Imagine counting down the days to retirement, only to face one of the biggest financial decisions of your life: When exactly should you start claiming your Social Security benefits? It’s a choice that can make or break your golden years, and getting it right could mean thousands more in your pocket—or not.
Meet Mark Bintzler, a 63-year-old from Woodbury, Minnesota, who’s eagerly awaiting the freedom of retirement after decades of hard work. ‘We love hitting the golf course and diving into all sorts of fun activities,’ he shares. ‘But one thing I was firm about—no trading one job for another. I wanted true retirement, the kind where I call the shots.’ For folks like Mark, this milestone isn’t just about stopping the daily grind; it’s about reclaiming time for hobbies, travel, or simply relaxing without the pressure of a paycheck.
Mark has decided to begin his Social Security payments at age 65, but he’s not alone in pondering the perfect timing. Many people approaching retirement grapple with this very dilemma: Do you jump in early at 62 for immediate cash flow, stick to the full retirement age for a standard amount, or hold out until 70 to boost your monthly checks by up to 76% compared to starting at 62? (For more on how this affects most Americans, check out this insight: https://www.cbsnews.com/news/social-security-benefits-90-percent-americans-will-claim-before-70/.) It’s a decision that can feel overwhelming, especially for beginners navigating the Social Security system, which is essentially a government program providing retirement income based on your work history and contributions.
This is the question that wealth advisor Brian Muller fields constantly. As the founder of Momentous Wealth Advisors, he sees clients rushing into choices without much thought. ‘So many folks base it on what their buddy or neighbor did—like, “I’m claiming as soon as I can!”—without considering if it fits their own life,’ Muller explains. Instead, he urges a personalized approach that factors in your health status (will you live long enough to benefit from waiting?), job stability, your partner’s benefits, and exactly how you’ll spend or invest the funds.
Take claiming at 62, for instance: You get payments right away, which could span eight extra years before you’d start at 70. This can ease the burden on your savings or investment portfolio, giving you breathing room during those early retirement years when medical costs might creep up or unexpected expenses arise. On the flip side, waiting until 70 means larger checks later, but only if you’re confident in your longevity and financial cushion.
But here’s where it gets controversial: While many financial experts push delaying until 70 to ‘maximize’ benefits, Muller challenges that one-size-fits-all advice. He created something called the ‘Secure Framework’—a practical tool that shifts focus from complex calculations to real-life priorities. ‘Most planning software and so-called gurus scream, “Wait till 70 for the biggest payout!”‘ he notes. ‘But they overlook the key question: What are you actually doing with that Social Security money? If you claim early, are you reinvesting it to grow your wealth, using it to cover daily needs, or letting it reduce the withdrawals from your retirement accounts?’ For beginners, think of it this way: Social Security isn’t just income—it’s a tool to protect your nest egg. For example, if health issues run in your family, starting early might let you enjoy the money while you’re still active, rather than hoping for a longer life that may not materialize.
And this is the part most people miss: The decision isn’t purely mathematical; it’s deeply personal. For Mark, it boiled down to striking a balance—he’s opting to take his wife’s benefits a little sooner while holding off slightly on his own. Looking back, he’s thrilled with how it all aligned. ‘It’s amazing, just like we planned,’ he says. ‘All those years working, dreaming of retirement so you can finally chase the adventures you couldn’t before because of the 9-to-5.’
Muller offers helpful resources to guide you, including his free Social Security Secure Framework, available on his website (https://www.momentouswealthadvisors.com/). Whether you’re curious about cost-of-living adjustments that could tweak your future benefits (see: https://www.cbsnews.com/news/social-security-cola-2026-increase-cost-of-living-adjustment-inflation/) or just starting to plan, these tools can demystify the process.
In the end, timing your Social Security claim is about more than numbers—it’s about securing the retirement you envision. But what do you think? Is delaying until 70 always the smart move, or does starting early make sense in today’s uncertain economy? Share your thoughts in the comments below—do you agree with Muller’s personalized approach, or have you heard counterarguments that sway you the other way? Let’s spark a conversation! (Related topics: https://www.cbsnews.com/minnesota/tag/social-security/)