David Meridian, CFP®
Founder & Lead Advisor · May 15, 2026
The Social Security claiming decision is one of the highest-value planning choices most people make — and most people make it without fully understanding the tradeoffs. The conventional wisdom ('delay as long as possible to maximize your benefit') is often correct, but not universally. Here's how we think through this decision with clients.
The basic structure: you can claim Social Security as early as age 62, at your Full Retirement Age (FRA — currently 67 for those born after 1959), or as late as 70. Each year you delay past FRA, your benefit grows by 8% — a guaranteed, inflation-adjusted return that is difficult to replicate elsewhere. Each year you claim before FRA, your benefit is permanently reduced.
The break-even point — where delaying pays off relative to claiming early — typically falls between ages 78 and 82, depending on your specific benefit amount and the comparison ages. If you live past that break-even, delaying has been mathematically better. If you don't, claiming earlier would have resulted in more total lifetime income.
The analysis gets more complex for married couples, where claiming decisions interact. The higher earner's benefit becomes the surviving spouse's benefit — which means delaying the higher earner's claim is often particularly valuable as longevity insurance for the surviving spouse. We regularly see couples where the optimal strategy is for the lower earner to claim early and the higher earner to delay to 70.
What we tell clients: this decision is worth spending time on, and a spreadsheet analysis of your specific numbers is worth doing before you file. The Social Security Administration's online tools are helpful for projecting benefit amounts. We work through this analysis with every client approaching retirement age, factoring in their health, other income sources, tax situation, and spousal benefits. There is rarely one universally correct answer — but there is almost always a clearly better answer for your specific situation.
Disclosure: This content is provided for educational and informational purposes only and does not constitute investment, tax, or legal advice. Past performance does not guarantee future results. Consult a qualified advisor before making financial decisions.
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