I’m Retired and Regret Claiming Social Security at 65 — Here’s Why

A man holds his head while reading a bill. Financial stress frustration over benefits, budget and other money worries.
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Many retirees have an idea of what age they want to start claiming Social Security. George C., now 77, started claiming his at 65. While he thought he’d cracked the code to stable monthly benefit amounts and a happy retirement when he filed for Social Security, he now regrets that decision.

Even though he was eligible to start collecting benefits and it seemed like the right move at the time, there were some financial planning hiccups he wishes he’d avoided to get a bigger check. He shared his insights with GOBankingRates to help other soon-to-be retirees think through their own retirement plans and avoid the same mistakes he made.

Reduced Benefits

“I wish I had waited until the full retirement age (FRA)… to get bigger checks,” George said. “At the time, I just wanted to enjoy the fruits of my labor.” But the extra money would have made a huge difference, especially with the rising cost of healthcare and everyday items.

The full retirement age, or the age at which you can receive your full, unreduced benefits, is different depending on when retirees are born. For example, those born between 1943 and 1954 have an FRA of 66, while those born in 1960 or later have an FRA of 67.

Currently, maximum benefits are estimated to be about $5,108 if you delay claiming Social Security benefits until age 70. If you start collecting Social Security benefits at the FRA, it’s closer to $4,018 while collecting earlier at age 62 decreases the maximum to only $2,831 a month.

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Life Expectancy Considerations

At 65, George hadn’t anticipated a long retirement, so there was no need to delay claiming Social Security. However, he underestimated his life expectancy based on his family history and health. Now, at 77 and still in good health, he’s found that his benefits from the Social Security Administration (SSA) don’t stretch as far as he wants. 

“I didn’t think I could live this long,” George said. He’s now facing a harsh reality, as he thinks he will likely live way longer. He feels that if he happens to live another 10 or 15 years, the small Social Security checks won’t be able to cover all his needs.

The Effects on a Spouse

When George filed for Social Security, he didn’t think about how the decision would impact his wife in case he passed away. She’s a non-working spouse, so her benefits are tied to George’s. Therefore, claiming Social Security early reduces the survivor benefits she would get.

“Now, if something happens to me, she’ll get a smaller monthly check for life,” he said.

Lifestyle Change

George didn’t think his lifestyle would change in retirement. He had planned for a simple retirement — tending to his small garden, fishing on weekends and taking occasional trips to places he and his wife always wanted to visit.

But after retirement, he realized he wanted to explore new hobbies and travel more with his wife. He said, “I thought I’d live a simple life in retirement, but my lifestyle has changed and requires more money than I thought.”

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Caitlyn Moorhead contributed to the reporting for this article.

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