5 really bad reasons to file for Social Security at 70 — are you waiting way too long to get your checks?
Vawn HimmelsbachTue, September 22, 2026 at 3:15 PM GMT+3 11 min read
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Choosing when to take your Social Security benefits is one of the most consequential retirement decisions you'll need to make. On the surface, the answer seems simple: Wait as long as you can to maximize your monthly payments.
But sometimes, that's not the best decision.
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Your full retirement age (FRA) is between 66 and 67, depending on your birth year, but you can take benefits as early as 62. However, you'll reduce your monthly benefits for each month before your FRA — up to a 30% reduction.
This reduction is permanent, reducing your monthly check for the rest of your life (in part because you're stretching these payments over a longer period). But if you wait until after your FRA, your monthly benefits will increase by 8% for each year you delay up to age 70 and remain higher for life.
Taking Social Security at 70 results in benefits that are 24% higher than if you take them at your FRA. So, for example, if you're entitled to $1,000 at 67, you'd get $700 at 62 and $1,240 at 70.
But life can get complicated, and things don't always work out the way we planned.
The decision of when to take Social Security benefits depends on several factors, such as your retirement goals, your health and your financial situation — and there are a few reasons why waiting until 70 may mean you're waiting too long.
Here are five of them:
1. You have a chronic health issue that could shorten your lifespan.
Claiming your benefit later assumes you'll live long enough afterward to recoup the benefits you gave up earlier. After you begin taking benefits at 70, it takes time for the higher payments to make up for the income you lost by waiting.
Your break-even age is the age at which you fully recoup that income. If you're in poor health or have a chronic condition that could shorten your lifespan — and you don't believe you'll live until your break-even age — then it may make sense to take your benefits earlier.
For example, let's say your Social Security benefit at FRA will be $2,000. These payments start at 67. If you wait until 70, you'll give up $2,000 a month for 36 months, or $72,000. If you wait until 70, your benefits will increase 8% per year after 67, so your monthly benefit will be $2,480.
To determine your break-even age, divide the income you lose by waiting until 70 by the income you gain ($480 per month) to see when you recoup your loss. In this case, it works out to about 12.5 years, or age 82.5. If you don't think you'll live to 82.5, then you won't recoup the lost income from waiting, and you may be better off starting your benefits at 67.
Unfortunately, an additional consequence of taking a lower benefit is that your eligible family members will receive lower survivor benefits, and these benefits may take on even greater importance if you pass away early.
This is where life insurance can help. While getting approved for life insurance with a chronic condition can be difficult, it's not impossible. Regardless of your current situation, it's a good idea to have a plan to provide for your loved ones that goes beyond survivor benefits (especially if these benefits are reduced).
If you want to ensure your family isn't hit with unexpected costs after your death, consider signing up for term life insurance from Ethos.
Ethos is rated "Excellent" on Trustpilot, and has an A+ rating from the Better Business Bureau (BBB). The platform offers simple and affordable coverage for a set period of time — typically between 10 and 30 years.
As a licensed third-party insurance administrator, Ethos has joined forces with some of the industry's top insurance carriers, such as Banner Life, TruStage Financial and Ameritas Life Insurance.
Ethos gives you the flexibility to select coverage amountsranging from $2,000 to $100,000. Premiums start at just $9.80 a month and are guaranteed throughout the term.
You can get coverage in just 10 minutes online or by phone, with no medical exams or blood tests required.
2. You have to draw down your personal savings earlier than you'd like.
If you choose to take Social Security later, you may need to start drawing down your personal savings for income.
However, it's worth consulting a financial advisor before doing this to weigh the benefits of higher future Social Security payments against the costs of lost compounding on the balances you withdraw — and the resulting decrease in the size of the nest egg you'll have available later in retirement.
You'll need to consider the expected rate of return on your investments and how withdrawals will affect them. You'll also need to consider the relative risks between the two options. For instance, the markets could underperform your expectations or Social Security benefits could be reduced when the trust fund runs dry.
You'll then need to devise a strategy that balances drawing income with maintaining as much compounding as possible.
