A reader asked whether their 67-year-old sister, who comes from a family with a history of longevity, should delay claiming Social Security until age 70.
The sister has already reached full retirement age, which is 67 for those born in 1960 or later. At this point, she is eligible for 100 percent of her primary insurance amount.
Waiting until age 70 would increase her monthly benefit by 8 percent per year, resulting in a permanent 24 percent boost. This delayed retirement credit applies for each year she postpones claiming past full retirement age.
For individuals with above-average life expectancy, delaying benefits often maximizes total lifetime income. Actuarial calculations favor waiting when a person expects to live into their mid-80s or beyond.
However, the decision also depends on personal financial needs, health status, and lifestyle goals. If the sister requires the income now or has a shorter life expectancy, claiming at 67 may be the better choice.
Social Security provides a guaranteed inflation-adjusted income stream that lasts for life. Delaying benefits offers a higher floor of guaranteed income for later retirement years.
The sister should consider her full financial picture, including any other income sources, savings, and potential spousal benefits. Consulting a financial planner or using Social Security’s online calculators can provide personalized projections.
Ultimately, the choice balances longevity, financial necessity, and personal preference. For those with strong family longevity, waiting to 70 can be a powerful strategy to secure a higher retirement income.
