Rethinking when to claim Social Security : A balanced approach

healio.com · Feb 16, 2026 · Collected from GDELT

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Choose a Section February 02, 2026 4 min read Add topic to email alerts Receive an email when new articles are posted on Please provide your email address to receive an email when new articles are posted on . Added to email alerts We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com. Key takeaways: There is no one-size-fits-all answer as to when doctors should begin claiming their Social Security benefits. The “delay as long as possible” advice is valid for many, but not all. As physicians approach retirement and contemplate a stage of life when they will not be earning a paycheck, they typically begin to consider Social Security as part of their post-career income planning. Not surprisingly comes the simple question that has a much more complex answer: When is the optimal time to begin claiming benefits from Social Security? Sanjeev Bhatia In this article, we will begin to answer this important planning question. As you likely expect, the answer isn’t “always wait until age 70” or “always claim at 62,” as this will largely depend on your personal circumstance. Deciding when to take Social Security will depend on numerous factors — most notably when you retire, your other investment assets, the need for income and your longevity. David Mandell The earliest one can begin drawing on Social Security is age 62 years, with the maximum age running until age 70 years. The simple math will state that each year you delay taking Social Security results in approximately 8% additional benefits annually. While this isn’t an exact number, it’s a universally held rule. Also, delaying Social Security until age 70 typically means you must live until age 78 to age 81 for that decision to have made economic/financial sense. Adam Braunscheidel How to determine your break even in benefits The Social Security Administration provides a statement that is personal to you where they project your benefit amount at various ages. Here is a basic break-even age calculation that you can utilize: Break-even age = total additional benefits received by delaying / monthly benefit difference. For example, if your benefits are $2,797 at 62 years and $5,049 at 70 years: monthly difference is $2,252; opportunity cost is $2,797 x 96 months = $268,512; and break-even point is $268,512/$2,252 = 119 months (about 10 years). The chart below compares the cumulative benefits received for the above scenario over 30 years, beginning at age 62: Source: Broadridge Advisor. Date as of Nov. 30, 2025. Strategy 1: Use a ‘bridge’ approach to maximize spending One strategy gaining traction is the “bridge” method. In this scenario, you delay claiming Social Security benefits until later (say, age 70) and, in the meantime, draw down other assets or income sources. By delaying benefits, retirees can lock in larger inflation-adjusted payments for life. (When the higher-earning spouse delays to age 70, the survivor locks in the higher benefit for life, too.) Here, you allow your Social Security benefit to grow each year you delay, which is commonly thought of as approximately 8% per year for each year you delay past your full retirement age. A stronger Social Security baseline means fewer potential withdrawals later in life, when market risk and longevity risk can be the highest. Using the bridge approach also allows you to coordinate other strategies like doing partial IRA conversions to Roth IRA while your income is relatively low before required minimum distributions kick in during your 70s. It also can help you better manage the Medicare income-related monthly adjustment amount tax brackets. This strategy does come with trade-offs. You must have other income or assets available to fund your retirement until you start Social Security and delaying may not make sense if you have limited life expectancy or pressing financial needs. Strategy 2: Claim sooner when the circumstances fit The alternate view is that for many individuals, taking Social Security earlier (even at the minimum eligible age) can make real sense. Consider these scenarios: Current income needs. If you already have enough income from other sources, you may afford to delay and boost your benefit. If not, earlier claiming may provide necessary support. Health concerns or shortened life expectancy. If you face a short time horizon or poor health where delaying gives little return. Unexpected retirement. You have an urgent need for income today as retirement has arrived sooner than expected or other income sources are insufficient. Potential Social Security structural changes. You anticipate that the system may change or prefer to lock in benefits while you can. In those cases, claiming early may maximize lifetime value, especially when viewed as a floor of income rather than purely optimizing the monthly benefit size. Key decision factors to weigh Aside from what has been noted, here are some other important levers to evaluate when deciding when to claim: Spousal or survivor considerations. Benefits tied to a spouse’s work record or survivor benefits may change the calculus. Maximizing benefits for both parties sometimes means delaying. Risk for work or earnings penalties. If you claim early and continue working substantially, some benefits may be withheld until full retirement age, reducing effective income in early years. Investment and inflation risk. Waiting means your benefit grows and may better keep pace with inflation if COLAs (cost-of-living adjustments) are applied. On the flip side, early claiming lets you lock in certainty. Practical steps you can take The first step in deciding begins with gathering your Social Security statements and projections. Understanding what your benefit would be at different ages is valuable and necessary information to obtain. Next would be estimating your spending needs both in the immediate and in your later retirement years. Conclusion Every doctor, as they approach and wade into retirement, will need to make a decision about when to begin their Social Security benefits. As we have seen, there is no one-size-fits-all answer. The “delay as long as possible” advice is valid for many, but not all. Similarly, claiming early is not a mistake in every case as it can be the right choice under the right conditions. The best outcome comes when you align claiming timing with your income needs, asset base, health and broader retirement plan. Many physicians will benefit from working with a financial professional to help them navigate the options and make the best decision for their specific facts and circumstances. For more information: David Mandell, JD, MBA, is an attorney and co-founder of the wealth management firm OJM Group, www.ojmgroup.com, where Adam Braunscheidel, CFP, is a partner and wealth advisor. They can be reached at 877-656-4362 or mandell@ojmgroup.com. Sanjeev Bhatia, MD, is an orthopedic sports medicine surgeon practicing at Northwestern Medicine in Warrenville, Illinois. He can be reached at sanjeevbhatia1@gmail.com or @DrBhatiaOrtho. Mandell and OJM Group partners are pleased to announce the publication of their newest book, Wealth Strategies for Today’s Physician: A Multi-Media Playbook. The playbook’s innovative format features more than 90 links to videos and podcast episodes to enhance important financial topics for physicians. To receive a free print copy or e-book download, text HEALIO to 844-418-1212, or visit www.ojmbookstore.com and enter code HEALIO at checkout. *Editor’s note: This article is for educational purposes only. Please consult a licensed financial advisor before making any investment decisions. Published by: Sources/Disclosures Source: Expert Submission Disclosures: Bhatia reports holding stock in TDA Ventures LLC, a firm linked to The Doctors Agents. Braunscheidel and Mandell report no relevant financial disclosures. Ask a clinical question and tap into Healio AI's knowledge base. PubMed, enrolling/recruiting trials, guidelines Clinical Guidance, Healio CME, FDA news Healio's exclusive daily news coverage of clinical data Read more about Add topic to email alerts Receive an email when new articles are posted on Please provide your email address to receive an email when new articles are posted on . Added to email alerts We were unable to process your request. Please try again later. 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