In many cases, postponing Social Security is a wise move, but here’s what experts are saying. Once you reach the age of 62, you will be qualified to begin collecting those benefits anyway. However, if you delay your claim for more than a month, up until the age of 70, your benefits will be increased.
Locking in a larger monthly Social Security benefit for life may help you avoid financial worry throughout your retirement.
However, this does not mean that delaying Social Security is always a very good idea. Here are some signs that you should look into signing up for benefits as soon as possible.
1. Your health is poor
Delaying your Social Security payments will result in higher monthly installments. However, waiting will not always result in the highest lifetime income.
The longer you live, the more advantageous it is to file later. However, if your health is bad and you are less likely to live a long life, it may be beneficial to sign up for Social Security as soon as feasible. Even though adopting that approach reduces your monthly payment, you may finish up with more money from Social Security overall.
Millions of retirees could lose their Social Security benefits if they do not meet these requirements in April 2025 https://t.co/lwFHB6gUA7
— Piyush Mittal 🇺🇸🇺🇦🇬🇪🇨🇦🟧🌊🌈 (@piyushmittal) April 6, 2025
2. Your savings are running out
It’s likely that you retired and decided to live off your savings for as long as possible until you received Social Security benefits. However, if your savings are quickly depleted, you may want to reconsider your strategy real soon.
This becomes especially true today. The stock market has responded significantly to recent tariff initiatives, and many people’s portfolios have declined rapidly.
It may be a bad moment to cash out income-producing investments because you risk locking in losses. So, if you need the money to pay your bills and want to keep your nest egg intact, you should apply for Social Security right now, as per The Motley Fool.
Although age is important, it should only be one of the factors that you consider when determining when to file for Social Security benefits. https://t.co/h72bs1TDhD pic.twitter.com/2SxzF2ufGA
— Raymond Cabral PA (@naplespropertyl) April 4, 2025
3. Your household needs income and you’re the lower earner
Whether you work or not, you may need to enhance your household income. Perhaps you are suffering with high medical bills. Perhaps your home needs urgent repairs that you cannot postpone any longer.
If you have a spouse who is also eligible for Social Security but you are the lower earner of the two, it makes sense for you to file first. The reason for this is that your benefit will be reduced less than that of your spouse.
Assume you and your spouse are both 62 years old, with a full retirement age of 67. Your benefit may be worth $1,500 per month, while your spouse may be eligible for $2,000.
If either of you applies for Social Security now, your monthly income will be reduced by 30% compared to waiting until full retirement age. But for you, that represents a $450 savings. For your husband, this means losing $600 every month. Waiting to file for Social Security can often work in your favor. However, given the conditions described above, you may be better off filing for benefits immediately.
