It depends. But for many couples, it may be one of the best financial decisions you ever make.
Over the past four decades, I have helped many couples prepare for retirement. One question comes up almost every time we discuss Social Security.
“We’ve heard we should wait until age 70. Is it really worth it?”
The answer depends on your health, financial resources, and retirement goals. However, I believe many people ask the wrong question.
Rather than asking, “When do we break even?” I encourage couples to ask, “How do we create the greatest financial security for both of us throughout retirement?”
Why Should You Care?
For many mass affluent couples, Social Security represents one of the largest sources of guaranteed lifetime income they will ever receive. It is adjusted for inflation, continues for life and is unaffected by market volatility.
Just as important, when the first spouse dies, the surviving spouse generally keeps the larger of the two Social Security benefits. The smaller benefit disappears. As a result, the higher-earning spouse’s claiming decision often has a lasting impact on the surviving spouse’s financial security.
How This Could Work
Consider John and Susan.
John is 70, and Susan is 66. John is four years older and earned substantially more during his career, although in many families the opposite is true. His Full Retirement Age benefit would have been approximately $3,800 per month. By delaying until age 70, his benefit increases to about $4,700 per month before future cost-of-living adjustments.
Susan’s Full Retirement Age benefit is $2,100 per month.
One possible strategy is for Susan to begin collecting her benefit at age 66 while John waits until age 70. Once John claims, their combined monthly Social Security income is approximately $6,800.
Now suppose John dies at age 84. Susan is then 80. Rather than continuing to receive her own $2,100 benefit, she generally steps up to John’s larger benefit of approximately $4,700 per month, including all cost-of-living adjustments received over the years.
Had John claimed at his Full Retirement Age instead, Susan’s survivor benefit would have been roughly $900 per month lower. If she lives another 15 years, delaying John’s benefit could provide more than $160,000 of additional lifetime income, even before considering future inflation increases.
This example illustrates why delaying benefits is often less about maximizing one retirement check and more about protecting the spouse who is statistically more likely to spend years in retirement alone.
Of course, this is only one of many claiming strategies. Depending on each spouse’s age, earnings history, health, pensions and retirement assets, the optimal approach may be very different. Pension elections, where available, should also be coordinated with Social Security because both decisions affect lifetime retirement income.
A Well-Designed Portfolio Makes This Strategy Possible
This is where comprehensive financial planning becomes invaluable.
Rather than viewing Social Security and investments as separate decisions, a well-designed retirement plan allows them to complement one another.
Social Security provides a dependable, inflation-adjusted income foundation. Your investment portfolio provides flexibility. For many affluent couples, investment assets can fund the first few years of retirement, allowing the higher-earning spouse’s benefit to continue growing until age 70.
When coordinated properly, this approach may increase guaranteed lifetime income, strengthen the survivor benefit, create opportunities for Roth IRA conversions during lower-income years, and potentially reduce future Required Minimum Distributions and Medicare premium surcharges.
At the same time, a thoughtfully designed investment portfolio provides the liquidity needed for near-term spending while long-term investments remain positioned for future growth. The result is a retirement income strategy where guaranteed income and investment assets work together to support both today’s lifestyle and tomorrow’s financial security.
Waiting Is Not Always the Right Answer
There is no universal solution.
Claiming earlier may be appropriate if health has declined, life expectancy is limited or delaying would create financial hardship.
However, many mass affluent couples have accumulated sufficient assets to comfortably bridge the years between retirement and age 70. For them, delaying the higher earner’s benefit deserves careful consideration as part of an overall retirement income strategy—not simply as a Social Security decision.
Final Thought
Throughout my career, I have found that successful retirement planning is not simply about accumulating wealth. It is about transforming those assets into dependable income that supports the life you want to live while protecting the spouse who may one day be living alone.
For many married couples, delaying the higher earner’s Social Security benefit until age 70—while coordinating that decision with a thoughtfully designed investment portfolio—can be one of the most effective ways to strengthen retirement security.
The goal is not merely to maximize a government benefit. It is to build a retirement income strategy that combines guaranteed lifetime income with a flexible investment portfolio, providing greater confidence and financial security throughout retirement.
Should you have any questions or suggestions for future topics, please feel free to email me at nnicolette@sterlingadvice.com.
Nicholas A. Nicolette, CFP® is one of the founders of Sterling Financial Planning, Inc., which started in Sparta 34 years ago. A CFP® professional since 1984, he has presented on Financial Planning topics throughout the world. Nick served as the 2007 President of the Financial Planning Association. In that capacity, he testified before the Special Committee on Aging in the U.S. Senate on the protection of seniors regarding their money. In 2011, he received the Heart of Financial Planning Award from both the National FPA and FPA-New Jersey. www.sterlingadvice.com
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