Social Security: 3 Reasons Not to Wait Until 70 to Claim Benefits

There’s a reason some older Americans opt to wait until age 70 to sign up for Social Security: Filing at that age means locking in a boosted monthly benefit — for the rest of your life.

But while claiming Social Security at age 70 can be financially advantageous, it’s not the right move for everyone. Here are a few reasons to consider putting in your claim for benefits much earlier.

1. You’ve lost your main source of income and need the money sooner

Some people plan to work until age 70 and claim Social Security then — only to find that they can’t. And the reasons for that plan not panning out can vary.

Although it’s illegal to discriminate against employees based on older age or force older workers into retirement, employers unfortunately get away with it all the time. And so you may end up pushed out of your job sooner than age 70.

Similarly, health issues — yours or a spouse’s — might force you to end your job at a younger age than expected. If that happens and you no longer have access to your primary source of income, you might have to claim Social Security before age 70. And that’s certainly a preferable option to racking up debt to cover your living expenses.

2. Your health isn’t great, and your life expectancy is iffy

Claiming Social Security at age 70 could do more than increase your benefits on a monthly basis. It could also lead to a larger lifetime benefit.

But that hinges on you living a fairly long life. And if your health isn’t great and you have reason to believe you might pass away at a relatively young age, it generally does not pay to delay Social Security until age 70.

In that case, it often makes sense to claim benefits early despite the monthly reduction. That’s because it could lead to more lifetime income.

3. Your spouse needs you to file sooner so they can get their benefits

If your spouse never worked or worked very part-time, they may not be eligible for Social Security based on their own earnings record. Instead, they may be limited to spousal benefit from Social Security. Your spouse may, in that case, be entitled to up to 50% of your monthly Social Security benefit at full retirement age.

However, your spouse is not allowed to claim spousal benefits from Social Security until you sign up yourself. And waiting until age 70 to file for benefits means you may be forcing your spouse to sit tight longer than they want to.

If there’s a reason for your spouse to want their benefits sooner — for example, to take their dream trip before their health deteriorates — that’s another reason to consider claiming Social Security before age 70. However, do know that if you’re much older than your spouse, it could pay to delay your filing and boost your monthly payments so that your spouse is eligible for a larger survivor benefit.

For some people, filing for Social Security at age 70 is a smart move. But before you commit to that decision, it’s important to recognize that in some situations, filing earlier could make more sense. Give yourself plenty of time to weigh your options either way so you can approach your choice with more confidence.