Should You Delay Social Security Benefits?

Apr 7, 2023 | Planning Playbook


Hi, I’m Tony Marquez, Senior Vice President and Wealth Advisor with GreenUp Wealth Management. 

You may have heard that it’s best to delay taking Social Security benefits if you can afford to.

In this video I’m going to cover the differences between taking Social Security at full retirement age vs. delaying benefits.

The latest you can take benefits is at age 70.  

Waiting to do so can increase your benefits by 8% per year, up to a total of 20%. Some call this the “Social Security Bonus.” 

Typical reasons you would want to consider waiting are: if you’re in fantastic health, your family has a history of longevity, you’re still working, or have plenty of income from other sources. 

20% or three years doesn’t seem significant but let’s put it in perspective.

Let’s assume your full retirement benefit is $3,000 a month. 

Waiting until 70 increases your monthly payment by $750 a month, or $9,000 a year.  

The breakeven age is 78 years old, meaning if you live to or past this age it would make sense to wait as long as possible to take your benefits. 

In this example, if you live until age 90, delaying your benefits until age 70 would give you an extra $47,000 in Social Security payments over your lifetime, rather than if you would have taken benefits at full retirement age. 

The most conservative bet is to plan for a longer than expected life. If you can afford to wait and expect to live a long life, it’s probably best to delay benefits. 

Your situation’s unique. Talk to your GreenUp Wealth Advisor about what decision makes the most sense for you.


  • Tony Marquez, CFP®

    Senior Vice President | Wealth Advisor | Kansas City -- Tony is a Certified Financial Planner and has his master’s degree in Finance. Tony strives to be the expert, resource, and advocate that clients deserve when navigating a complex financial world. Prior to joining GreenUp Wealth Management in October of 2021, Tony worked as a Financial Advisor for a large financial services firm. There, he gained expertise in a variety of areas including financial planning, social security and retirement income strategies, college savings, and investment management.

    View all posts

Get a complimentary financial plan review

Working with GreenUp means getting conflict free advice from advisors who care. We’ll help guide you through your financial life so that your wealth works for you.

Interested in talking? You may be surprised at what is possible. Reach out to learn more.