Her Advisor Said Wait Until 70. At 66, She Chose Time to Enjoy Social Security Over an 8%-a-Year Raise.

Four Years of Checks Have Value Too

Claiming at 66 would put approximately $107,500 in her hands before she turned 70. Waiting would produce a check roughly $736 larger each month afterward. Ignoring taxes, investment returns, and future cost-of-living adjustments, the delayed benefit would catch up around age 82. Living well beyond that point favors waiting. Dying earlier favors collecting sooner.

That calculation still misses what she cares about. Money does not buy the same experience at every age. A cruise at 68 is a different trip at 82. Waiting is valuable because it buys more guaranteed income for an uncertain lifespan. Claiming now is valuable because it moves income into years she expects to use more actively. Neither value appears completely in a break-even calculation.

She Can Spend Now Without Claiming Now

Her advisor has a strong counterpoint: because she already has savings, Social Security is not the only way to finance those years. She could draw from her portfolio between 66 and 70 and allow Social Security to grow. That would leave her with fewer invested assets but a larger government-backed monthly benefit for the rest of her life. Claiming now does the reverse. It preserves more of the portfolio while locking in a smaller check.

The tax result depends on where the spending money comes from. Traditional individual retirement account withdrawals, Roth withdrawals, and sales from a brokerage account can produce very different bills. The comparison should therefore be between two complete plans, not between Social Security now and no spending at all.

The Survivor Benefit May Settle the Argument

If she is married and has the larger earnings record, delaying carries additional weight. Delayed-retirement credits can increase the benefit available to a surviving spouse. Claiming early can leave that spouse with a smaller monthly floor after her death.

If she is single or has the smaller benefit in the marriage, that concern carries much less weight. The decision can focus more directly on her health, spending plans, and appetite for drawing down investments.

What to Decide Before Filing

Three comparisons matter more than a blanket instruction to wait:

1. Decide which goal takes priority. Waiting strengthens guaranteed income later. Claiming sooner directs more money toward the active years and preserves more invested assets.

2. Price both ways of funding the next four years. Compare claiming now with spending from the portfolio until 70, including taxes, expected investment returns, and the monthly income available in her 80s.

3. Include the spouse who may inherit the decision. If she is the higher earner, the effect on a future survivor benefit deserves its own calculation.

Claiming is not casually reversible. Social Security generally allows someone to withdraw an application within 12 months, but the benefits received must be repaid, and the option can be used only once.

She also does not have to choose between 66 and 70. Waiting another year or two would improve the benefit while preserving some of the active-years income she values. Her advisor is optimizing the check. She is optimizing the years in which she expects to spend it. A sound decision has to make room for both.

If You’ve Been Thinking About Retirement, Pay Attention (sponsor)

Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance, and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor. Here’s how:

1. Answer a Few Simple Questions. 

2. Get Matched with Vetted Advisors 

3. Choose Your  Fit 

Why wait? Start building the retirement you’ve always dreamed of. Get started today! (sponsor)  

Contact editorial@247wallst.com for any questions or corrections.