Rethinking Social Security: 3 Strategic Reasons Not to Wait Until Age 70 to Claim Benefits

One of the most consequential financial decisions you’ll make as you approach retirement is when to claim Social Security. This isn’t just about when the checks start rolling in—it’s about creating a long-term income strategy that aligns with your health, lifestyle, and goals for your golden years.

The allure of waiting until age 70 is understandable. For those born in 1960 or later, full retirement age (FRA) is 67. While you can start collecting benefits as early as age 62, each year you delay past FRA boosts your monthly benefit by 8%, maxing out at age 70. This can result in checks that are up to 24% larger than if you claimed at FRA, and over 75% larger than if you claimed at 62.

Sounds like a no-brainer, right? Not always.

While delaying can certainly be the right choice for some, especially those in good health with a strong desire to maximize lifetime benefits, it’s not a universal solution. In fact, for many retirees, claiming earlier than 70 could be the more prudent and fulfilling option.

Let’s explore three compelling reasons you may want to reconsider your plan to delay Social Security until 70.

1. Your Job Is No Longer Sustainable—Mentally or Physically

For many Americans, the decision to delay Social Security is directly tied to the assumption that they’ll keep working until 70. But what if your job is no longer sustainable?

Maybe your industry has changed, your workload has increased, or you now report to a manager who is making your day-to-day unbearable. The mental and emotional toll of a toxic or overly demanding job can’t be understated—especially in your 60s. Long-term stress isn’t just unpleasant; it can lead to serious health consequences like high blood pressure, insomnia, anxiety, and depression.

If staying employed until 70 means sacrificing your well-being, the financial upside of a higher Social Security check might not be worth it. Retirement should be about enhancing your quality of life—not delaying happiness because you’re chasing a slightly larger check.

And here’s something many people overlook: retiring earlier doesn’t necessarily mean financial hardship. Even with a reduced monthly benefit, you may find that your overall financial picture remains healthy when combined with other sources of income such as a pension, 401(k), or IRA withdrawals.

Bottom line: If work has become a source of misery, claiming Social Security earlier and retiring may be the best investment in your quality of life.

2. Your Health Has Changed—and So Should Your Strategy

One of the strongest arguments in favor of delaying Social Security is longevity. The longer you live, the more valuable those larger checks become. But what happens when health problems start to cast doubt on your life expectancy?

Unfortunately, it’s all too common for people to work and wait—only to face unexpected health challenges that change everything. Chronic illness, a serious diagnosis, or even a noticeable decline in energy can reshape your retirement outlook in a heartbeat.

In this context, waiting until 70 can actually backfire. Imagine delaying benefits for the largest possible check, only to pass away in your mid-70s. You might end up receiving significantly less in total lifetime benefits than you would have by claiming earlier and enjoying the fruits of your labor while still relatively healthy.

There’s a reason Social Security is often described as longevity insurance. But if the odds of a long retirement are shrinking, it’s smart to shift your focus toward maximizing enjoyment and utility—rather than trying to optimize a benefit that may not be there as long as you’d hoped.

Key takeaway: If your health is in decline, it may be time to prioritize access over accumulation.

3. You’ve Saved More Than Enough—and It’s Time to Enjoy It

Sometimes the best reason to start claiming Social Security earlier is the simplest: you don’t need to wait.

Many retirees underestimate how well they’ve done with their savings. You might be sitting on a substantial nest egg, perhaps built through years of disciplined 401(k) contributions, IRAs, and market gains. If you’ve accumulated $1.5 million, $2 million, or more, you’re likely in a strong enough position to claim benefits earlier without jeopardizing your long-term financial health.

Even if claiming at 67 (or sooner) means getting a smaller monthly check, your investment income and savings withdrawals can more than compensate. In fact, starting Social Security a few years earlier may allow you to reduce your reliance on portfolio withdrawals during down markets—giving your investments more time to recover and grow.

More importantly, if you’re healthy and active in your mid-to-late 60s, why not use that money to travel, pursue passions, and make lasting memories? The window of opportunity for bucket list adventures, international travel, or even just being active with your grandkids is often shorter than people anticipate.

Here’s the point: Don’t let Social Security optimization keep you from living your best life while you’re young enough to enjoy it.

Final Thoughts: Customize Your Claiming Strategy to You
There’s no single “correct” age to claim Social Security. While waiting until 70 can lead to a higher monthly benefit, that doesn’t mean it’s always the optimal choice.

Consider the following questions as you plan your strategy:

• Is continuing to work until 70 sustainable and healthy for me?
• Is my health likely to support a long retirement?
• Have I built enough retirement savings to afford more flexibility?
• What do I value more—larger checks later, or a better life sooner?

Ultimately, the best Social Security strategy is the one that fits your unique circumstances. That means being honest about your health, your happiness, and your finances—not just chasing theoretical benefits on paper.

Before making your decision, consider speaking with a trusted financial advisor or retirement planner. A thorough retirement income plan can help you see the bigger picture—balancing Social Security, investment income, taxes, and healthcare costs—to ensure your retirement is as secure and joyful as possible.

Remember: Retirement isn’t just a financial milestone. It’s a new chapter of life. And sometimes, claiming Social Security sooner rather than later is the key to making that chapter everything you dreamed it would be.