirees fall into one of these buckets:
Healthy + wealthy → Delay to 70; spend taxable accounts first.
Healthy but modest savings → Work longer if possible and delay claiming to protect late-life income.
Burned out or craving adventure → Claim earlier if you have other resources; accept a smaller check for a happier life now.
Poor health or short life expectancy → Claim when you stop working; no point leaving money on the table.
Little or no savings → You’ll likely have to claim at 62; focus on cutting expenses and possible part-time work.
In the end, the “best” Social Security strategy isn’t the one that maximizes lifetime dollars on a spreadsheet. It’s the one that fits your money, your health, and the life you actually want to live. For a fortunate few, that means waiting until 70. For the vast majority, it means starting the checks much sooner — and that’s okay.
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Social Security at 70: Perfect on Paper, Rare in Life