George C., a 77-year-old retired worker, started claiming his Social Security benefits at age 65. He thought he had made the right decision, but now he regrets it. “I wish I had waited until the full retirement age (FRA) to get bigger checks,” George said.
The extra money would have made a huge difference, especially with the rising cost of healthcare and everyday items. “At the time, I just wanted to enjoy the fruits of my labor,” he added. At 65, George thought he only had a few years left based on his family history and health.
Now, at 77 and still in good health, he has found that his Social Security benefits do not stretch as far as he needs. “I didn’t think I could live this long,” George said. He thinks he will likely live much longer, and if he lives another 10 or 15 years, the small Social Security checks will not cover all his needs.
Claiming Social Security too early
When George filed for Social Security, he did not consider how the decision would impact his wife if he passed away. She is a non-working spouse, so her benefits are tied to George’s.
Claiming the benefits early reduces the survivor benefits she would get. “Now, if something happens to me, she’ll get a smaller monthly check for life,” he said. George did not think his lifestyle would change in retirement.
He had planned a simple retirement of tending to his small garden, fishing on weekends, and taking occasional trips. But after retiring, he realized he wanted to explore new hobbies and travel more with his wife. “I thought I’d live a simple life in retirement, but my lifestyle has changed and requires more money than I thought,” he said.
Many retirees have an idea of what age they want to start claiming Social Security. George’s experience serves as a cautionary tale about the importance of carefully considering when to claim benefits and how that decision can have long-lasting impacts.
