For a long time, my plan was to claim Social Security at 62. That was the earliest age I could start, so the logic seemed simple: get the money flowing as soon as possible.
Like many people, I worried about the program’s trust fund running dry. I also suspected that cost-of-living adjustments were not fully protecting benefits from inflation, so starting early felt like the prudent move. Why wait for a smaller real dollar amount?
But after digging into how Social Security actually works, I reversed course entirely. The more I understood the mechanics, the more clearly a delayed claim looked like the better bet for my situation.
The biggest reasons I changed my mind about claiming Social Security
After researching the program more carefully, I decided I would prefer to wait at least until 67, and probably until 70, to start my monthly checks. Three factors drove that conclusion.
- The threat of Social Security cuts is real but not catastrophic: The risk of the trust fund running out genuinely concerned me, but the reality is less alarming than the headlines imply. Social Security can always pay benefits from ongoing payroll tax revenue, even if the reserves run dry. According to the 2026 Social Security Trustees Report, released June 9, 2026, the retirement trust fund (OASI) is projected to be depleted in the fourth quarter of 2032, at which point 78% of scheduled benefits would still be payable from current revenue. If the retirement and disability funds are considered together, the combined reserves hold out until 2034, when 83% of benefits would be payable. That is a cut, but not a collapse. Congress also faces enormous political pressure to act before that deadline. In 1983, lawmakers stepped in to prevent an imminent shortfall, and a repeat of that kind of congressional intervention remains the most likely outcome. The 2026 Trustees Report also reflects the financial impact of the “One Big Beautiful Bill” tax law, which permanently lowered income tax rates and created a new senior deduction, reducing the tax revenue that flows into the trust funds. That law is part of why the projected 75-year deficit widened to 4.42% of taxable payroll, up from 3.82% the year before. Washington is clearly watching these numbers. Separately, the worker-to-beneficiary ratio has already dropped from more than 5-to-1 in 1960 to just 2.9-to-1 today, and is projected to fall further. That structural pressure on the program is exactly why Congress will face a hard deadline to act.
- Lifetime income odds favor waiting: Studies have repeatedly shown that claiming at 70 maximizes most people’s lifetime benefits. Americans are living longer than the system’s designers anticipated, and the early-filing penalties and delayed retirement credits that were once calibrated to equalize lifetime payouts for early and late claimers no longer accomplish that goal for the average retiree. Research finds that a majority of retirees would increase their lifetime wealth by waiting until 70, while fewer than 7% maximize lifetime wealth by claiming before 64. The numbers behind that gap are striking. In 2026, the maximum monthly benefit at 70 is $5,181, compared with $2,969 at 62, a difference of more than $2,200 per month. Each full year of delay past full retirement age adds 8% to the benefit, and those credits stop accumulating at 70. Given those stakes, the math favors patience for anyone who expects to live into their mid-80s or beyond.
- I plan to keep working past 62: I enjoy my work and expect to continue well beyond 62. Even if circumstances change, claiming early while still employed creates a serious complication. In 2026, anyone who collects Social Security before full retirement age and earns more than $24,480 loses $1 in benefits for every $2 earned above that threshold. For someone with a professional salary, that ceiling is easy to cross, which means the early benefits would effectively be withheld anyway, with none of the permanent upside that comes from a clean delay. Waiting simply removes that friction.
Taken together, these factors make waiting the right call for me. The 2.8% cost-of-living adjustment for 2026 already provided a modest lift, and current estimates suggest the 2027 COLA could come in anywhere from 3.8% to 4.7%, driven by rising energy prices. Because Social Security pays for life and each year of delay raises the starting base permanently, those annual adjustments compound from a higher floor. That is a meaningful advantage over a long retirement.
Should you wait to claim your Social Security benefits?
Waiting makes sense for me, but it is not the right answer for everyone. Health status, the ability to keep working, existing savings, and overall retirement income goals all shape the optimal claiming age. A financial advisor can help you model the tradeoffs and find a strategy that fits your specific situation.
Editor’s note: This article has been updated to reflect new context from the 2026 Social Security Trustees Report, including the worsening of the program’s 75-year actuarial deficit to 4.42% of taxable payroll and the role the “One Big Beautiful Bill” played in reducing trust fund revenue. The worker-to-beneficiary ratio of 2.9-to-1 has been added, and current 2027 COLA estimates of 3.8% to 4.7% have been incorporated into the closing paragraph.
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