Should I Delay Social Security Benefits? Pros and Cons to Consider

Delaying Social Security benefits can have both advantages and drawbacks. In this article, we explore the factors to consider when deciding whether to delay claiming Social Security benefits.

Social Security benefits are a crucial part of many people’s retirement income. But when is the right time to start receiving these benefits? If you’re nearing retirement age and considering your options, you may be wondering, “Should I delay Social Security benefits?” The answer is not always straightforward, as it depends on various factors unique to your financial situation. This article will provide an overview of the pros and cons of delaying Social Security benefits, as well as some key considerations to help you make an informed decision.

Factors to Consider When Deciding Whether to Delay Social Security Benefits

One important factor to consider is your health and life expectancy. If you expect to live a long and healthy life, delaying your benefits may make sense, as you’ll receive a higher monthly benefit amount. However, if you have health issues or a family history of shorter lifespans, it may be better to start receiving benefits earlier.

Another key consideration is your income needs in retirement. If you have sufficient retirement savings or other sources of income to cover your expenses, delaying Social Security benefits could allow you to maximize your monthly benefit amount. On the other hand, if you need the additional income to make ends meet, it may be better to start receiving benefits earlier.

If you’re married, you’ll also need to consider your spouse’s Social Security benefits. If your spouse has a higher earning history, delaying your benefits could result in a higher survivor benefit for your spouse in the event of your death. However, if your spouse has a lower earning history, it may be better to start receiving benefits earlier.

Delaying Social Security benefits could also have implications for your taxes. If you’re still working and earning a high income, delaying benefits could result in a lower tax burden on your Social Security benefits. However, if you’re retired and have a lower income, delaying benefits could result in a higher tax burden.

Ultimately, your decision on whether to delay Social Security benefits should align with your financial goals. If your goal is to maximize your monthly benefit amount, delaying benefits could be the best option. However, if your goal is to have more income in the earlier years of retirement, starting benefits earlier could be more beneficial.

Pros and Cons of Delaying Social Security Benefits


  1. Higher Monthly Benefit Amount: Delaying Social Security benefits can result in a higher monthly benefit amount, up to a certain age.
  2. Potential for Increased Survivor Benefits: If you’re married, delaying your benefits could result in a higher survivor benefit for your spouse in the event of your death.
  3. Continued Growth of Benefits: Your Social Security benefits will continue to grow each year you delay taking them, up to a certain age.


  1. Loss of Early Benefits: If you delay Social Security benefits, you’ll miss out on receiving benefits in the earlier years of retirement.
  2. Uncertainty of Life Expectancy: Delaying benefits assumes that you’ll live long enough to make up for the years of missed benefits. However, if you pass away before receiving benefits, you’ll have missed out on potential income.
  3. Reduced Total Benefit Amount: While delaying benefits can result in a higher monthly benefit amount, it could also result in a lower total benefit amount over your lifetime.

Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.

Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.

**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: ** ☎️

How does early retirement affect social security:

❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌

Scroll to Top
Call Now Button