Social Security Claiming Age: Make a Good Choice
Should you delay Social Security until the max-age of 70? This is a highly debated topic between advisors and clients. There isn't just one answer, instead, this is the start of a conversation to help you feel more confident about what to consider.
"In 2025, an average of almost 69 million Americans per month will receive a Social Security benefit, totaling about $1.6 trillion in benefits paid during the year" (The United States Social Security Administration: SSA 2025)
Advisors understand that if a couple waits until age 70 to begin taking Social Security benefits, the lifetime payout will be higher if the client exceeds a life expectancy of mid-80s.
On the other hand, clients consider the longer-term payments received with earlier benefits and they mentally calculate they will make more money over their lifetime if they start closer to Full Retirement Age (FRA).
When making this impactful choice of when to begin Social Security benefits, it comes down to thoroughly analyzing not only other financial resources, but family heredity, personal health, and lifestyle of both spouses to make the final decision.
A common thought among financial advisors is that women will most likely outlive their husbands, so if he was the breadwinner, having Hubby wait until age 70 is important so Wifey can receive a maximum spousal benefit after he passes.
However, we need to get past the statistical numbers and talk about longevity from a realistic and personal perspective.
Mr. and Mrs client, what do you think about your health today? Are you in good shape; both mentally and physically? Spouses often have differing opinions about their health and that of their partner.
When advisors ask clients what they believe their life expectancy will be, many want to be safe and conservatively push their anticipated age of death to the average life expectancy or higher.
What does age 85 look like to you? Some clients say their parents were or still are having a rocking good time at age 85. Others have experienced their parents in assisted living at age 85 or they didn't even make it that long.
As people approach retirement or just begin the retirement chapter of life, they tell themselves they are going to golf every day, start a regular exercise program, or they will be super busy with social and community activities. They will stay young, fit, and healthy. However, this is not always the case.
Some look back on family history and realize their parents and or grandparents passed at an earlier age than the average. Sure, today we are more aware of adopting better eating habits. Who remembers their mom having a tub of bacon fat stored for use as a base in many delicious recipes? I sure do!
Are you active? Are you eating and drinking with a healthy lifestyle in mind? Do you keep your mental activity levels high to work your brain like any other muscle? Have you slowed down? Do you participate in activities, but with a more relaxed pace and energy level? Have you put on a couple of extra pounds?
These are realistic questions to ask yourself. Listen to your spouse's objective answer to these questions too. If you are slowing, the average age of death may be approaching. There is nothing wrong with this. It's average! However, if you are a high-energy, healthy, inquisitive person, your life expectancy may be on the top end of the charts. Understanding these factors is critical to making projections for the end of your financial planning.
Is Social Security going to be there for you when you need it?
Analysts state that Social Security Trust will run out of funds somewhere between 2033 - 2035. Should you hurry up and apply ASAP or wait for the higher payout?
Remember, in 2025, an average of 69 million Americans receive Social Security. If Social Security disappears completely by the expected dry-up date of 2035, this would indicate no action was taken to correct the issue.
As we approach 2035, political pressure is likely to prompt Washington to begin finding solutions to modify Social Security, ensuring the trust fund does not reach zero.
Social Security has a significant financial impact on most Americans. The timing for when a person or couple should begin collecting on their benefits is a strategy that should be analyzed not just with national average numbers in mind, but with an open-eye perspective of personal health and longevity.
Questions? I’m always here to talk through your financial thoughts and concerns.
About the Author
Marianne Martini Nolte, CFP® provides tax-savvy wealth management for women and a few cool men.
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References
The United States Social Security Administration: SSA. Social Security. (n.d.-a). https://www.ssa.gov/June 19, 2025.
