A lot has been written as to why you should wait until 70 to start collecting your Social Security benefits. In the right situation, that is a true statement, but everyone’s situation is different. I have always said that there are as many good reasons as bad reasons to wait to collect your Social Security benefits.
It is especially important for a couple to determine their claiming strategy using joint life expectancy. The claiming strategy for a couple should never be looked at individually. One of the main reasons for a couple to wait until 70 is a strategy geared to the high earner. By the delaying of taking benefits, the high earner can provide a lower earning spouse with the highest survivor benefit when the high earner passes away. So as a couple, if you are the high earner, it may make perfect sense for you to wait until 70 to start your benefits to provide your spouse with a significantly higher survivor benefit.