For years, financial advisers have repeated one piece of guidance with near-universal certainty: the smartest way to maximize your Social Security income is to wait until age 70 to claim benefits. By delaying past your full retirement age—66 or 67, depending on your birth year—you earn substantial annual increases, on top of the program’s cost-of-living adjustments. In theory, it is one of the most reliable ways for retirees to secure higher, inflation-protected income for the rest of their lives.

Yet a surprising reality remains. While delaying until 70 may be the best mathematical choice, very few Americans actually do it.

According to figures from the Social Security Administration, only about 8 percent of men and 8.6 percent of women who filed new claims in 2024 waited until 70. More than 90 percent claimed earlier, often years earlier. For many workers, the appeal of receiving benefits as soon as they become eligible at 62—despite the permanent reduction in monthly payments—is simply too strong.

The reasons behind this choice are complicated, shaped by financial pressure, uncertainty about health and longevity, and fear about the long-term future of the Social Security program. Despite the clear financial incentives, waiting is a luxury that many older Americans believe they cannot afford.

This article breaks down why people claim benefits early, what they give up by doing so, and how experts suggest different types of retirees navigate this major financial decision.

Why Many Workers Claim Early

The amount retirees receive each month is tightly tied to the age at which they begin collecting benefits. Those born after 1960 reach full retirement age at 67, after which each year of delay yields an 8 percent boost, capped at 70. Over a lifetime, the difference between claiming early and claiming late can be enormous.

But claiming at 62 triggers a steep reduction—about 35 percent less than what you would be entitled to at 67. And for those still earning income before full retirement age, Social Security temporarily withholds a portion of benefits that exceed annual earnings limits.

Even so, millions of Americans file early for reasons that reflect deeper issues in the labor market and household finances. Ruth Finkelstein, executive director of the Brookdale Center for Healthy Aging at Hunter College, pointed out that many people do not leave work voluntarily in their early 60s.

“A large share of people who retire between 50 and 62 did not choose to leave,” she said. “They may have been laid off, struggled to find work, or had to step away because of family health obligations. Many people are simply holding on until they become eligible at 62.”

Because Social Security is the largest source of income for a significant portion of retirees—more than half of retirement income for roughly 40 percent of beneficiaries—it often becomes the default lifeline. And for about 13 percent of retirees, it is their only income.

Fear about the program’s long-term financial health also plays a role. A recent Schroders survey found that more than one-third of Americans worry that Social Security will run out of money. The concerns stem from federal projections showing that by 2033, the program’s trust fund will be able to cover only about 77 percent of scheduled benefits. While that scenario does not mean the program disappears, the uncertainty drives some people to file as soon as they can.

David Blanchett, who leads retirement research at Prudential Financial, says that advice to delay works only for a certain group.

“This guidance really applies to retirees who have the ability to wait and are in good enough health to make delaying worthwhile,” he explained. “Most people don’t have that flexibility.”

The Role of Longevity and the Break-Even Point

Aside from financial constraints, life expectancy also shapes decisions. As Finkelstein noted, if someone expects to live only into their early 70s, the idea of waiting until 70 may seem counterintuitive.

For those who evaluate Social Security like an investment, the “break-even age” is often a critical calculation. This is the age at which the total amount received from waiting surpasses what you would have collected if you started earlier.

For example, a person eligible for $3,000 per month at age 67 would receive $3,720 by waiting until 70. However, the cumulative income from delaying would not exceed the income from claiming at 67 until around age 82.

Financial planners argue that focusing solely on the break-even age misses the point. Social Security is designed as lifelong guaranteed income, and higher benefits provide more protection for very old age, when the risk of outliving savings becomes more substantial.

Still, the break-even calculation influenced the decision of retirees like Blair Barondes and his wife, Janet Bowdan, who decided that the difference would not materially affect their quality of life.

“The difference per month wouldn’t change one bit how we live,” Barondes said. “Even if we waited years, the long-term trade-off didn’t matter to us.”

Life Circumstances Sometimes Make Early Filing the Right Choice

For some retirees, health issues accelerate the decision. Others simply want to make the most of their remaining years.

Jennifer and Royce Johnson, both 67, took this approach after Jennifer survived breast cancer in her early 50s. The Austin couple decided to embrace adventure, buying a catamaran and eventually spending a decade sailing across the Western Caribbean. They began receiving Social Security at 62 to support this lifestyle.

“We knew what we wanted to do, and claiming early made it possible,” Jennifer said.

Burnout can also push people to claim early, particularly in professions that have become overwhelming. Attorney Gail Donnelly Bader retired in 2015 and began receiving Social Security at 62, choosing immediate relief over maximizing long-term benefits.

“Social Security saved my sanity,” she said.

How Experts Suggest Approaching the Decision

Retirement analysts generally describe five common profiles of future retirees, each with different optimal strategies:

Healthy and financially secure:
If you and your spouse have savings large enough to cover living expenses comfortably—and if you want to reduce future tax burdens—experts widely recommend delaying until age 70 and drawing down tax-deferred accounts first.

Healthy but with limited savings:
If you expect a long retirement but lack sufficient savings, it is usually best to work as long as possible and delay claiming. Higher lifetime benefits provide crucial financial support in later years.

Unhappy or burned out:
If staying in your job is harming your well-being, claiming earlier can act as a bridge to a new chapter—especially if a spouse’s income or other assets can cover part of your expenses.

Facing health challenges:
If illness shortens your expected lifespan, filing when you leave work makes more sense than waiting.

In severe financial hardship:
For those pushed out of the workforce in their 50s with little savings or income, claiming at 62 is often unavoidable.

A Highly Individual Decision

While the mathematical case for delaying Social Security is strong, life circumstances often dictate a different path. Health, employment prospects, family needs, and personal goals all play a part. For many Americans, the decision is less about maximizing a long-term financial strategy and more about securing stability or freedom in the present.

Ultimately, choosing when to claim Social Security is a deeply personal decision—one that requires balancing financial logic with the realities of life, longevity, and the desire to make the most of one’s retirement years.