When it pays to delay Social Security

You can claim Social Security as early as 62, at full retirement age, or as late as 70. Each year you wait after full retirement age raises the monthly check by a set percentage. Delaying is a bet that you will live long enough for the larger check to overtake the months you skipped. The break-even age is often around 78 to 82, depending on your full retirement age and the year you claim. If you have a pension, a working spouse, or enough savings to cover the gap, waiting is easier. If you need the income to stop drawing down a 401(k) in a down market, claiming earlier can be the safer cash-flow move. Spousal and survivor benefits change the math. A higher earner who delays can leave a larger survivor benefit. A lower-earning spouse may still claim a spousal amount while the higher earner waits. Taxes matter. Social Security can be taxable if other income is high. A Roth conversion in the years before you claim can lower later tax on benefits. Run the numbers for your filing status, not a generic online slider.