Last Updated: December 16, 2025

Waiting until the age of 70 to claim Social Security benefits is not exactly a popular option. Estimates indicate that only 5% of men and 7% of women wait this long to draw benefits.¹ Why is this? Many Americans underestimate their or their spouse's longevity, or simply may not want to wait to elect Social Security. If you are one of the lucky ones who’s blessed with good health and reasonable energy levels well into your 70s and even 80s, delaying Social Security benefits can pay off in a big way. After all, delaying this long will net you 132% of your maximum benefit amount if your full retirement age is 66, and 124% if your full retirement age is 67. And if you’re married, this can help increase your spousal and future survivor benefit. 

Example: 

Joe was entitled to $1,500 per month in Social Security benefits when he turned 67. However, he lived on other sources of income and  delayed claiming benefits until he turned 70. Because he waited three years, he was eligible for 124% of his benefits — an additional 8% for all three years he waited. As a result, his Social Security benefits were $1,860 per month (an increase of $360 per month) once he turned 70. 

And if you’re a woman, know that 50% of women in their mid-50s today will live to age 90+.² That should give you even more of an incentive to delay your own benefits or discuss with your partner on the most optimal time to elect that will benefit you both. 

How to Decide Whether to Delay Benefits

Deciding when to claim your Social Security benefits can be one of the most agonizing decisions of your life. After all, there’s money sitting there, waiting for you! But getting a little creative with your finances may afford you much greater security later in life when you may be faced with fewer options and steep medical bills. So when you’re making this decision, it’s best to consider it from several different angles. 

First, look at your expected longevity. Of course, no one knows exactly how long their life will last. But if you’ve had a few bouts of cancer by the time you reach age 60, you’re probably approaching this decision with more gravity than someone who’s still hiking 50 miles in a weekend with their 90-year-old father. It’s also helpful to take a look at your current health, and that of immediate family members. If you are at a healthy weight, see a doctor regularly, have good blood work results and don’t suffer from a chronic illness like COPD or diabetes, you’re likely fine to delay Social Security benefits in the hopes of seeing that higher paycheck later on. 

Next, consider your other retirement savings. Do you have any? If not, you could be like millions of Americans who have no choice but to file for benefits as soon as they’re eligible. But if you have built up a nest egg, it may be best to tap into that in the early years of your retirement (or even take on a part-time job or side gig) to allow your Social Security benefits to increase untouched. A workable budget that’s tailored to your retirement lifestyle is a great first step in figuring out how much money you’ll need each month once you retire, and will help you figure out if you’re financially able to delay benefits. 

Another major consideration is whether you have a spouse or other dependents who rely on your benefits. In a case like this, you should factor their longevity to ensure they’re taken care of. 

Finally, consider your expenses now versus later in life. Consider the fact that someone turning 65 today has an almost 70% chance of needing some sort of long-term care before they pass, and that the average 65-year-old couple retiring today will need to spend at least $345,000 in healthcare expenses over the remainder of their lives.³ With the staggering costs associated with this type of care, it may make sense to delay Social Security benefits as long as possible, so the extra money is there later in life, when you need it more and aren’t as able to work to bring in additional income. 

No Need to Delay Past Age 70

Keep in mind that the delayed retirement credit stops when you reach the age of 70, so there’s no advantage to putting off receiving Social Security benefits past that point. You’re not forced to file once you reach your 70th birthday, but you won’t benefit from delaying either. 

SOURCES

1. Hartman, Rachel. “Reasons to Take Social Security Late at Age 70.” U.S. News and World Report, 10 June 2024, https://money.usnews.com/money/retirement/social-security/articles/reasons-to-claim-social-security-at-age-70. Accessed 16 December 2025.
2. “Society of Actuaries (SOA) Age Wise Longevity Infographic Series.” Society of Actuaries, 2019, https://www.soa.org/research/age-wise. Accessed 16 December 2025.
3. Fidelity Investments® Releases 2025 Retiree Health Care Cost Estimate, A Timely Reminder for All Generations to Begin Planiing.” Fidelity Investments, 30 July 2025, https://newsroom.fidelity.com/pressreleases/fidelity-investments--releases-2025-retiree-health-care-cost-estimate--a-timely-reminder-for-all-gen/s/3c62e988-12e2-4dc8-afb4-f44b06c6d52e. Accessed 16 December 2025.