For the majority, the ideal time to claim Social Security benefits is at age 70. A study conducted by United Income found that most retirees accumulate more income over their lifetimes if they postpone claiming benefits until this age.

However, not everyone is better off waiting until 70. Actually, there are three scenarios where opting for an earlier benefit claim could be more advantageous.

If you’re claiming spousal benefits

If you are receiving benefits based on your spouse’s earnings, waiting until you are 70 is not advisable. The optimal time to start receiving your payments in this case is usually at your full retirement age (FRA). By claiming at your FRA, you can receive the maximum spousal benefit, which amounts to 50% of your higher-earning spouse’s primary insurance amount.

Since spousal benefits do not accrue delayed retirement credits, there is no advantage in postponing the claim beyond your FRA. The maximum you can receive is 50% of your spouse’s regular benefit. However, be aware that if you claim before reaching your FRA, you would incur a reduction in benefits, so waiting until then typically makes sense.

If you are in poor health without a spouse

If you’re not in good health and don’t have a spouse who would benefit from survivor benefits, claiming at 70 may not be a wise decision. In such cases, you may not recoup the benefits lost during the delay.

When you postpone claiming Social Security, although the benefits increase, you miss out on the monthly payments you would receive if you claimed earlier. It usually requires living well into the future to make up for the money lost during the waiting period, often exceeding a decade. To gain more lifetime income through delayed claims, you must also surpass your expected lifespan.

If your health is declining, there’s a significant chance you’ll end up with a lower total if you choose to wait. In fact, if you don’t live to see 70, there’s a risk you might not receive anything at all.

On the other hand, if you were married and earned more than your spouse, delaying your claim could benefit your spouse’s survivor benefits—something they might rely on, particularly if you were to pass away early. But if you are unmarried with no one depending on you financially, it doesn’t make sense to delay until 70 in poor health unless you expect to live well beyond your average life expectancy.

If your savings are running low

Lastly, if you’re not currently employed and are relying on your savings while aiming to wait until 70 to claim your benefits, you have to ensure you don’t deplete your funds. Maintaining a safe withdrawal rate is essential to ensure your savings last, as they will complement your Social Security benefits. If you need these benefits to keep your finances afloat, claiming early is a better strategy.

In the three scenarios outlined, waiting until age 70 to claim benefits doesn’t prove to be a smart decision—contrary to common findings that suggest it’s usually the best choice. Claiming at an earlier age may be more suitable given your individual financial situation.

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