Retirement Social Security

The Unfortunate Truth About Claiming Social Security Late

Delaying Social Security might seem like a great idea, but it could sorely backfire.

By Maurie Backman , Edited by Laura Hohenstein

Updated May 11, 2026

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Many Americans today rely on Social Security for a secure financial future. And if you expect those benefits to be a large source of income for you once you stop working, then it's important to file for them at the right time.

You'll often hear that claiming Social Security late – meaning, after full retirement age (FRA) – is a smart money move for seniors. Doing so allows you to accrue delayed retirement credits that boost your benefits by 8% a year until age 70. If your Social Security FRA is 67, which is the case if you were born in 1960 or later, waiting until 70 to file for benefits increases those monthly checks by 24% for life.

But while you may be inclined to assume that claiming Social Security benefits late is the smartest financial move, it's a decision that could also backfire in some situations.

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There's longevity risk to think about

When it comes to claiming Social Security late, the math might seem simple at first. Waiting automatically means scoring larger monthly payments. It doesn't necessarily mean scoring higher lifetime payments, though.

If your FRA is 67 and you don't claim Social Security until you turn 70, you're giving up 36 months of benefits. You need to live long enough to collect enough payments to make up for 36 months of missing checks. And there's no guarantee that you'll stay on the planet long enough to do that.

Let's say you're eligible for $2,000 a month in Social Security at age 67. If you wait until age 70 to file for benefits, your monthly checks will be $2,480 instead.

If you live until age 82 and ½, you'll break even under both filing scenarios. Specifically, you'll collect a total of $372,000 in Social Security at that point.

Of course, this also means that for each month you live past age 82 and ½, you come out ahead financially in terms of lifetime benefits by claiming Social Security at 70 instead of 67. But can you be sure you'll live until 82 and ½? Even if your health is strong going into retirement, you could unfortunately get sick at any time and end up with a shorter lifespan than expected.

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There are opportunity costs to think about

Delaying Social Security allows you to grow your monthly checks. But in the course of delaying those benefits and boosting them, you could risk whittling down other income sources.

Let's say you retire at 67 but don't claim Social Security until age 70. That means you might need your savings to live off of fully for those three years. But what if there's a market crash and your portfolio loses 20% of its value over the course of a month? Worse yet, what if it takes a full year or two for the market to recover.

At that point, if you need your portfolio for income in the absence of Social Security, you may be forced to lock in losses by selling assets when they're down. And those are losses your portfolio might never recover from. Depending on the nature of those financial losses and how steep they are, they might exceed the extra money you get in Social Security in your lifetime by filing late.

Spousal dynamics could make the decision more complicated

If you're married, you may need to factor in your spouse's needs when deciding when to claim Social Security. And if there's a spouse involved, delaying Social Security past FRA could work to their benefit or their detriment.

In the context of survivor benefits, filing for Social Security late could work to your spouse's advantage. That's because they'll be eligible for 100% of your monthly benefit if they outlive you and you're the higher earner (and therefore receive the larger benefit in your household). So if you delay your claim and boost your monthly benefits in your lifetime, your spouse will get larger checks as survivor benefits if you pass away first.

On the other hand, if your spouse doesn't have enough of a work history to qualify for Social Security, they may be entitled to spousal benefits. But your spouse can't claim those spousal benefits until you file for Social Security yourself. So if you file late, you're forcing your spouse to wait, which could result in less lifetime income for them, depending on their health and life expectancy.

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The money might do you more good sooner

One final thing to consider is that even if you're convinced you'll live long enough for a late Social Security claim to pay off financially, getting that money at age 70 versus 67 could mean missing out on the chance to spend it in a more fulfilling way.

For example, if you've always wanted to travel but need your Social Security benefits to pull off your dream trips, waiting until age 70 means running the risk that your health could decline between FRA and then. Even if your health doesn't decline to the point where it shortens your life expectancy, it could decline to the point where you have to alter your travel plans or scrap them entirely.

In other words, there's a non-financial benefit to getting your Social Security checks earlier. Keep that in mind when you run your numbers.

Bottom line

Social Security may play a big role in your retirement plans. And for some people, filing late makes sense.

That said, a late Social Security filing isn't the right call for everyone. If you have health issues that are likely to shorten your lifespan or a family history of people passing away at fairly young ages, you may want to think about claiming benefits sooner. It's important to think about your personal needs and circumstances when making that choice.

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