If you can swing it, often waiting until age 70 to claim Social Security benefits is often considered the smart money move. After all, higher monthly checks can mean more financial security later on. However, for some retirees, that strategy doesn’t always play out the way they expected.
Robert’s story, originally shared in the Reddit thread “I’m Retired and on Social Security,” reveals the unexpected pitfalls of waiting too long to receive benefits and might reshape your retirement strategy.
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MoneyLion Quick Take: How Much Are Social Security Benefits if Claimed at Age 70?
Waiting until age 70 to claim Social Security is often described as the smartest move for retirees, since benefits increase the longer you delay. In fact, the maximum monthly Social Security retirement benefit in 2026 is $5,181 for those who claim at age 70. To put this in perspective, if you retire at full retirement age of 67, the max is $4,152, while retiring at 62 yields just $2,969, according to the Social Security Administration.
Here are a few reasons you might want to get a better view of the bigger picture when it comes to timing when you start claiming Social Security benefits.
The Hidden Cost of Lost Time
Deciding when to claim Social Security is one of the biggest financial decisions you’ll make, and it can have a lasting impact on your lifestyle, savings and even your overall retirement satisfaction. While financial experts often recommend delaying benefits for a larger payout, real‑life experiences show that timing isn’t one‑size‑fits‑all — and waiting too long can come with tradeoffs you may not anticipate.
Robert believed delaying benefits would pay off long-term. Instead, he missed out on years of income during his healthiest retirement years. For example, currently, the average monthly Social Security benefit for retired workers is approximately $2,071, which is good to compare to your current monthly expenses to see if that would be a livable wage.
“I waited until 70 to claim Social Security because every expert and article said it was the ‘smart’ move. Now I’m 72, and honestly, I regret it. The bigger monthly check is nice, but it came at a cost I didn’t see coming,” Robert shared.
He and his wife put off travel and some bucket-list dreams in their 60s, thinking they’d have more money and time later.
“My wife and I put off travel and some bucket-list stuff in our 60s, thinking we’d have more money and time later. She passed away before we could enjoy those years together,” he explained. “If I could do it over, I’d have claimed earlier and used those payments to make memories while we still could.”
The Inflation Squeeze
When you’re planning for retirement, it’s easy to underestimate just how quickly costs can rise. Many retirees assume they’d be fine once those bigger checks started coming in. Robert didn’t anticipate how quickly healthcare and daily expenses would rise.
“Another thing I didn’t expect: Healthcare and daily expenses went up faster than I planned for, and having those extra years of Social Security income would have helped,” he said.
The reality of retirement, he found, is that costs rarely stay the same, and having extra income earlier could have helped him better manage these surprises.
The Mental Toll
There’s another side to this decision that doesn’t get talked about enough: The stress of second-guessing. Many retirees wrestle with the question: Should I wait, or should I claim now?
For Robert, the stress of waiting outweighed the financial gains.
“The pressure to make the ‘right’ move was more draining than I realized. Plus, the stress of second-guessing every year, should I wait, should I claim, was more draining than I realized,” he admitted.
The uncertainty and constant worry about making the “right” decision made it hard to relax and enjoy retirement.
A Current Retiree’s Advice for Future Retirees
If you’re on the fence, my advice is not to just follow the “wait as long as possible” rule blindly. Think about your health, your spouse, if you have one and what you want to do with your time. Sometimes a smaller check earlier is worth it if it means living your life now, not someday.
“That’s the heart of what I’ve learned. The experts and articles can give you guidelines, but they don’t know your life,” Robert said. “Only you know what matters most to you and your family. For me, waiting until 70 made sense on paper, but in reality, it cost me time, experiences, and peace of mind that I can’t get back.”
If you’re considering when to claim Social Security, take a moment to look beyond the numbers. Ask yourself what you want your retirement to look like and who you want to share it with. Sometimes, the right decision isn’t the one that gives you the biggest check, but the one that lets you make the most of the time you have.
Tobi Opeyemi Amure contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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