Several retired citizens rely on Social Security checks to sustain their lifestyle and save money. About 73 million people receive Social Security benefits. Filing at the right time ensures your check comes with the right amount.
Moreover, working till a certain age and having a high-paying job is beneficial in securing retirement funds. Some people file early for Social Security and end up receiving smaller checks.
However, this comes with a massive financial risk. So, if you’re born after 1960, you’ll be able to get your full benefits without any deductions at 67. You may also sign up before your full retirement age, but the monthly benefits will be reduced. Moreover, you can’t just rely on social security to sustain your life.
There are some who file for Social Security later. For instance, one may delay filing till 70 to expect bigger checks each month. If you delay filing for security till 70, you may receive an 8% annual increase. It may seem like a good solution; however, know about the risks before doing so.
Dear Wisconsin:
The current life expectancy in the United States is 77.5 years.
Eric Hovde supports raising the age one can collect Social Security to 72.
So, a person can work, and contribute for about 50 years, collect for 5, then die.
Banner fucking plan carpetbagger. pic.twitter.com/Ampcbc6qiY— Kid Riles (@kid_riles) September 5, 2024
If you delay it till 70, you will be missing out on the individual payments each month when you could have filed sooner. Also, it may not be the largest lifetime benefit after the 70s. After that, it’ll just be a promise to receive bigger checks each month, provided you live long enough to receive the benefits. Moreover, for those who are 67 and waiting till 70 to file, you may have to live beyond the 83 break, even if the amount is less, and receive more than the amount if you had filed sooner. So it makes less sense this way.
So, to know about the right age, you’ll have to know about your savings and how long they’ll last. Whether you’re married or have anyone you support financially? Learn how the savings you have and social security payments will sustain you. Also, factors like health, traveling, and annual needs should be added when it comes to finances. You may be in good health right now, but how would it be after the late seventies?
Let’s be clear, Beavis, Social Security is a contractual arrangement for a stream of payments by the US government to an individual who has attained a certain age, ONLY WHILE THEY ARE ALIVE, because that individual paid a Social Security withholding tax on their earnings long… pic.twitter.com/bcHqEggO4J
— Dances With Jesuits (@dwj1949) May 7, 2025
Filing for late social security is a huge financial and health gamble you may take. It may not offer any real benefits unless you pass a certain age in good health. Moreover, you may not be ready to retire late if your health does not allow it.
Are you willing to spend extra years at work and lose your time doing that just for bigger checks later? People travel after retirement and working till late may not allow you that. So you’re essentially trading off your life working in your 60s just to get bigger checks later on that may not even be guaranteed.
Health issues and limited mobility later on may not even let you enjoy the bigger payments. You must consider these factors as receiving money won’t be any help then. Your health and state of mind should also be good for positive experiences. Look beyond money when thinking of late filing.
