Should You Wait Until Age 70 to Take Social Security?

How would delaying benefits affect me personally? Depending on your birth year, starting at 62 would result in a 25-30% reduction in your full retirement age (66-67) benefit. Waiting to age 70 could result in a 124-132% increase. You can estimate your benefits using the retirement estimator at

Will I live long enough to make up for waiting? If you’re currently 65, your average life expectancy is 84.3 years (men) or 86.6 years (women). One in four current 65-year-olds will live past age 90, and one in 10 will reach 95. For your own estimate, use the life expectancy calculator at


Important Disclosures

1 Source: Social Security Administration.

2 Source: Social Security Administration, “The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.”

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The strategies mentioned here may not be suitable for everyone.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, Financial Planner or Investment Manager.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.