By Jeff Herman
Few financial decisions carry as much emotional weight for those nearing retirement as Social Security. The conversation often starts the same way: I’m 62. I want that income stream now.
And that instinct is incredibly common. In fact, roughly one in four Americans, about 23% of new retirees, claim Social Security as soon as they become eligible at age 62.
By contrast, fewer than 1 in 10, around 9%, wait until age 70 to maximize their benefit.
I understand that this can make sense emotionally. Retirement feels real. Paychecks are stopping or slowing. Certainty feels comforting. An income stream today feels safer than a larger one later.
Everyone’s situation is different, but in most cases, waiting until age 70 can materially increase lifetime benefits, especially if this decision is in alignment with your macro financial strategy.
Emotion tends to push for “now” because it feels overdue. But health, longevity expectations, tax strategy, portfolio income, spousal considerations, and other guaranteed income sources all shape what the best answer for you looks like.
Confidence doesn’t come from claiming early or waiting longer. It comes from understanding why you chose when you did.
Need help making that decision? Let’s talk.
This material is for informational and educational purposes only and is not intended as personalized investment, tax, or legal advice. Investment strategies involve risk and may not be suitable for all investors.
