TRANSCRIPT:

Right now, headlines are screaming that Social Security is running out of money. Some people are even calling it a Ponzi scheme. As a result, more retirees are saying, “I’m taking it at 62 before it’s gone.” But here’s the truth: that fear-based decision can cost you hundreds of thousands in lifetime income. I’m Hunter Brockway with Boca Retirement Strategies, and today I’ll show you why claiming early is almost never the right move and what to do instead.

At Boca Retirement Strategies, we help retirees make tax-smart, fact-based decisions, not emotional ones. And when it comes to Social Security, the math, the data, and the law all point in the same direction: waiting almost always wins.

Let’s start with the rumor mill. Early in 2025, data showed high-income Americans suddenly stopped delaying Social Security, largely because of viral claims about the massive fraud and the system going broke. Some called it a Ponzi scheme. Politics repeated it, and millions of Americans panicked. Here’s the truth: Social Security’s administrative costs are under 0.5%. And as long as people are working and paying payroll tax, money continues to flow in. The program has a funding challenge, not a bankruptcy date. The trust fund might deplete by 2034, but checks will still go out at about 77 cents on the dollar, and Congress will never allow a 23% cut to stand.

So, let’s push politics aside. Rushing to claim at 62 “before it’s gone” is like selling your house because of a weather forecast. It’s an emotional overreaction that locks in loss. Why does waiting build more lifetime wealth? Let’s look at the math. Social Security pays roughly 8% more for each year you delay until full retirement age, up to 70. For some whose full retirement age is 67, that means waiting from early claiming age 62 all the way to age 70 is 8 years of full growth, which is about a 76% higher benefit. And that income is inflation-adjusted for life—a built-in annuity that grows with the cost of living. Delaying isn’t risky; it’s insurance against living a long time. High earners especially should wait because they’ll likely outlive the averages. If an investment offered you a guaranteed 8% return, you’d take it. With Social Security, that deal is already on the table. You just have to be patient.

The wealth foundation argument: Think of Social Security as the bond portion of your retirement portfolio, a stream of inflation-protected income that gets more valuable the longer you wait. When you delay, you’re swapping some short-term cash for a larger lifelong asset. The present value of that future income rises each year you wait. For those who can afford to bridge income until age 70—maybe by spending some from retirement savings or conservative assets—their total net worth actually grows because they’re converting a smaller pile of investments into a much bigger guaranteed income base. It’s one of the few ways to beat the government: wait longer, get paid more, and make Washington regret the math.

If this video got you thinking about your own retirement planning, I’d like to offer you something to help you see the bigger picture. We’ve created a tax-smart comprehensive retirement workbook for pre-retirees and retirees. If there’s one thing I’ve noticed in my years of working with individuals, it’s that there’s always at least one aspect in the planning process where they say, “Hm, I haven’t thought about that before.” No matter how smart they are, how much they’ve saved, something comes up. Whether it be they realize they can spend more than they thought they could, they realize their tax bill is going to be high in retirement, or they are going to leave money on the table with their current Social Security claiming strategy.

This workbook is designed to help you walk through the most critical areas of retirement planning with action steps, false beliefs, and areas for you to input your own reflection items. You can download the workbook by going to the link below in the description. If you have any issues with that link, send us an email at contact@bocaretirement.com.

The biggest obstacle isn’t the math, it’s psychology. Behavioral economists call it loss aversion. People fear losing a benefit now more than they value a bigger one later. But the data shows early claimers give up hundreds of thousands in lifetime payments. Reframe that decision not as waiting for money, but as buying more guaranteed income.

So here’s the truth about claiming at 62: It locks in a smaller check for life. It doesn’t protect you from system cuts—everyone would face them equally, so you’d be taking a cut on a cut. And for higher earners, it’s leaving real money on the table. The smart move is to use a bridge strategy. Plan your withdrawals and delay for the bigger inflation-protected benefit.

If you want to see how delaying Social Security fits into your broader retirement income plan, you can download our free tax-smart retirement workbook at the link below. It walks you through income timing, taxes, and bridging strategies that make waiting not just possible, but profitable. I’m Hunter Brockway with Boca Retirement Strategies. Thank you for watching and enjoy your successful retirement with more money and less stress.