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Is There An Average Acceptable Cost From Savings To Defer SS Until My Wife And I Are Both Age 70?

We are both mid 60's in good health about to retire. We have 1.2 m in savings, no debt and are evaluating the costs from savings for different SS claiming times. Is there an average acceptable cost from savings to defer SS till we are both 70? What is an acceptable percentage of our portfolio to spend over the next 5 years deferring SS till 70?

Hi. Your best option with regard to claiming Social Security benefits depends on numerous variables, perhaps the most important of which in your case is your and your wife's comparative primary insurance amounts (PIA). If you wait until age 70 to start drawing your Social Security retirement benefits, you will assure yourself of receiving your highest possible monthly benefit rate for as long as you live. And, that higher benefit rate can potentially be passed on to a surviving spouse in the form of a widow(er) benefit. So, in many cases it makes sense for at least the spouse with the higher PIA to wait until age 70 to start drawing their Social Security retirement benefits.

It sounds like you should strongly consider using one of our software options. Our Maximize My Social Security software ( program fully can compare and analyze all of your various Social Security filing options in order to help you determine your best strategy for maximizing your Social Security benefits. Or, you may want to consider using our Maxifi Planner software, which is a full featured financial planning software program. For detailed information on the Maxifi program, click on the following link:

Best, Jerry

May 18 2023 - 1:00pm
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