Social Security Claiming Strategy

When should you claim Social Security? It's one of the biggest retirement decisions you'll make, and the right answer isn't the same for everyone.

For many married couples, the standard advice is a smart place to start:

• The higher earner should delay claiming as close to age 70 as possible.

• The lower earner can often claim earlier (between 62 and 67).

This is due to the fact that when one spouse passes away the surviving spouse will continue to receive whichever benefit is higher, regardless of which spouse earned that benefit. Thus, it makes sense to maximize the higher earner's benefit as that will continue for the life of the longest-living spouse.

The SS Survivor Benefit Rule:  When one spouse passes, the survivor keeps the larger of the two checks. By delaying the higher earner's benefit to 70, you are ensuring the surviving spouse has the highest possible "Life Insurance" income for the rest of his/her life.

Mike Piper's excellent free Social Security claiming optimization software (Open Social Security) often recommends the higher earner claim at or very near 70 and the lower earner claim at or near 62, although certain factors could push the software to recommend alternative strategies.

Why? Because Social Security is more than a paycheck. It's a low-risk, inflation-protected income source for life, and delaying maximizes that guaranteed benefit for as long as either spouse is alive. Claiming before Full Retirement Age (defined by Social Security as somewhere between 65 and 67 depending on your date of birth) results in reduced benefit payments for life. Conversely, delaying claiming results in increased benefit payments for life.

Think of delaying Social Security (for at least the higher earner) as essentially buying a low-cost longevity insurance policy. It ensures that you can afford to live a dignified life no matter how long you live, even if your investment portfolio begins to run dry.

SS Claiming Decision Framework

Assumes a 60-year-old married couple with a "Higher Earner" and a "Lower Earner."

Scenario (Married Couple)	Probability	The "Winner" Strategy	Why?
Both die before age 80	Very Low: 3.5% - 5.0%	Both Claim at 62	In this rare "worst-case" health scenario, taking the money early maximizes total family dollars.
One reaches 81, one dies earlier	40-45%	The "Toss-Up" Higher Earner Claim Closer to 67; Lower Earner Claim around 62	This is the mathematical "Gray Zone." You are roughly at the breakeven point for Age 67 vs 62, but still slightly "behind" on the Age 70 delay.
One reaches 83, one dies earlier	40-45%	Higher Earner Claim at 70; Lower Earner Claim around 62	The Breakeven Point. Once the survivor hits 83, the extra 32% (or 76% vs age 62) in monthly checks has officially paid off the "cost" of the 8-year delay.
At least one reaches 90	45-50%	Higher Earner Claim at 70; Lower Earner Claim around 62	The "Winner" by a landslide. The higher earner’s delay provides a massive, inflation-protected "longevity insurance" for the survivor for potentially 20+ years.

Cognitive and Behavioral Biases

One complicating factor, however, is cognitive and behavioral biases. Multiple studies show that retirees have a strong preference to spend guaranteed income sources over portfolio income sources -- retirees spend roughly 80% of guaranteed life-income sources and only about 50% of what could be sustainably withdrawn from a portfolio such as withdrawing 4% of the portfolio and increasing for inflation each year (see for example, "Guaranteed Income: A License to Spend" by David Blanchett and Michael Finke, 2024; and "Retirees Spend Lifetime Income, Not Savings", by David Blanchett and Michael Finke, 2025). This strong tendency leads roughly 25% of retirees to claim at 62, the majority to claim by 65, and only about 10% of retirees claim at 70.

Before you decide when you should claim SS, you need to consider a few key factors.

Key Factors: Health, Other Income, Taxes, and the Retirement Spending Smile

• Health & Longevity:  Shorter life expectancy may suggest claiming earlier. Good health and long family lifespans make delaying more valuable because you will receive higher monthly SS payments for longer.  But remember:  if you are married it is your joint life expectancy that matters, not just the person with the shorter life expectancy. Based on life expectancy tables from 2022, if you are a 60-year-old married couple in normal health, there is a 45-50% probability that at least one of you will reach 90 and a 20-25% probability that at least one of you will reach 95. This fairly high probability of at least one spouse living to 90 or beyond is one of the strongest reasons for the higher earning spouse to delay claiming SS as long as possible.

• Other Income:  Do you have strong pensions, investments, or annuities? If so, you may have greater financial flexibility to delay Social Security.

• Immediate Cash Flow: 

  • If you have no pension, very little in investments, and need income to cover your living essentials, claiming SS earlier may be necessary. 

  • Or if you want to “live large” in the first decade of retirement (spending more on travel and hobbies) and then cut expenses later, claiming earlier may be appropriate. This is consistent with the "retirement spending smile" where spending is highest in the early retiree years (the "Go-Go Years" -- roughly 60-75), then declines in the middle years of retirement (the "Slow-Go Years" -- roughly 75-85), followed by an increase at the end of life (the "No-Go Years" -- roughly mid 80s and beyond) as increased medical expenses and assisted living/nursing home costs kick in.

• Tax Planning:  Delaying Social Security until age 68-70 can create a valuable "lower-income window” of 5-8 years. This window is the perfect time for strategic Roth IRA conversions, helping you reduce future taxes before Social Security and RMDs increase your tax bracket.

• Working in Retirement:  Claiming before full retirement age while still working can temporarily reduce benefits (although your benefit will be increased later when you stop working).  It can also cause more of your SS payments to be taxed, and possibly push you into a higher tax bracket.

Note: these factors are also relevant to single retirees.

If you are looking for strategies that might help you delay taking SS (or wondering if you can afford to delay), see a related blog post on "How to Create an Income Bridge to Delay SS".

The Bottom Line

There is no universal "right" age. The decision depends on your unique health, financial situation, preferences, and lifestyle goals.

At FlourishingPath Financial Coaching, I help couples weigh these options so they can claim Social Security with confidence—not guesswork. Contact me or visit www.flourishingpathfinancial.com/book-online to book a free Discovery Session if you would like friendly, personalized assistance with your retirement plan.

Author:  John Macy, MBA, RICP®

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