Claiming Social Security: Should You File Early or Wait Until 70?

One of the most common questions I hear is, “Should I claim Social Security early, or should I wait?” It’s a decision that can impact your retirement income for decades, and there’s no one-size-fits-all answer. What I can say is this: the timing of your benefits carries long-term consequences for your financial security, your spending habits, and even your family.

If you claim Social Security as early as age 62, you lock in about 70% of your full retirement age benefit. That means smaller monthly checks for life, though you do get a head start with 7–8 more years of income. If you wait until full retirement age, 67 for most people, you receive your full benefit without penalties. And if you delay all the way to 70, your monthly benefit grows by 8% per year, creating a much larger paycheck that lasts for life. Importantly, cost of living adjustments (COLA) apply regardless of when you claim, ensuring your benefit keeps pace with inflation.

So how does this play out financially? Let’s look at the numbers. If you start at 62, you could collect about $470,000 by age 90. Waiting until 70 bumps that figure closer to $600,000. And when you factor in investment returns, the picture changes again. With a 3% annual return, delaying until 70 produces around $810,000 compared to $731,000 for starting at 62. At a higher 8% return, early claiming wins, with $1.7 million compared to $1.4 million for delaying. The earlier you start, the longer your money has to compound but it all depends on your ability to invest and manage risk.

There’s also the behavioral side of money. Retirees tend to spend more freely from guaranteed income like Social Security than from their investment portfolios. Studies show most people spend about 80% of their guaranteed income but only about 50% of what they could safely withdraw from investments. That means having a larger Social Security check can give you peace of mind and the confidence to spend. Some retirees even use a “bridge strategy,” drawing from investments in the early years while delaying Social Security to maximize their guaranteed lifetime income.

Survivor protection is another major factor. If you’re married, the higher benefit continues for the surviving spouse. Delaying Social Security increases this survivor benefit, which can be a critical safety net. Delaying also creates tax planning opportunities: those extra years before benefits begin allow for Roth conversions and other strategies that can reduce lifetime taxes.

So, what’s the right strategy? If you’re healthy, expect a long life, and want to provide survivor protection, delaying benefits makes a lot of sense. On a risk-adjusted basis, Social Security provides the equivalent of a 4–5% guaranteed return, which is difficult to beat in today’s markets. But if you need income right away, have health concerns, or feel confident you can earn higher returns by investing early checks, claiming at 62 could be the better fit.

The decision ultimately comes down to your personal circumstances. Factors like health, longevity, marital status, and your comfort with investment risk all matter. And remember, your strategy doesn’t need to be all-or-nothing one spouse can claim early while the other delays, creating balance between immediate income and long-term protection.

In the end, Social Security should be viewed as one piece of a larger retirement plan. Aligning your claiming strategy with your income needs, tax planning, and lifestyle goals is what creates financial confidence. Whether you claim at 62, 67, or 70, the most important thing is that your decision supports the retirement you want to live.