Deciding when to claim Social Security is one of the biggest financial calls in retirement planning, and for many clients, patience pays off. A recent U.S. News & World Report article, Reasons to Take Social Security Late at Age 70, breaks down why holding off until 70 can mean a meaningfully larger monthly check, along with a few real-world reasons waiting isn't the right call for everyone.

The Case for Waiting

For every year benefits are delayed past full retirement age, the monthly payout grows by roughly 8%, according to the article. That adds up fast. For example, for someone with a full retirement benefit of $1,500 a month at 67, waiting until 70 could push that check closer to $1,860.

The same math holds at the top of the scale too: the 2026 maximum monthly benefit is $2,969 at age 62, $4,152 at full retirement age and $5,181 for those who hold out until 70.

There's also a psychological payoff here. The article notes a larger, guaranteed benefit can offer a sense of security once other income sources become less certain and knowing that income floor is locked in for life can make it easier to relax and enjoy retirement rather than watch every withdrawal.

Check Your Own Number

Rules of thumb are useful, but the article recommends going a step further: creating an account at ssa.gov to see a personalized estimate of what your benefit would look like at 62, at full retirement age and at 70.

Seeing the numbers side by side, rather than relying on averages, can make the decision feel a lot less abstract.

A Tax Wrinkle Worth Knowing

The article also flags a detail that's easy to overlook: Social Security benefits themselves can be taxable. Individuals with combined income above $25,000, or married couples above $32,000, may owe federal tax on part of their benefit, and up to 85% of it can be taxable above $34,000 and $44,000, respectively. Because income often drops after leaving the workforce, some retirees end up owing less on that benefit than they expected going in.

When Waiting Isn't the Right Call

Delaying isn't automatically the smarter move for every client. The article points to health, life expectancy and cash-flow needs as factors that can tip the decision the other way.

Someone who retires early, faces a shortened life expectancy or loses a job unexpectedly may not have the luxury of waiting years for a bigger check, and there's an emotional cost to feeling financially restricted during what should be the early, active years of retirement.

The right claiming age is a personal calculation, not a one-size-fits-all rule, and it's worth running the numbers with a financial professional before assuming any single answer fits every situation.

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Disclosures:

Advisory Services offered through Cooper Financial Investments, LLC, a Registered Investment Advisor in the states of Arizona and Louisiana. Insurance products and services offered through Cooper Financial Group, LLC, an affiliated company. Cooper Financial Investments, LLC and Cooper Financial Group, LLC are not affiliated with or endorsed by the Social Security Administration or any government agency, and are not engaged in the practice of law.