Advisor Insights

Rethink Your Advice About When to Claim Social Security

Helen Modly, CFP, CPWA

By Helen Modly, CFP, CPWA, and Barbara Ristow, CFP

The recommendation to delay claiming Social Security benefits until age 70 for a more secure retirement is common, especially if clients are in good health and longevity runs in their families. Obtaining the largest possible spousal benefit, which increases by 8% each year from full retirement age to age 70, is another reason to postpone filing. After all, 8% guaranteed just can't be beat.