Mary Beth Franklin has spent more than four decades explaining the financial decisions that shape retirement.
She has covered taxes, retirement policy and Social Security as a journalist, written extensively for InvestmentNews and completed the Certified Financial Planner program. In 2026, she received the InvestmentNews Lifetime Achievement Award for her contribution to retirement planning and her work helping financial professionals understand Social Security.
Social Security may be one of the largest sources of lifetime income for many Americans. The age at which you claim Social Security can permanently affect your retirement income for decades. Franklin has spent much of her career trying to educate Americans about this.
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The ‘investment’ opportunity
In a retirement podcast interview, Franklin said, “I do not know any other investment that can guarantee me a 76% increase in income over an eight-year period.” The “investment” was waiting to claim Social Security.
Someone can begin receiving retirement benefits at 62, but doing so permanently reduces the monthly payment. For a worker whose full retirement age is 67, claiming at 62 can cut the benefit by 30%.
After full retirement age, Social Security benefits increase by 8% for each year a worker delays claiming, up to age 70. Those delayed retirement credits permanently increase every future payment.
In some respects, the deal is better than a conventional investment return. The annual 8% increase does not depend on stock prices, interest rates or a fund manager’s decisions. It is guaranteed under current law. The larger benefit also receives future cost-of-living adjustments and continues for life.
Comparing a claim at 62 with one at 70 can yield a monthly benefit roughly 76% larger.
However, waiting is not right for everyone. Someone in poor health, someone who needs the money to cover basic expenses or someone with reason to expect a shorter retirement may be better served by claiming earlier.
Franklin’s broader point is that 62 should not be the default simply because it is the first available date. The value of a larger monthly payment deserves serious consideration, especially for healthy retirees who may live into their 80s or 90s.
Mary Beth Franklin’s biggest Social Security lessons
- Do not claim simply because you are eligible. Age 62 is the earliest claiming age, but filing early permanently reduces the monthly benefit.
- Think about lifetime income. A larger benefit may become increasingly valuable later in retirement, when savings are lower and earning additional income is harder.
- Coordinate benefits with your spouse. Married couples have two claiming decisions, but they should make them as one household. The higher earner’s decision may also affect the survivor benefit available after one spouse dies.
- Consider health and longevity. Delaying may become more valuable the longer someone lives. Poor health or a shorter life expectancy can change the calculation.
- Understand the rules before claiming while working. People who claim benefits before full retirement age and earn more than Social Security’s annual earnings limit may have some benefits withheld. Once they reach full retirement age, Social Security automatically recalculates the benefit to account for the withheld months, increasing future monthly payments.
- Check your earnings record. Social Security calculates retirement benefits using a worker’s 35 highest-earning years. Missing or incorrect income records could reduce the eventual payment.
- Do not plan Social Security in isolation. Taxes, retirement-account withdrawals, pensions and other income can all affect the best time to file.
- There is no universal best age. Waiting until 70 can produce the largest monthly benefit, but the best choice depends on the retiree’s finances, health and household needs.
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