I’m Retired and Regret Not Claiming Social Security at 65 — Here’s Why
Written by
Lydia Kibet
Edited by
Molly Sullivan
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Every year you delay claiming Social Security past full retirement age, your monthly benefits increase by 8%. Benjamin, a retired 73-year-old from Florida, followed this advice. However, he’s come to realize he probably should’ve taken another path.
This is why he now regrets the timing of when he claimed his benefits.
I Overestimated My Health
At 65, Benjamin felt strong and healthy enough to work a few more years before retiring. He became even more convinced when he heard that doing so could mean bigger checks.
“I told myself I’m in great shape and can work a few more years to let my benefits grow,” he said. However, life had other plans. By the time Benjamin turned 68, his health began to decline.
“What started as occasional back pain turned into a chronic issue that almost limited my mobility,” he said. Specialist visits, prescriptions and unexpected hospital stays drained his retirement savings faster than he expected.
I Didn’t Realize How Much I Needed the Income
Benjamin felt confident in his financial situation, so he delayed his retirement. He believed his savings would cover all his expenses.
“Why claim Social Security now when I can delay my retirement and get a bigger check later?” he thought.
But inflation crept up, everyday items became more costly and Benjamin’s savings didn’t stretch as far as he had hoped. Unexpected expenses kept popping up, from urgent car repairs to prescriptions. He kept pulling from his savings, thinking the economy would stabilize.
I Missed Out on Enjoying My Early Retirement Years
Many retirees want time to do the things they have put off for years and explore new hobbies. Benjamin missed out on these experiences because he worked longer for a bigger Social Security check.
“I had friends who picked up new hobbies and traveled a lot because they claimed Social Security at 62 and had that extra income,” he said.
Benjamin thought he’d catch up later, but now, at 72, his health isn’t as strong. He regrets not filing early to create memories while he still could, knowing life is unpredictable.
My Spouse’s Benefits Were Affected
Benjamin thought delaying Social Security was a smart move but he didn’t realize how it would affect his wife, Elizabeth.
“My nonworking wife was counting on spousal benefits,” he said.
At first, they thought they could manage with their savings. However, their financial cushion thinned over the years and Elizabeth made sacrifices she never expected. She had to find a job to help cover bills and other urgent expenses.
Whether you plan to collect Social Security benefits early, at full retirement age or late, you’ll want to consider your whole financial picture before doing so.
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