Retirement is an exciting chapter in life, but it requires loads of planning. While there are countless decisions to make leading into your senior years, one of the most critical is your Social Security claiming age.

You can begin taking benefits as early as age 62, but it comes at a steep price in the form of a hefty benefit reduction. Waiting a few years to file will earn you larger checks, and delaying until age 70 will earn you the highest possible payment.

Many experts advise waiting until age 70 to file, as it will boost your monthly income for the rest of your life. In some cases, that truly is the best move. But there’s one good reason I personally plan to take Social Security far earlier than age 70.

I want to enjoy retirement to the fullest

In theory, it may make the most sense to delay claiming Social Security. Filing at 70 will earn you a bonus of at least 24% per month on top of your full benefit, and the average retiree collects $739 more per month at age 70 than at 62. If your savings eventually run out, that extra money can go a long way.

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However, delaying benefits often involves betting on your longevity. Many people will need to live into their 80s to “break even” — or collect more in total by delaying benefits than they’d receive by claiming early. While many people will live far longer than that, life can be unpredictable.

Currently, I have no reason to believe I won’t live into my 80s or beyond. But anything can happen between now and then, and health issues can pop up very suddenly. If I file at 70 and my health takes a turn for the worse shortly after, I know I’ll regret not claiming benefits sooner.

Even without debilitating health issues, it’s often easier to live an active lifestyle earlier in life. While some people can continue hiking, traveling, or keeping up with their grandchildren well into their 70s or 80s, retiring in your 60s can give you more time to fulfill your retirement dreams.

Also, claiming earlier comes with another serious perk: You can change your mind. If you delay benefits and later wish you’d claimed earlier, you’re out of luck. But if you file early, you can withdraw your application within 12 months of claiming and then file again later. If you’re unsure of when to claim, it can sometimes be smart to err on the side of caution and take benefits sooner rather than later.

One good reason to delay benefits

Claiming early can give you more time to enjoy your retirement, but the smaller checks can be a serious downside — especially for those with little to no savings. When it comes to the financial side of this decision, delaying until age 70 is hard to beat.

In fact, studies have shown that most retirees are better off financially by taking Social Security at 70. A 2022 report from the National Bureau of Economic Research, for example, found that claiming at age 70 is the optimal decision for a whopping 91.6% of U.S. adults. Furthermore, the study revealed that those age 45 to 62 could see a median increase of $225,944 in lifetime income by claiming at the optimal age.

Whether you decide to take benefits early or delay will depend on your priorities in retirement. If your main goal is to maximize your income, delaying benefits is probably the way to go. Waiting until age 70 can increase your payments by hundreds of dollars per month and perhaps boost your lifetime income by hundreds of thousands of dollars.

On the other hand, if your priority is to spend as much time as possible in retirement — even if it means making financial sacrifices — you may choose to file earlier. There’s no right or wrong choice here, but by considering your goals and preferences, you can make the best decision for your retirement.

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