We Asked 3 Retirees When They Claimed Social Security And If They Regret It - Here's What They Said

Choosing when to claim Social Security is one of the biggest retirement decisions Americans make. It's also one of the easiest to second-guess. The reasons are simple: depending on whether you file at 62, full retirement age, or 70, you receive completely different benefit amounts.

Some retirees who claimed early may wish they'd waited for the larger monthly income to get ahead financially. Others who delayed until 70 could regret giving up years of benefits during the healthiest, most active stage of retirement.

To see how those tradeoffs play out in real life, we approached three retirees who made different claiming decisions and asked whether they'd make the same choice again. In addition, we discussed their choices with Scott Jones, the founder and financial advisor of Genesis Wealth Advisor Group, an independent fiduciary financial planning firm.

How claiming age changes your benefit

Claiming at different ages means different things for your monthly benefit.

If you claim Social Security at 62, the earliest age most people become eligible, your monthly payment is permanently reduced by up to 30% to reflect the fact that you'll likely receive benefits for more years.

If you wait until your full retirement age (67 for anyone born in 1960 or later), you receive your full scheduled benefit. Waiting beyond that age increases your benefit through delayed retirement credits, boosting your yearly payment by 8% a year if you wait until age 70. After that, there's no additional increase for waiting longer.

Larger monthly checks are one reason many people consider delaying, especially if they expect to live a long retirement or want to maximize the survivor benefit for a spouse. But claiming later also means giving up years of payments, making the decision about far more than just a larger check.

Claimed at 62: "I wish I had the option not to."

Our first interviewee, K. H., who is now in her early 70s, claimed Social Security at 62. This wasn't part of her original plan, but it felt like the safest choice.

"In my company, the layoffs kept on coming, and I just couldn't see anyone else hiring me at that age," she says. She took the plunge as soon as she could.

Looking back, she says she'd probably make a different decision if she had the chance. "I regret the smaller check, but I don't regret leaving work. After all those years, the first Social Security payment felt like freedom."

The financial tradeoff still stings, but the emotional relief of stepping away from an uncertain job market was real. Her takeaway? "Walking away was the easy part. Living with the smaller monthly check has been hard. I wish I had the option not to."

Scott Jones mentions this is one of the most common circumstances he sees among early claimants. Rather than trying to maximize lifetime benefits, they're responding to an immediate financial reality after losing a job when finding comparable work has become significantly more difficult.

Claimed at full retirement age: "No regrets here."

M. B. claimed at full retirement age and is now 79. She had a plan that allowed her the freedom not to seek the highest possible payment at 70.

"I needed the cash, and waiting until 70 didn't make sense. We had it all planned out, and looking at our investments made me feel that it was the right time," she explains.

M. B.'s winning strategy was to plan her expected retirement expenses with her husband after downsizing. Once that was done, "there wasn't any reason to hold out for a larger benefit."

Jones opines this reasoning often makes sense. Delaying benefits increases your future monthly payment, but some clients are better off claiming at full retirement age if the income helps eliminate high-interest debt or meets an immediate cash-flow need.

Waited until 70: "I wish I could go back."

K. L., who is now 76, had an investment portfolio, but he had to hit it early to avoid claiming Social Security. Selling during a tough market set him back enough that he has regrets about his choice.

Worse, he spent his late 60s postponing guaranteed income only to get it too late: "By the time the money started coming in, my back wasn't what it used to be. I wish I'd had that money when I could still drive an RV to travel."

In retrospect, K.L. feels he missed the opportunity to make the most of these earlier retirement years: "If I had to do it again, I'd probably claim earlier and enjoy life while I still could."

Still, Jones cautions against assuming a shorter lifespan based only on family history or general life expectancy statistics. He says that once someone reaches their early 60s, they're already expected to live substantially longer than life expectancy at birth would suggest. Jones encourages clients to consider both their health and their family's longevity before deciding to claim early.

There's no one-size-fits-all claiming age

While these three retirees reached different answers, their experiences were the same: tradeoffs existed regardless of the age they claimed.

One way to think about the decision is in terms of your break-even age, or the point at which the larger monthly payments from waiting have offset the benefits you didn't receive by delaying your claim. For many people, that falls somewhere in the early to mid-80s.

But Jones also warns that "the break-even math alone never wins the argument. Emotion, longevity assumptions, and portfolio capacity do. The right answer depends on the client's health, their spouse, their other income, and what they actually need the money to do."

He also notes that many people underestimate their longevity, which may make claiming early feel more attractive than it actually is.

Bottom line

These stories show why there's no universally correct age to claim Social Security. Rather than measuring your decision against someone else's, use these retirees' experiences as a framework. Weigh your health, your financial fitness, and your spouse's needs, then run a break-even estimate to see how different claiming ages could affect your retirement income over time.

Before choosing a claiming age, compare your estimated monthly benefits using your Social Security statement or benefit calculator. Then, consider how long you'd need to live for delaying to produce more income. If that fits your health, finances, and retirement goals, you're all set.

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Author Details

Chris Lewis, CEPF

Chris Lewis has spent his career turning data into answers. As the Head of Research at FinanceBuzz and a Certified Educator in Personal Finance, he oversees the data journalism and media relations teams, digging into the personal finance topics that shape Americans' lives at every stage, from Social Security and retirement income to 401(k) strategies, jobs, and real estate.