You may decide that the lost compounding is too great a cost for waiting to collect benefits and decide to take them early. But if not, and you do decide that drawing on your savings is the right choice for you, you may find that you're maintaining large cash balances to keep your money accessible.
That doesn't mean it can't keep growing. A high-yield account like a Wealthfront Cash Account can help you grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.
A Wealthfront Cash Account currently offers a base APY of 3.30% through program banks, and new clients can get an extra 0.75% boost during their first three months on up to $150,000 for a total variable APY of 4.05%.
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. You also get access to up to $8 million in FDIC insurance eligibility through program banks.
You've been laid off or can't find work.
You might want to claim your Social Security retirement benefits early if you lose your job, can't find another and don't have enough savings to live comfortably.
But this will permanently affect your lifetime income — so be sure you've considered all other options.
Start by assessing your situation to get a clear picture of your income and expenses. For instance, can you apply for unemployment benefits, borrow against your home or turn a side hustle into your main job? Do you have assets, such as a second car, you could sell? Can you downsize your home or move to a less expensive location?
Make a budget and look for places to cut expenses. Even small changes such as renegotiating your phone plan or cancelling unused subscriptions can add up.
It could also be a good time to speak with an advisor, who may be able to offer alternative solutions to taking Social Security early — or perhaps help you plan for the lower income you'll receive from Social Security if you truly can't wait.
Organizations focused on seniors such as AARP can help you make the most of a tight budget and keep you up-to-date on the latest information that could impact your Social Security benefits.
For instance, AARP membership gives you access to discounts on almost everything — from prescriptions and dental plans to travel, entertainment and insurance — and can also help you make informed financial and health decisions.
AARP members get access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands. Sign up with AARP today and get 25% off your first year.
4. Your benefits are much lower than your spouse's.
One instance where waiting until 70 may not make sense is when there's a large income discrepancy between spouses, which can lead to a large difference in the benefits they'll each be entitled to.
In this case, it may make sense for the lower-earning spouse to take benefits early and then switch to the other spouse's higher benefit when their partner claims Social Security at 70.
For example, consider a couple where one spouse will be entitled to $910 at FRA and the other will be eligible to collect $2,000. If they both wait until 70, their benefit income will be $1,128 plus $2,480, for a total $3,608.
However, the lower-earning spouse can elect to collect benefits earlier. Then, when the higher-earning spouse claims benefits at 70, the lower-earning spouse can opt for the spousal benefit, which can be up to 50% of the higher-earning spouse's benefit.
In this case, the spousal benefit would be $1,240, so their combined income will be $3,720 — more than $100 higher. Plus, they'll already have been receiving the lower-earning spouse's benefits for several years.
This is a strategy that requires planning and careful benefits calculations, so it's a good idea to enlist the help of an advisor.
5. If you're underspending — and not actually enjoying your retirement.
About one-third of retirees still own 100% or more of their initial assets (1) by the time they reach their mid-80s, according to a study by the Employee Benefit Research Institute (EBRI). The reasons are varied and complex, but in some cases, large remaining asset balances are a result of underspending.
While this may not seem like a 'risk,' holding onto your assets "represents a life not lived, the vacations you didn't take because you were afraid you were going to run out of money," Marianela Collado, a certified financial planner and certified public accountant based in Plantation, Fla., told CNBC (2).
If you have a hefty nest egg — and enough to last well into your 80s or 90s without drawing on Social Security — then you might want to consider taking it earlier.
This would provide you with a regular income stream, which may help you overcome the mindset that has you hoarding money. That way, you can start living the life you deserve after working for so many years.
However, it can be challenging to find the right balance between withdrawing too much at an unsustainable pace and enjoying your retirement. And for investors with portfolios of $250,000 or more, financial decisions often become increasingly nuanced.
Managing withdrawals, minimizing tax exposure, and ensuring long-term sustainability often requires greater coordination and strategic planning.
In these cases, working with a financial advisor can help reduce costly mistakes.
If you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.
After answering a few questions about your savings, retirement timeline and overall investment portfolio, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.
You can then schedule no-obligation consultations with your matches to determine who's the best fit for your long-term goals.
Note: WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties, and specific financial results are not guaranteed,
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