I'm a Wealth Adviser: This Social Security Claiming Mistake Can Hurt Women the Most

Women should personalize their Social Security claiming strategy, rather than simply following the advice to wait until 70 to file. Run the numbers after considering your life expectancy, tax situation and existing assets. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.You are now subscribedYour newsletter sign-up was successfulWant to add more newsletters?Delivered dailyKiplinger TodayProfit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. 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Most women don't make the wrong Social Security decision. They just make it in isolation.That's what I see most often — thoughtful, well-intentioned decisions based on common advice, but without fully considering how that choice fits into the bigger picture.Because Social Security isn't just a timing decision. It's part of a much broader plan — one that includes your investments, your taxes, your lifestyle and how you want to spend your time in retirement.Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.You can claim Social Security as early as age 62. Wait until 70, and your benefit can be significantly higher.For women who live well into their 80s or beyond — which many do — delaying can absolutely pay off.But that outcome depends on more than just longevity.The break-even age — when delaying overtakes the value of claiming earlier — typically falls in your early 80s. If you don't live past that point, you may never fully recover the income you gave up.And even if you do, there's another question worth asking: When do you actually want to enjoy your money?About Adviser IntelThe author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.For many people, the early years of retirement — their 60s and early 70s — are the most active. This is when travel, hobbies and time with family often take priority.Delaying Social Security may increase income later. But it can also mean relying more heavily on your own assets during the years when you're most likely to spend and enjoy them.When you delay Social Security, you still need income.For many retirees, that means withdrawing more from their investment portfolio in the early years of retirement.And that introduces a risk many people don't fully consider.If markets are strong, this strategy can work well. But if the market declines early — right as withdrawals are higher — it can place added strain on a portfolio.Those early withdrawals reduce the assets that remain invested and the ability of your portfolio to recover when markets improve.For women planning for longer retirements, that early pressure can have long-term implications.On the other hand, claiming Social Security earlier may reduce the need to draw as heavily from investments, potentially preserving assets and providing more stability.Neither approach is inherently better — but each leads to a very different outcome.At its core, the Social Security decision is a balancing act between:Delaying increases certainty later. Claiming earlier can create flexibility sooner.The right choice depends on how those priorities align with your goals.Social Security doesn't exist in a vacuum. Your decision should reflect the full picture of what you have:In some cases, retirees use savings in their early 60s to "bridge the gap" and delay benefits.In others, claiming earlier helps reduce withdrawals and preserve investments.Both approaches can be appropriate depending on the situation.Social Security also plays a role in your tax strategy.Retirement income often comes from multiple sources, and the timing of each one matters.Some considerations include:In some cases, claiming earlier and spreading income over time can help manage these effects.For married couples, Social Security decisions are interconnected.When one spouse passes away, the surviving spouse keeps the higher of the two benefits.Because women tend to live longer, the higher earner's decision can have a lasting impact on the surviving spouse's income.That makes coordination between spouses especially important.Looking for expert tips to grow and preserve your wealth? Sign up for Adviser Intel, our free, twice-weekly newsletter.For many women, Social Security represents more than just income.It represents certainty.A guaranteed, inflation-adjusted income stream for life can provide a level of confidence that's difficult to replicate elsewhere.And that sense of stability often plays an important role in how decisions are made.Before choosing when to claim, consider:Social Security is one of the most important financial decisions in retirement.But it's not a standalone decision.When viewed in isolation, one strategy may seem clearly better. But when you consider your investments, taxes, lifestyle and long-term goals, the answer often becomes more nuanced.That's why this decision is best made as part of a comprehensive plan — one that brings all the pieces together.Because, ultimately, it's not just about maximizing a benefit.It's about creating a retirement that supports how — and when — you want to live your life.This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.Camille Butterfield is a Wealth Adviser and CFO at Monolith Financial Group and a National Social Security Advisor (NSSA®) certificate holder. She began her career in 2014 and became an Investment Adviser Representative in 2020. At Monolith, Camille leads clients through the firm's DREAM Retirement Process — an integrated approach to income, risk, tax, health care and legacy planning. She is dedicated to helping families design a retirement that balances financial strength with personal fulfillment, ensuring their years ahead are lived with confidence and meaning.