Planning for Longevity with Social Security

One of the most common concerns in retirement isn’t how to get there—it’s how long you’ll be there.

With life expectancy steadily rising, planning for a retirement that could last 25 or even 35 years is more important than ever. For many Americans, Social Security plays a foundational role in providing lifelong income, but when and how you claim it can make a major difference in your long-term financial security.

If you’re approaching retirement, it’s time to look at Social Security not just as a monthly benefit—but as a critical tool in your longevity strategy.

The New Reality: Longer Retirements

Thanks to medical advancements and healthier lifestyles, today’s retirees are living longer than previous generations. According to the Social Security Administration, a 65-year-old man today can expect to live to about 84, and a woman to around 87. But many live well into their 90s—and some even past 100.

Longevity is a gift, but it brings financial challenges:

• Will your savings last as long as you do?

• How will you handle rising healthcare expenses?

• What if your spouse outlives you by many years?

These are not just “what-ifs”—they’re real possibilities. That’s why your Social Security strategy needs to support a retirement timeline that may last much longer than you expect.

When You Claim Affects How Much You Get

You can begin claiming Social Security as early as age 62—but doing so comes with a tradeoff. The earlier you claim, the smaller your monthly benefit. Conversely, delaying your claim until full retirement age (typically between 66 and 67) or even up to age 70 means larger monthly checks for the rest of your life.

Let’s look at an example:

• A person eligible for $2,000/month at full retirement age may receive:

  • About $1,400/month at age 62

  • The full $2,000/month at age 67

  • Around $2,480/month at age 70

Over time, that extra income adds up—especially if you live a long life. For someone who reaches age 90, delaying Social Security could result in tens of thousands of dollars more in lifetime benefits.

Coordinating with Your Spouse

If you’re married, your Social Security choices impact each other. Surviving spouses may be eligible to receive the higher of the two benefits, which makes the decision of when the higher earner claims particularly important.

Delaying the higher earner’s benefits not only provides more income during both spouses’ lifetimes—it also ensures that the survivor continues to receive a larger benefit after one spouse passes.

It’s not just about individual longevity—it’s about planning for both lifetimes.

How Social Security Fits into Your Broader Stratey

Social Security is only one part of your retirement income plan. To make the most of it, it should work in harmony with other income sources, such as:

• Retirement savings (401(k), IRA, pensions)

• Guaranteed income products (like annuities)

• Life insurance or long-term care protection

One smart strategy is to delay Social Security while drawing from other sources earlier in retirement. This approach may reduce your tax burden, preserve future benefits, and help support your income through different life stages.

Your retirement planner can help you decide whether this strategy fits your situation, especially if you’re concerned about longevity.

Common Mistakes to Avoid

When it comes to longevity planning and Social Security, here are a few pitfalls to avoid:

1. Claiming too early without understanding the impact
   Many people start benefits at 62 out of fear or misinformation. It's essential to weigh your long-term needs.

2. Failing to account for taxes
   Up to 85% of your Social Security benefits could be taxable, depending on your income. A retirement planner can help you structure your withdrawals wisely.

3. Not factoring in spousal and survivor benefits
   These are often overlooked but can be a lifeline for your loved ones.

4. Assuming you won’t live long
   Planning based on the assumption you’ll pass away early can backfire. It’s usually safer to plan for a long life and adjust as needed.

Longevity Isn’t Just About Money

While Social Security is a financial tool, planning for longevity also means thinking about your quality of life. How will you stay engaged, healthy, and connected as you age?

• Healthcare planning: Consider how you’ll cover medical expenses in retirement, especially as you get older.

• Housing decisions: Will you downsize, age in place, or consider senior living?

• Family support: Do you want to leave a legacy or help support children or grandchildren?

Your Social Security income may be the bedrock that supports these goals—so it’s worth getting it right.

Final Thoughts

Living a long life is a blessing—but it requires thoughtful planning. Social Security, when approached strategically, can provide a reliable foundation for income that lasts as long as you do.

At Sound Retirement Solutions, we believe your retirement should reflect the life you’ve worked hard to build—secure, fulfilling, and resilient. If you're unsure how to maximize your Social Security benefits or need help aligning your income strategy with a longer timeline, we're here to help.

Let’s plan not just for retirement—but for the long life ahead.