One of the best things about Social Security is flexibility. You can claim benefits as early as age 62, or delay your filing to maximize your monthly payout. For people born in 1960 or later, full retirement age is 67.
If you wait beyond that age, your benefits grow by about 8% per year thanks to delayed retirement credits, which stop accumulating at age 70. On paper, claiming at 70 seems like the smartest move. But in practice, not everyone will be able to hold out that long.
Why You May Not Reach 70 Before Filing
Delaying Social Security requires a steady income or large savings to cover living costs until then. Unfortunately, many people depend on working into their late 60s, which comes with risks:
Job market changes: Technology shifts and industry disruptions, including AI, could lead to job losses.
Workplace challenges: Older workers sometimes face pressure to retire earlier than planned.
Energy and stamina: Even desk jobs can become draining as commuting and stress take a toll.
Health issues: Illness, disability, or caring for a spouse or parent could force earlier retirement.
The Importance of a Backup Plan
Planning to claim Social Security at 70 is fine—but don’t assume it’s guaranteed. To protect yourself:
Start saving for retirement early.
Increase contributions to your IRA or 401(k) over time.
Build a strong nest egg so you’re not fully dependent on Social Security.
Having extra savings ensures that if you need to claim before 70, the reduced benefits won’t hit you as hard. In fact, you may even need to claim as early as 62, so financial preparation is key.
The Hidden Social Security Boost
Most retirees don’t realize there are strategies that can increase lifetime Social Security income. A handful of overlooked rules and claiming strategies could help boost your benefits by as much as $23,760. Exploring these options could make a big difference in retirement security.
While the idea of holding off until 70 for maximum Social Security benefits looks great on paper, real-life challenges like job loss, health issues, or caregiving responsibilities can derail the plan.
The best approach is to aim for 70 but prepare for earlier filing. By saving consistently and knowing Social Security’s hidden strategies, you’ll be in a stronger position—no matter when you actually start collecting.
