- - I’m Retired and Regret Claiming Social Security at 70 — Here’s Why

Laura BeckNovember 10, 2025 at 2:00 AM

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Everyone has heard the advice: Wait until you’re 70 to claim Social Security and you’ll get the biggest possible monthly check. Tim F., a retired healthcare worker from Arizona, followed this advice to the letter. But now, at 75, he’s having second thoughts.

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GOBankingRates spoke with Tim to understand why he wishes he’d claimed his benefits earlier. His insights might just change the way you think about your own retirement plans.

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The Waiting Game: Not All It’s Cracked Up To Be

Tim thought he was doing everything right.

“Everything you read says you should wait until 70 if you can,” he shared. “I guess I thought, well, I can, so I should. I didn’t stop to think about if that was actually the best plan for me.”

Tim likes larger monthly checks, but he’s not sure they were worth the price. “Looking back, I would’ve wanted that extra money when my wife was still around.”

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The Heartbreak No One Talks About

Tim’s wife, Sarah, passed away at 68 before they could claim their benefits together.

“Sarah and I had plans,” Tim shared. “We were definitely thinking in the long term when we probably should’ve been more realistic about how much time we had left.”

Tim is not sure what advice comes out of this other than live for today (and make sure to go to the doctor regularly).

When Your Body Has Other Plans

Tim said he didn’t give much thought to how his own health might change as he got older.

“I’m not as active as I was in my 30s — heck, even my 40s,” he said. “When you get older, a year means potentially a lot of health changes. I wish I’d just taken the money earlier and used it partially for trips and partially in a high-interest savings account. Hindsight is 20/20!”

The ‘Break-Even’ Point: A Moving Target

Financial advisors talk about the “break-even point” — that’s the age when the total benefits you get from waiting outweigh what you would’ve gotten by claiming earlier.

“They told me I’d break even around 82,” Tim said. “But when you’re 75, 82 feels pretty far off. I wish I’d thought more about enjoying the present rather than always planning for the future.”

The Investment Opportunity That Got Away

Tim didn’t consider the potential to invest some of his Social Security income if he’d claimed earlier.

“I’m not an investing powerhouse,” Tim shared. “But I could’ve put the money in a high-interest savings account and made it work for me. Oh well.”

The Hidden Cost: Stress

Perhaps the biggest impact for Tim wasn’t financial at all — it was the stress of waiting.

“The years before 70, I was always second-guessing myself,” he shared. “Should we claim now? Are we making a huge mistake? I kinda drove myself — and everyone around me — a little nuts.”

Tim’s Words of Wisdom

Tim doesn’t believe waiting until 70 is wrong for everyone, but he does have some advice for those trying to make this decision:

Consider your health. “Be realistic about how you might feel in 5 years,” he said.

Talk it over with your significant other. It’s not a good decision if it’s not made together.

Think about what you want to do in retirement. Travel? Spend time with grandkids? Take up knitting? Make a list and let your finances follow.

Look at your other income sources. Side hustles don’t have to end with retirement.

Finally, for perspective, here’s what waiting until 70 can look like when it comes to maximum Social Security benefits:

Currently, the average monthly Social Security check for retired workers is about $2,002, according to the Social Security Administration (SSA)

If you retire early at age 62, the maximum monthly benefit is around $2,831.

Retiring at the full retirement age, which is currently between 66 and 67 years old, would give you the maximum monthly benefit of $4,018.

If you delay claiming until age 70, the maximum monthly benefit increases to $5,108.

Keep in mind, however, that maximum amounts are different for everyone based on lifetime earnings and like Tim said, everyone’s life situation is different.

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This article originally appeared on GOBankingRates.com: I’m Retired and Regret Claiming Social Security at 70 — Here’s Why

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Source: “AOL Money”