Should You Delay Claiming Social Security?

It has long been assumed that waiting until age 70 to claim Social Security is the most effective way to increase lifetime benefits. Each year of delay raises your monthly payment, but the best timing is not the same for everyone and waiting too long can sometimes reduce overall flexibility or increase tax exposure.

The right decision depends on several personal factors, including market conditions, investment returns, health expectations, tax brackets, and lifestyle goals. For some individuals, delaying benefits helps protect lifetime income and reduce longevity risk. For others, claiming earlier can preserve portfolio flexibility, lower the risk of drawing down investments during volatile markets, and support a more active retirement while health and opportunities are at their peak.

Because the trade-offs are highly individual, it is important to review your options in the context of your complete financial plan.

The takeaway: Work with your wealth advisor to determine the timing that best aligns with your goals - helping you maximize Social Security benefits, minimize tax impact, and enjoy the retirement you have worked hard to achieve.