I no longer want to claim Social Security at age 70. Here’s why.

Millions of older Americans collect a monthly benefit from Social Security. And without that money, many would undoubtedly struggle to meet their basic living costs. That’s why it’s important to claim Social Security strategically — and understand the implications of filing at different ages.

The youngest age to file for Social Security is 62. But you are not eligible for your full monthly benefit based on your individual earnings history until you reach retirement age. For people like me who were born in 1960 or later, that age is 67.

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There’s also a big advantage to deferring Social Security benefits past full retirement age. For every year you live until age 70, your monthly benefits increase by 8%. So overall, waiting could set you up for a lot more money each month.

Because there is such a big incentive to claim Social Security at age 70, I used to think that was the best age for me to sign up. But since then I have changed my tune. Here’s why.

There is a risk involved

The advantage of claiming Social Security at age 70 is locking in a higher monthly benefit. But it doesn’t mean locking in a higher level lifetime benefit.

No one knows how long they will live. But because of this, waiting until age 70 to claim Social Security is a risky prospect because it means losing years of benefits sooner.

Basically, the general formula goes like this: if you end up living a longer than average life, then a claim at age 70 works in your favor. If you end up living an average life expectancy, your storage age tends not to matter as much because you become mostly even either way. And if you end up living a shorter life, an early claim works best financially.

There is no way to know what is in store in terms of someone’s life expectancy. So the real question you have to ask yourself in the context of applying for Social Security at age 70 is whether you want to take the risk of cutting your lifetime income. If not, then you may want to file earlier. Thus my thinking had changed.

Sometimes you just don’t want to wait

There’s another reason I don’t want to claim Social Security at age 70. I have worked hard to save for retirement throughout my career. And I made financial sacrifices that allowed me to consistently fund my savings. I gave up things like a nicer house and better cars to focus on my nest egg. Because of this, I should be entitled to claim Social Security at a younger age and enjoy this money to the fullest.

Plus, because I’ve saved so aggressively and plan to continue to do so, I’m hoping that Social Security will serve as a source of extra money for me. But I hope to be able to pay for my basic needs from the savings. Because of this, claiming benefits before age 70 and getting less money each month isn’t necessarily problematic for me.

However, if you’re approaching retirement with little savings, then you may want to consider a later Social Security deposit—or at least wait until you reach full retirement age. You don’t want to end up in a situation where you have to skip medication doses or meals because you don’t have enough income in retirement.

There is still time to change my mind

I don’t expect to retire for quite some time, which means I don’t need to commit to an official Social Security filing date anytime soon. And you might be in the same boat.

But while I wouldn’t tell you to lock in a filing age with absolute certainty in your 40s or 50s, I would encourage you to think about when you might want to benefit. The reason? It could influence your savings strategy for years to come.

If you plan to file for Social Security at age 70, then it may take some pressure off of you to fund your IRA or 401(k) plan (you should still aim to make contributions, but it’s you may not need to rush to max out if your savings are on track so far). And if you know you want to claim Social Security as soon as possible, then you may want to boost your savings to make up for a lower monthly benefit.

You should know that it’s also okay to change your mind about when to claim Social Security. I’ve done this at least a few times over the last 10 years or so. But either way, it’s smart to think about your options and understand what implications each decision might have.