--- title: "Pros and Cons of Waiting Until 70 for Social Security: Making the Right Choice for Your Retirement - WealthVisory" description: As you approach retirement, deciding when to begin claiming Social Security benefits is one of the most important decisions you'll make. While many retirees choose to start collecting benefits as soon as they are eligible, an increasing number are opting to wait until age 70. This strategy can result in a higher monthly image: https://wealthvisory.com/hubfs/6-1200x675.jpg --- [![WealthVisory_logo_color](https://wealthvisory.com/hubfs/WealthVisory_logo_color.png)](https://wealthvisory.com/) - About - [About Us](https://wealthvisory.com/about) - [Our Process](https://wealthvisory.com/our-process) - [Who We Serve](https://wealthvisory.com/who-we-serve) - [Meet Our Team](https://wealthvisory.com/team) - [SmartMethod](https://wealthvisory.com/smart-method) - Investment Strategies - [SmartGrowth](https://wealthvisory.com/smartgrowth-strategy) - [ExxonMobil](https://wealthvisory.com/exxonmobil-employees) - Expertise - [ExxonMobil Employees](https://wealthvisory.com/exxonmobil-employees) - [401(k) Services](https://wealthvisory.com/401k-services) - [Resources from our Desk](https://wealthvisory.com/resources-from-our-desk) - [Contact](https://wealthvisory.com/contact) - [Client Login](https://www.wellsfargoclearingservicesllc.com/sac/prospera/index.htm) - [eMoney](https://wealth.emaplan.com/ema/SignIn?ema%2Fprospera%2Fassetcapital) - [Premier Client Portal](https://login.bdreporting.com/Auth/SignIn) ![](https://wealthvisory.com/hubfs/6-1200x675.jpg) # Pros and Cons of Waiting Until 70 for Social Security: Making the Right Choice for Your Retirement As you approach retirement, deciding when to begin claiming Social Security benefits is one of the most important decisions you’ll make. While many retirees choose to start collecting benefits as soon as they are eligible, an increasing number are opting to wait until age 70. This strategy can result in a higher monthly benefit, but it’s important to carefully consider the pros and cons before finalizing your decision. Ultimately, the best choice depends on your unique financial situation, health, and long-term retirement goals. WealthVisory’s **SmartMethod** can help guide you through this decision, ensuring that it fits within your overall retirement plan. ### The Pros of Waiting Until 70 **Increased Monthly Benefits** The most significant advantage of delaying Social Security benefits until age 70 is the boost in your monthly payments. For every year you delay beyond your full retirement age (typically between 66 or 67), your benefits grow by approximately 8% annually. By waiting until age 70, you could receive a much larger monthly check, providing more security during your later years. **Longevity Insurance**If you expect to live longer than the average life expectancy, waiting until age 70 can be especially beneficial. The higher monthly payments can help cover healthcare costs and other expenses as you age, giving you the financial cushion needed to protect your savings. **Spousal Benefits**If you’re married, delaying your Social Security benefits can also have a positive effect on your spouse’s financial situation. If you pass away, your spouse can claim your higher benefit, which can be a significant boost to their future financial well-being. ### The Cons of Waiting Until 70 **Delayed Gratification** While waiting until age 70 offers increased benefits, it means you’ll need to rely on other income sources in the interim. If you’re drawing down your retirement savings to bridge the gap, you could be depleting your savings faster than anticipated. It’s important to have a comprehensive financial strategy in place to manage your cash flow during this period. **Health and Longevity Uncertainty**While higher benefits are advantageous if you live to a later age, there’s always the risk that you won’t reach 70. If health issues arise unexpectedly, or if your family has a history of shorter life expectancy, waiting may not be the most prudent choice. A flexible approach to retirement planning can help address this uncertainty. **Opportunity Cost**Delaying Social Security benefits means you could miss out on years of potential income. The money you would have received if you claimed benefits earlier could have been invested or used for other purposes. If you have a solid financial plan, the missed income could potentially be offset by other investment returns, but this decision should be made with careful consideration of your overall financial strategy. ### Financial Considerations for You and Your Family When deciding when to claim Social Security, it’s essential to evaluate the broader financial impact, both for you and your family. By incorporating these factors into your overall plan, you can make a decision that supports your long-term goals. **Current Financial Needs**Assess your current financial situation to determine whether you have enough savings and income sources to support you if you delay Social Security. If you need income sooner, waiting may not be practical. **Impact on Retirement Savings**Drawing down your retirement savings before age 70 can affect your long-term financial stability. It’s important to ensure that your spending is sustainable and doesn’t jeopardize your future. **Family Health History**Consider your family’s health history and your own health status. If you expect to live longer, waiting may make sense, but if you have health concerns or a family history of shorter life expectancy, claiming earlier might be a better option. **Spousal Considerations**If you’re married, discuss this decision with your spouse. Delaying Social Security can affect your spouse’s financial future, so it’s important to make a decision that works for both of you. ### Making the Right Decision Ultimately, the timing of your Social Security benefits is a highly personal decision, influenced by your financial goals, health, and retirement objectives. By considering these factors within your broader financial plan, you can make an informed decision that aligns with your retirement strategy. Consulting with a financial advisor can help you navigate the complexities of Social Security and tailor a strategy that supports your unique needs. By carefully weighing the pros and cons, you can maximize your financial security and make the most of your retirement years. ## Related Posts [![](https://wealthvisory.com/hs-fs/hubfs/Wealth_Visory/Images/Article-Images-WealthVisory-Best-Age-1200x675.png?width=352&name=Article-Images-WealthVisory-Best-Age-1200x675.png)](https://wealthvisory.com/resources-from-our-desk/whats-the-best-age-to-receive-social-security) ### [What’s the Best Age to Receive Social Security?](https://wealthvisory.com/resources-from-our-desk/whats-the-best-age-to-receive-social-security) July 22, 2025 [![](https://wealthvisory.com/hs-fs/hubfs/Wealth_Visory/Images/Article-Images-WealthVisory-Retirement-Contribution-1200x675.webp?width=352&name=Article-Images-WealthVisory-Retirement-Contribution-1200x675.webp)](https://wealthvisory.com/resources-from-our-desk/2025-retirement-contribution-limits-and-updates-aligning-with-wealthvisorys-smartmethod) ### [2025 Retirement Contribution Limits and Updates: Aligning with WealthVisory’s SmartMethod](https://wealthvisory.com/resources-from-our-desk/2025-retirement-contribution-limits-and-updates-aligning-with-wealthvisorys-smartmethod) July 22, 2025 [![](https://wealthvisory.com/hs-fs/hubfs/3-mistakes-Image-1200x675.png?width=352&name=3-mistakes-Image-1200x675.png)](https://wealthvisory.com/resources-from-our-desk/three-mistakes-that-can-ruin-your-retirement) ### [Three Mistakes That Can Ruin Your Retirement](https://wealthvisory.com/resources-from-our-desk/three-mistakes-that-can-ruin-your-retirement) July 22, 2025 #### About Us Our objective is to take all the pieces of your financial plan and put them in place. 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