The biggest retirement question CRNAs ask is, “When should I claim Social Security: age 62, 67, or 70?”. While you have likely heard that waiting until age 70 is always best, the truth is not that simple. There are very real risks to delaying, from market downturns to health span, from regret to flexibility. The Social Security decision is more personal than a break-even chart or averages. It is about maximizing your freedom, your health, and your peace of mind in retirement.
The 7 Risks of Claiming Social Security Too Late
These are the most overlooked risks when deciding on Social Security claiming age:
1. Mortality Risk
Most CRNAs have heard the rule to wait until age 70 for a bigger check and safer retirement. While research supports this, those studies often rely on assumptions that do not match real life. The first and most obvious risk is mortality: what if you do not live long enough to make delaying worth it?.
If you die before the break-even point, you leave a lot of value on the table. The regret of delaying and passing away early often feels far heavier than the mild disappointment of claiming early and living a long life.
2. Sequence of Returns Risk
Delaying Social Security means more withdrawals from your portfolio in the early years of retirement, which magnifies the damage if a market downturn hits. Historical data shows that retirees who delay are exposed to greater sequence of returns risk during those “gap years”. Claiming at age 62 gives you a cushion of Social Security income, reducing stress on your investments when you are most vulnerable.
3. Policy Risk
Many CRNAs worry about potential Social Security cuts. Only about one-third of Americans feel confident about Social Security’s future. The trust fund is projected to run short in 2033, which would mean cuts if no changes are made. Future political policy is hard to predict, and cuts may take the form of changes to taxation, inflation calculations, or reductions for higher earners. Delaying takes on real policy risk.
4. Opportunity Risk
The debate centers on the opportunity cost: what else the money could be doing for you if you had it sooner?. If you spend from a growth portfolio while waiting, the real opportunity cost is the return those dollars could have earned, historically around 5% above inflation. If you are spending from your portfolio while waiting, the true cost is whatever return those dollars could have earned.
5. Regret Risk
Regret risk is the emotional side of the decision. Which stings more: getting a terminal diagnosis at 69 and realizing you waited too long, or being 95 and wishing your check was a bit bigger?. Most people fear the first far more than the second. If Congress changes the rules after you have been delaying for years, that can feel like betrayal and cut deeper than market losses. Regret risk reminds us that peace of mind matters as much as the payout.
6. Health Span Risk
Health span—not just how long you live, but how long you live well—is what truly matters. Your healthiest years are precious, and the best gift money can buy is often an experience now, not later. In reality, a dollar at age 62 often buys richer memories and deeper joy than the same dollar decades later, and those options may no longer be available at 95. Sometimes delaying benefits means working longer and giving up your healthiest years, which can be a more costly tradeoff than people realize.
7. Spending Flexibility/Optionality Risk
Spending flexibility, or optionality, is about keeping doors open. Social Security gives you steady income but little flexibility; you cannot accelerate or adjust the payments. However, with a portfolio, that money can be available right away. For CRNAs who have built portfolio assets, preserving flexibility might be more valuable than maximizing the Social Security check.
Underspending Risk
People spend guaranteed Social Security money differently than portfolio money. Claiming earlier can boost confidence, nudging people to actually retire and spend in their healthiest years instead of holding back.
The Key Takeaway for CRNAs
The “wait until 70” advice is often ignored because it is based on academic models for the “average” person, but a CRNA’s situation is unique. The decision depends on your risks, your goals, and your lifestyle.
- Mark and Jen: Age 60, with a $500,000 portfolio, plan to retire at 62, and their family history suggests they will not live long. They fear benefit cuts and want to enjoy travel and giving now. For them, claiming early locks in income, preserves flexibility, and lets them enjoy their healthiest years.
- Nate and Kelly: Age 60, with a $5 million portfolio, plan to spend only $15,000 a month, and longevity runs in their family. They are not worried about regret or optionality. For them, delaying makes sense as they can cover the gap with their portfolio, maximizing their guaranteed income with almost no downside.
The answer is not found in a break-even spreadsheet. It is found in aligning Social Security with your health, your family, your portfolio, and your peace of mind.
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