Top 5 Reasons A Retiree Regrets Not Claiming Social Security At Age 65

There are some essential facts about Social Security you should know if you've paid into it, while other factors surrounding your benefits are less clear cut. For instance, when exactly you should start claiming your benefits depends on a multitude of factors. You can choose to start receiving monthly checks any time from the age of 62 to the full retirement age (FRA) of 66 or 67 (depending upon the year you were born). You can even delay through the age of 70 to receive larger benefits through a full delayed retirement credit (DRC). People who wait until their FRA to start receiving benefits can also earn money through employment without penalties. If retiring before your FRA, an earnings limit is imposed; in 2026, the Social Security earnings limit is $24,480. That means, unless you wait until reaching your FRA to claim benefits, you could be penalized for working if it pushes your annual income over that threshold.

Even without the threat of penalties, there are plenty of reasons a person can regret not retiring at the age of 65. All kinds of problems can arise based on the size of their retirement savings, the status of their health going forward, their post-retirement plans, the Social Security status of their spouse, and whether or not they've downsized to their needs. The good news for anyone who didn't retire at age 65 is that they don't have to wait for another benchmark to apply and receive benefits — they can strategically make that choice from any point onward.

The majority of Americans worry about their retirement savings running out. In fact, in an Allianz Life Insurance Company of North America survey, 64% people reported they fear tapping out of cash during their lifetimes more than death itself. 

Someone who does think they have enough money saved may believe the better Social Security strategy is to wait at least until reaching their FRA, if not until they turn 70, so that they receive bigger checks when the time comes. And that's true: The longer someone waits to start, the higher their benefit payments will be. However, that amount stops increasing past the age of 70. Choosing to receive Social Security at the age of 62 typically results in a permanent reduction in your Social Security payments of up to 30%. Meanwhile, if you wait for the DRC and claim Social Security at the age of 70, you will receive 124% of your payments — 24% more than the full benefits you'd receive at your FRA. While that increase can be worth it to some individuals, it can delay a portion of your income that you could ultimately end up needing.

Waiting to receive Social Security benefits can mean burning through other financial assets to accommodate forces like unanticipated expenses and higher-than-expected inflation rates. As such, it can be preferable for many retirees to start Social Security benefits at age 65 and use them to pay expenses, thereby preserving funds with higher-paying interest rates that may be accruing in retirement savings and other investments.

If someone is healthy and strong as their 65th birthday approaches, perhaps they might feel up to working a few more years and putting off retirement. This logic can be sound if they're receiving the prime income of their lives, or at least making more than they were in many other years, because the Social Security Administration (SSA) uses a person's top 35 earning years to calculate monthly retirement benefit amounts. However, those with any health concerns or experiencing unanticipated problems may find that not claiming retirement benefits at the age of 65 could be a serious mistake.

Unfortunately, many people wind up unexpectedly retiring earlier than they would like. That has been the case in America, where a significant gap exists between the ages people would like to retire and when they actually do so. A Gallup poll showed the average expected age of retirement for Americans as 66, despite the actual average retirement age being 61. Health issues were named as one cause of this disparity, which makes sense given the unpredictability of health in later ages. According to a long-term study of people aged 55 and up conducted by a Penn State associate professor, health problems inform more than half of the participants' decision to retire sooner than they would like. So, people who feel healthy at 65 and choose not to retire may find themselves regretting it two or three years down the line if health issues force them to change their plans.

Lots of people spend their lives fantasizing about how they'll live out retirement. According to a survey by the Transamerica Center for Retirement Studies, 67% of middle-class workers hope to travel more in retirement, while others simply hope to spend more time fishing at the creek or going on picnics with their grandchildren. No matter the specifics, sexagenarians who long to participate in these activities (and perhaps see friends and former coworkers enjoying them) may regret not retiring at age 65. These people may want to hold out for the bigger Social Security payments they'll get by retiring at 70, but doing so could cause them to miss out on five good years. By the time they do retire, traveling, sports, or other activities may no longer be as possible or enjoyable.

Meanwhile, research suggests that individuals in their late 60s are more capable of enjoying these experiences than ever before. Reporting on a long-term study of aging adults in England and China, Nature Aging found people tend to be able to do the things they want for longer in the modern day. For example, a 68-year-old individual born in 1950 was found to have physical and cognitive abilities comparable to a 62-year-old born in 1940. Similarly, those born in 1940 were found to have improved vitality compared to those of a similar age born in previous decades. These facts could incentivize some workers to retire earlier, as retiring on the younger side could allow them to enjoy their retirement to the fullest for the maximum amount of time.

As a married primary wage earner calculates when it's best to start receiving Social Security benefits, it can be easy to overlook the impact that decision can have on a spouse. When the breadwinner for a couple files for Social Security retirement benefits, a non-working spouse may also qualify based upon the earnings of the worker if the spouse is at least 62. The foundational amount for a non-working spouse is 50% of the working spouse's benefits, but much like in an individual's case, the spouse could see a reduction in their monthly checks if they choose to start receiving benefits early. Given how much lower a spousal benefit starts out, this reduction can be very significant. For example, if a spouse decides to retire at 62, the benefits could dwindle down to just 32.5% of their partner's Social Security Income.

As of December 2025, the SSA noted that 3% of benefits paid out fell into the spousal category to slightly more than 2 million spouses with the average amount being $983.71. Given that comes out to nearly $12,000 annually, Social Security recipients who neglect to consider all the options they and their spouse have for claiming benefits could wind up missing out on a serious chunk of their retirement income.

The idea of finding a new home, packing up a lifetime of belongings, and moving can feel overwhelming when you're working 9 to 5, which can cause many workers to delay moving until retirement. That said, many older adults have too much house. According to economic research by Moody's Analytics that leveraged Census Bureau American Housing Survey data, nearly six million Americans aged 65 and up live in houses too large for their needs. Retiring at the age of 65 would free up time to find a smaller home, a condo in a retirement community, or another dwelling that better suits their retirement needs. Smaller homes — or ones with more energy-efficiency — can result in lower utility bills, while moving into a rental can free retirees from the resources needed for property maintenance. Thumbtack reports that home maintenance costs for a single-family home rose nearly 5% in a 2024 year-over-year analysis, suggesting the amount these expenses could cost homeowners could continue to grow as the years go by.

Retirees kicking themselves for not retiring at the age of 65 may each have a unique combination of reasons for their regrets. Although they can't go back in time to do it differently, they do have the option to retire at the youngest age still possible for them and apply for Social Security during the current month.