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Social Security: When delaying benefits isn’t worth it

Social Security benefits are collected each month by millions of seniors in retirement to pay for basic needs.

social security card with cash and check representing benefits

There are multiple things people can do to collect the biggest benefit possible.

What you receive in benefits is based on your 35 highest earning years of working.

You can get 100% of that benefit at your full retirement age of 67.


Social Security: Paying into Social Security when self employed

You can retire earlier at age 62, but risk losing 30% of your monthly benefit for the remainder of your life.

Another way to get a bigger monthly payment is to delay collecting benefits.

For each year you wait between your full retirement age and age 70, you’ll see an extra 8% each year.


This seems ideal, but it might not be for each situation.

Why waiting to claim Social Security isn’t always a good idea

One of the issues with delaying benefits is you don’t want to die early and lose all the benefits you’re entitled to.

This means if you are ill, claiming benefits as soon as possible will help you get the most out of your benefits.

If you’re still in good health as you approach 70, waiting may be in your best interest.


This makes knowing when to claim tricky.

Delaying your benefits can be a little bit of a gamble, because if you live longer you benefit more.

If you know you’re in poor health and may not live longer, you should go ahead and claim the benefits.

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