a close up of a typewriter with a paper that says social security by Markus Winkler courtesy of Unsplash.

The Social Security Timing Decision

Fuller Investment Management Company |

You’ve probably heard some version of this advice: “Wait until 70 to claim Social Security. You’ll get the biggest check.”

Mathematically, that’s true. But real life doesn’t follow spreadsheet logic.

The idea that waiting is always better has become something of a modern retirement mantra. But in the real world, where health, lifestyle, longevity, and personal values come into play, the “best” strategy isn’t always the one with the highest monthly benefit.

Here are three reasons why claiming Social Security early can be a strategic move:

1. Retirement isn’t only about income. It’s about timing.

According to the Social Security Administration, nearly a quarter (23%) of Americans who become eligible claim benefits at 62, the earliest possible age.1

That’s more than a decision based on need. It’s often about psychology and priorities.

  • If your health is uncertain…
  • If your plan includes active travel and experiences early in retirement…
  • If you prefer spending more while you feel your best...

Then locking in an income stream earlier—even if it's smaller—might better align with your life goals than holding out for the maximum payout.

2. The break-even point is only part of the picture.

You may have seen the math: Delaying Social Security until age 70 can increase your monthly benefit by as much as 8% per year beyond your full retirement age.2

If you live into your 80s or 90s, that can result in significantly more income during your lifetime.

But those numbers come with big assumptions:

  • You don’t need to draw from your investment portfolio while waiting to collect
  • You live long enough to benefit from the higher checks
  • You’re okay with spending less now and betting on a bigger payout later

The break-even analysis assumes perfect foresight—but retirement planning requires making decisions with incomplete information. What looks optimal on paper may not feel optimal when you're living it.

3. Your Social Security strategy should reflect your big-picture goals.

Your claiming decision shouldn’t happen in a vacuum.

It affects how much pressure you put on your portfolio. It influences your tax situation. And it plays into how you manage required minimum distributions (RMDs), Medicare premiums, Roth conversions, and other levers that evolve over time.

That’s why the “wait until 70” advice, while well-meaning, can feel overly simplistic.

The question isn’t: How do I get the most from Social Security?

The better question is: How does Social Security fit into the retirement plan I actually want?

Here’s how I can help.

I work with pre-retirees every day who are wrestling with decisions like this.

My role isn’t to push one-size-fits-all strategies. It’s to help you weigh the tradeoffs, understand the data, and create a plan that honors both your numbers and your vision for the future.

Curious how Social Security fits into your bigger retirement picture? Let's talk. Click here to book a time. 

Sources

1. Social Security Administration, 2025 [URL: https://www.ssa.gov/policy/docs/statcomps/supplement/2025/6b.pdf]

2. Social Security Administration [URL: https://www.ssa.gov/benefits/retirement/planner/delayret.html]