Longer lifespans change the best age to claim Social Security benefits
New data from the CDC shows that Americans aged 65 can now expect to live nearly 20 more years. This shift has big implications for when retirees should claim Social Security benefits. Financial experts are now advising many to delay payments until age 70 to secure higher lifetime income.
The average 65-year-old American will live an additional 19.7 years, according to the CDC's 2024 figures. For those who reach 70, life expectancy stretches to around 86. These longer lifespans mean retirees who wait until 70 to claim Social Security could maximize their total benefits over time.
The breakeven point for delaying benefits until 70 is roughly 85.5 years old. Each month of delay past full retirement age means living slightly longer to make up the difference. However, not everyone should wait. Those with chronic health issues or urgent financial needs may benefit from claiming earlier.
Social Security remains the main income source for most retirees, with half relying on it for at least 50% of their annual earnings. Strategies vary by household: lower-earning spouses often claim early, while higher earners delay to boost total household benefits. Women, Hispanic, and Asian Americans tend to live longer than the national average, which may further influence timing decisions.
The latest life expectancy figures suggest delaying Social Security can pay off for many retirees. But the best choice still depends on individual health, financial needs, and household income. Understanding these factors helps retirees make the most of their benefits over time.
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