Everyone’s heard it: “Wait until 70 to take Social Security so you’ll get a bigger check!”
That sounds good in theory, but let’s be honest: no one knows how long they’ll live, and the Social
Security system may not even look the same five or ten years from now.
So here’s the smarter question:
Why give up over $100,000 between ages 67 and 70 in hopes that you’ll live long enough to "make it back"?
Here’s why taking Social Security at 67 (or even earlier) might be the better move:
1. You’re here now.
We can't predict the future, but we know we’re alive today. Starting benefits at 67 guarantees income while you're still healthy enough to enjoy it.
2. You can save it or invest it.
If you don’t need the money right away, that’s even better. You can save those checks, invest them, or use them strategically. If something unexpected happens, your family can inherit what you saved. With Social Security, once you're gone, the checks stop.
3. Waiting is a gamble.
Yes, your monthly benefit grows if you wait, but it typically takes until age 82 or 83 to "break even" and come out ahead. That assumes you live that long but not everyone does.
4. The system is under pressure.
Social Security’s trust fund is expected to be partially depleted in the early 2030s. If that happens, benefits may be reduced by as much as 25%. That means waiting could actually backfire.
5. You’ve earned the right to choose.
This isn’t just about maximizing a government benefit. It’s about minimizing regret, taking control of your money, and building a legacy your family can benefit from.
Final thought
You’ve spent decades paying into the system. Taking your benefits earlier doesn’t mean you're leaving money on the table it means you’re putting yourself first. The longer you wait, the more you leave up to chance.