Seniors get a choice as to when to file for Social Security. You’re allowed to sign up at any point once you turn 62. And if you wait until full retirement age (FRA), you’ll get your complete monthly benefit without a reduction.

There’s also the option to delay Social Security until age 70. Doing so boosts your monthly payments by 8% for each year you hold off past FRA.

With an FRA of 67, you have an opportunity to boost your monthly benefits by 24%, which may be a smart thing to do if you’re approaching retirement with very little money in the way of savings. And even if you have savings, there’s something to be said for having a guaranteed larger benefit for life.

But while there’s a clear upside to claiming Social Security at 70, there’s also a downside to consider. And it’s one that may make you change your mind about filing for benefits at 70.

You’re taking a risk

Some people will tell you that 70 is the best age to take Social Security because it gives you the most amount of money on a monthly basis. But what you may not realize is that a claim at age 70 won’t necessarily result in the most amount of money on a lifetime basis.

When you file at age 70, you miss out on many years of payments. And also, you run the risk of not living long enough to make up for those years of lost payments.

That’s why it’s important to figure out your break-even age in the context of claiming Social Security. That’s the age when you’d get the same lifetime benefit from the program whether you file sooner rather than later.

As an example, if you’re eligible for $2,000 in Social Security at an FRA of 67, waiting until age 70 gives you $2,480 a month instead. So if you’re thinking of waiting until age 70 to sign up, it’s important to know that 82 and 1/2 is your break-even age. At that age, you get the same lifetime payout – in this case, $372,000 – regardless of whether you sign up for benefits at 67 versus 70.

So from there, the question to ask yourself is whether you think you’ll live past age 82 1/2 — or whether you want to take the risk. If you’re not sure, then 70 may not be the best age to claim Social Security for you. You may decide you’re safer starting to get your money sooner.

It pays to get help with this big decision

Clearly, there’s a lot riding on your Social Security filing age. So if you’re not confident in your ability to choose a filing age on your own, you may want to consult a financial advisor for help. An advisor can help you run the numbers and help you make a smart decision based on factors that include your savings, retirement goals, and life expectancy.

In the course of those discussions, though, be honest about the state of your health. If you’re nearing retirement and it isn’t great, filing at age 70 could be a mistake.

Also take your family history into account. The fact that your parents lived well into their 80s doesn’t guarantee that you will as well. But if your parents passed away at a young age, it may be a sign that claiming Social Security at 70 is the wrong choice.

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