Claim Social Security at 62, 67, or 70?

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The problem isn’t when retirement starts. It’s what happens after the average.

For decades, most Americans built retirement around one familiar age: 65.

That was the traditional milestone. By then, Social Security, personal savings, and maybe a pension were supposed to help carry you through the years ahead.

But that old retirement math has changed.

If you were born in 1960 or later, your Full Retirement Age for Social Security is now 67.¹  That means full benefits arrive later than many people grew up expecting.

At the same time, life expectancy data points to a longer retirement horizon.

According to the National Center for Health Statistics chart below, life expectancy at age 65 was 19.7 more years in 2024.²

But that number is only the average.

And when you’re planning retirement income, the average isn’t the finish line. It’s the number you may need to plan beyond.

The new retirement math: 67, 85, and maybe beyond

Here’s where the pressure starts to show up.

Full benefits may start later than many people expected when they were young. And retirement expenses don’t wait for your claiming strategy to line up.

• Housing costs continue
• Healthcare costs continue
• Groceries, insurance, taxes, utilities, and family obligations continue

If your plan was built around an average retirement, the years beyond that average can become the real test.

What if the average isn’t enough?

That’s the question many retirement savers may not be asking soon enough.

A plan built for 20 years can be a problem if it has to support 25 or 30 years of withdrawals — especially when rising costs… market downturns… and unexpected medical expenses enter the picture.

“There is a significant chance that you will live for many years beyond the average.” ⁷
—American Academy of Actuaries

Social Security timing matters more now

Social Security was never designed to answer every retirement need.

But for many Americans, it remains one of the most important income sources in retirement. That makes the decision of when to claim benefits feel bigger now.

You can still claim retirement benefits as early as age 62. But if your Full Retirement Age is 67 and you claim at 62, your monthly benefit can be reduced to 70% of your full benefit amount — a permanent reduction of up to 30%.⁴

That may be the right decision for some people. Health, job loss, cash needs, family obligations, and personal circumstances all matter.

But the trade-off is real.

Claim early, and you may collect sooner — but with a smaller check for life.

Wait until Full Retirement Age, and you may receive 100% of your benefit.

Wait beyond Full Retirement Age, and delayed retirement credits can increase that amount. For people born in 1943 or later, Social Security adds 8% per year for each year you wait after Full Retirement Age — but only until age 70.⁵

So, if your Full Retirement Age is 67, waiting until 70 could mean roughly 24% more than your full benefit amount.

The catch?

Waiting may increase your future benefit, but it also creates a bridge period where your other retirement assets have to do more work before you claim.

“Delaying until age 70 can increase your monthly Social Security payments by up to 24%.” ⁶
—Charles Schwab Corporation, May 2026

The hidden risk: average life expectancy can mislead you

Average life expectancy gives you a starting point.

But it doesn’t tell you how long your money may need to last.

That’s the difference between life expectancy and longevity risk.

Life expectancy is the average. Longevity risk is the possibility that you live longer than your savings were built to support.

For individuals, that can mean funding years beyond the average.

For couples, the challenge can be even bigger — because the money may need to last until the second spouse passes away.

That’s where many retirement plans get tested.

Not at the average.

After it.

This is where the portfolio question gets serious

When retirement lasts longer than expected, every major decision matters more.

• How much income will you need?
• How long will your savings need to last?
• What happens if rising costs, market swings, or healthcare expenses hit at the wrong time?

When the time horizon stretches, retirement savers often want to know whether their plan has enough layers of protection.

That’s one reason some Americans explore a gold IRA.

A gold IRA doesn’t replace Social Security. It doesn’t eliminate market risk. It doesn’t guarantee retirement income.

But for some savers, it can offer another layer of diversification — with physical gold and silver held inside a tax-advantaged retirement account.

And when retirement can last 20, 25, or even 30 years, diversification becomes more than a nice idea.

It becomes a serious planning conversation.

Before you decide you’re fine, look beyond the average

A longer retirement can be a blessing.

• More time with family
• More time to travel
• More time to enjoy what you worked for

But those extra years still need to be funded.

That can mean more exposure to rising costs… more market cycles to weather… and more unexpected expenses along the way.

So, the question isn’t just whether your portfolio can support the average retirement.

It’s whether it can keep going if retirement lasts longer than the number you planned for.

Is your portfolio built only for the average — or for the years that may come after it?

Augusta Precious Metals’ free Gold & Silver IRA Info Kit can help you understand how physical gold and silver may fit into a broader retirement strategy — and why some savers are looking at gold IRAs as they prepare for a longer, more uncertain retirement.

Get the Free Gold & Silver IRA Info Kit→