Blog Posts, Social Security

Should I Take Social Security at 70?

There are benefits to waiting until age 70 to claim social security. For example, waiting until age 70 will provide you with the highest net monthly payment. However, you should consider factors including your  life expectancy, your spouse’s social security strategy, and your financial needs. Waiting until age 70 to claim social security is not the right choice for everyone.

What is Your Life Expectancy?

If there is longevity in your family, it may be in your best interest to wait until 70 to take social security. Once you start collecting, you should receive enough payments to make up for the payments you didn’t receive as a result of waiting, assuming you have a long life span. Take into consideration your health history, your family’s health history, and the average lifespans in your family.

What is Your Spouse’s Social Security Strategy?

If there is no immediate income need, it may be wise for the higher-earning spouse to delay claiming his or her social security benefits until age 70 while the lower-earning spouse claims earlier. Should the higher-earning spouse pass away first, the lower-earning spouse will be able to claim the higher benefit. This strategy allows the higher social security benefit to continue to grow.

If there is a need for income, the higher-earning spouse may decide to claim benefits earlier to allow the lower-earning spouse to begin claiming their spousal benefit.

Do You Have a Need for Income?

If you plan on retiring early and you will not be able to sustain your living expenses with your savings, you may need to take social security early. On the contrary, if you choose to retire early and you have adequate savings in non-retirement accounts to support your lifestyle, you should consider waiting until 70 to claim social security. This strategy would give you higher monthly payments and potentially more income from the program in your later years.


If you have questions or comments, please feel free to send us a message.

This article was written by Shoreline Financial Advisors. To learn more about us, please visit our website.


The information contained on this Website is not intended as, and shall not be understood or construed as, financial, tax, or professional advice. The information contained on this Website is not a substitute for any advice from a professional who is aware of the facts and circumstances of your individual situation.

We have done our best to ensure that the information provided on this Website and the resources available for download are accurate. Regardless of anything to the contrary, nothing available on or through this Website should be understood as a recommendation.  Neither the Company nor any of its employees or owners shall be held liable or responsible for any errors or omissions on this website.

Leave a Reply