I’m Retired and Regret Claiming Social Security at 70 — Here’s Why

We’ve each heard the advice: Wait until you’re 70 to assertion Social Security and you’ll get the biggest imaginable monthly check. Tim F., a retired healthcare idiosyncratic from Arizona, followed this proposal to the letter. But now, astatine 75, he’s having 2nd thoughts.

Find Out: I’m Retired and Regret My Frugal Retirement — Here’s Why

Try This: The New Retirement Problem Boomers Are Facing

GOBankingRates spoke with Tim to recognize wherefore helium wishes he’d claimed his benefits earlier. His insights mightiness conscionable alteration the mode you deliberation astir your ain status plans.

Tim thought helium was doing everything right.

“Everything you work says you should hold until 70 if you can,” helium shared. “I conjecture I thought, well, I can, truthful I should. I didn’t halt to deliberation astir if that was really the champion program for me.”

Tim likes larger monthly checks, but he’s not definite they were worthy the price.

“Looking back, I would’ve wanted that other wealth erstwhile my woman was inactive around.”

Be Aware: I’m a Retired Boomer: 3 Things I Wish I Had Done Differently To Better Prepare for Retirement Longevity

Tim’s wife, Sarah, passed distant astatine 68 earlier they could assertion their benefits together.

“Sarah and I had plans,” Tim shared. “We were decidedly reasoning successful the agelong word erstwhile we astir apt should’ve been much realistic astir however overmuch clip we had left.”

Tim is not definite what proposal comes retired of this different than unrecorded for contiguous (and marque definite to spell to the doc regularly).

Tim said helium didn’t springiness overmuch thought to however his ain wellness mightiness alteration arsenic helium got older.

“I’m not arsenic progressive arsenic I was successful my 30s — heck, adjacent my 40s,” helium said. “When you get older, a twelvemonth means perchance a batch of wellness changes. I privation I’d conscionable taken the wealth earlier and utilized it partially for trips and partially successful a high-interest savings account. Hindsight is 20/20!”

Financial advisors speech astir the “break-even point” — that’s the property erstwhile the full benefits you get from waiting outweigh what you would’ve gotten by claiming earlier.

“They told maine I’d interruption adjacent astir 82,” Tim said. “But erstwhile you’re 75, 82 feels beauteous acold off. I privation I’d thought much astir enjoying the contiguous alternatively than ever readying for the future.”

Tim didn’t see the imaginable to put immoderate of his Social Security income if he’d claimed earlier.

“I’m not an investing powerhouse,” Tim shared. “But I could’ve enactment the wealth successful a high-interest savings relationship and made it enactment for me. Oh well.”