3 Key Signs Delaying Social Security Will Backfire on Your Retirement
Written by
Josephine Nesbit
Edited by
Angela Corry
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You can claim your retirement benefit at any time from the age of 62 up until age 70. Most experts recommend delaying your benefit to increase your benefit amount, but in some cases, it could actually harm your retirement.
Here are three key signs that delaying Social Security benefits might not be your best option, according to experts.
You Have a Medical Condition
“If you have serious health concerns or a shorter than average life expectancy, delaying social security may result in you missing out on the full benefit that you’re entitled to,” wrote Erika Kullberg, money expert, attorney and founder at Plug and Law, in an email. “It’s a risk you need to weigh carefully.”
Claiming Social Security benefits early at age 62 might be a good idea if you have significant health problems and don’t expect to live as long. This allows you to receive a smaller monthly benefit over a longer period of time.
You Need the Additional Income
Some people may have little choice in when they retire. According to a survey from the Transamerica Center for Retirement Studies, 58% of Americans retire sooner than planned due to personal health, employer discretion or family-related reasons.
Claiming benefits early can provide some financial relief if you’re unable to work and need immediate income.
“That could be due to a job loss where you are actively trying to find work and you’ve been unsuccessful for a long period of time,” explained Chad Gammon, certified financial planner and owner at Custom Fit Financial.
You Want to Enhance Survivor Benefits
When a spouse dies, the other may become eligible to receive the deceased’s entire Social Security payment if it’s more than their own.
“If you’re the lower-earning spouse in your household, claiming earlier can generate survivor benefits sooner for your spouse, if needed,” Kullberg wrote.
The average survivor benefit is $1,823 as of January 2025, according to the Social Security Administration. This is after the 2.5% cost of living adjustment (COLA).
“For those who are market dependent for retirement income, delayed claiming may be the only guaranteed income they will receive,” explained Frederick Saide, managing partner at MoneyMatters USA, Advisory LLC.
Look at the Full Picture Before Claiming Social Security
Kullburg recommends assessing your full financial picture before deciding when you’re going to claim Social Security benefits.
“Things to consider are your overall health, including medical history, all income sources and your long-term needs in terms of both lifestyle and healthcare,” she added. “If possible, invest in working with a financial planner to help determine the best claiming scenario for you, to maximize benefits for both you and your spouse.”
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