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Does it Still Make Sense to Wait to Claim Social Security Retirement Benefits? Here’s What Experts Say

For decades, financial experts have advised retirees to delay claiming Social Security retirement benefits as long as possible—ideally until age 70—to maximize their monthly payments. But with inflation pressures, market volatility, rising healthcare costs, and questions about the long-term solvency of Social Security, many Americans are wondering: Does it still make sense to wait?

We asked retirement planners, economists, and Social Security experts for their take. Their answers reflect a more nuanced reality—one that depends on individual circumstances as much as on raw financial math.

The Classic Case for Waiting

The Social Security Administration allows individuals to claim benefits as early as age 62, but full retirement age (FRA) ranges from 66 to 67, depending on birth year. Waiting until age 70 earns you delayed retirement credits that increase your monthly benefit by about 8% per year past FRA.

“If you live into your 80s or beyond, waiting to claim can significantly increase your lifetime income,” says Alicia Munnell, director of the Center for Retirement Research at Boston College. “For healthy individuals with longevity in their family, it still makes excellent financial sense.”

For example, someone with a FRA benefit of $2,000 per month would receive roughly:

• $1,400/month at age 62

• $2,000/month at FRA (age 66–67)

• $2,480/month at age 70

That higher benefit is inflation-adjusted for life—and it may benefit a surviving spouse as well.

The Case for Claiming Earlier

Still, experts stress that maximizing Social Security is not the same as optimizing it.

“People don't live in spreadsheets,” says Laurence Kotlikoff, an economist and author of Get What’s Yours: The Secrets to Maxing Out Your Social Security. “If you’re out of work, facing health issues, or need the money to avoid tapping retirement savings in a down market, claiming earlier may be the smart move.”

The COVID-19 pandemic pushed many older Americans into early retirement. Others face mortgage payments, caregiving responsibilities, or medical expenses that make waiting impractical.

“It’s not just about math—it’s about flexibility and peace of mind,” says Christine Benz, director of personal finance at Morningstar.

What About Social Security’s Solvency?

The Social Security Trustees project that the program’s trust fund will be depleted by 2034, after which incoming payroll taxes will cover about 80% of scheduled benefits. That has led some to worry that delaying benefits could backfire if cuts are enacted.

“Don’t panic,” says Nancy Altman, president of Social Security Works. “Even in a worst-case scenario, benefits won’t vanish, and political pressure will be immense to fix the system before cuts occur.”

Still, some advisors recommend a balanced approach—claiming one spouse’s benefit early and delaying the other’s, or using savings to bridge a gap until FRA or age 70.

A Personal Decision

Ultimately, there’s no one-size-fits-all answer.

You might consider waiting if:

• You expect to live into your 80s or 90s

• You have other sources of income

• You want to maximize spousal or survivor benefits

You might claim earlier if:

• You’re in poor health or have a shorter life expectancy

• You need the income now

• You’re concerned about market risks or longevity of savings

“Waiting is a great strategy for those who can afford it,” says Wade Pfau, professor of retirement income at The American College. “But it's not always realistic—or necessary—for everyone.”

Bottom Line

Social Security remains a vital source of income for millions of retirees. While waiting to claim can still offer significant financial advantages, especially for those who live longer, the best time to claim benefits depends on your unique mix of health, wealth, work, and personal goals.

As with all retirement decisions, it's wise to consult a Certified Financial Planner or retirement advisor who can model scenarios specific to your situation. Because in the end, the best strategy is the one that lets you retire with confidence.