The 5 Smart Moves to Make Before You File for Social Security

Jeremy Keil explains how 5 smart moves could impact your ability to claim $180,000 or more as a couple in Social Security.

If you’re about to file for Social Security, there’s a real possibility you could be leaving a significant amount of money on the table.

This isn’t a small decision.

For many retirees, Social Security ends up being one of the largest income sources they’ll ever rely on. And unlike many other financial decisions, this one is mostly permanent. Once you file, there are very limited opportunities to undo it.

That’s why getting it right before you file matters so much.

In this episode, I walk an article I recently wrote for Kiplinger magazine five key moves to help you make a more informed decision.

Many people think of Social Security as a simple choice:

Pick an age. Pick a number. File when it feels right.

But in reality, your Social Security decision can impact:

• Your lifetime income
• Your tax situation
• Your investment strategy
• And even your spouse’s financial future

Research completed by Larry Kotlikoff shows that the average couple can miss out on over $180,000 in lifetime Social Security income simply by choosing the wrong time to claim.

And for higher earners, the total value of Social Security over a lifetime can reach into the seven figures.

This is not a decision to make casually.

Your Social Security benefit is based on your highest 35 years of earnings.

If there are errors in your record—even just a couple of missing years—it can reduce your benefit for the rest of your life.

That’s why your first step should be logging into SSA.gov and reviewing your earnings history carefully.

If something is missing or incorrect, it’s your responsibility to correct it.

Even small errors can create a permanent reduction in income.

Your Social Security statement is helpful—but it’s based on assumptions.

Specifically, it assumes you’ll continue earning income at your current level all the way until full retirement age.

If you plan to retire earlier, those estimates can be significantly overstated.

Instead, use the retirement calculator to input your actual plan.

Adjust your future earnings based on when you expect to stop working. That will give you a much more accurate estimate of your benefit.

Many people don’t realize how much of their Social Security benefit they’ve already built.

By setting future earnings to zero in the calculator, you can estimate your “vested” benefit—what you would receive based only on your past work.

This can be eye-opening.

Some people discover they’ve already earned most of their benefit, and working additional years doesn’t significantly increase it.

Others realize they still have meaningful gaps that could impact their future income.

Either way, this step helps you make decisions based on facts instead of assumptions.

Your Social Security decision is essentially a timing decision based on how long you expect to live.

Yet most people guess.

Instead of guessing, take a few minutes to use a longevity calculator and understand your probabilities.

If you’re married, this becomes even more important.

The key question isn’t just how long you might live individually—but how long at least one of you is likely to live.

That joint life expectancy plays a major role in determining the value of delaying benefits.

This is where many people go wrong.

They treat Social Security like an investment decision—focusing on break-even points or rate of return.

But Social Security isn’t an investment.

It’s insurance.

Its purpose is to provide income in later years, support a surviving spouse, and protect against the risk of living longer than expected.

When you shift your thinking from “How do I maximize returns?” to “What role does this play in my plan?” the decision becomes much clearer.

Social Security is one of the few decisions in retirement that is both highly impactful and largely irreversible.

That combination makes preparation critical.

Before you file, take the time to:

• Verify your data
• Use accurate projections
• Understand what you’ve already earned
• Consider your longevity
• And frame the decision correctly

Because when you get Social Security right, it strengthens every other part of your retirement plan.

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About the Author:

Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.

Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.

Additional Links:

• Buy Jeremy’s book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps
• “Claiming Social Security Soon? 5 Smart Moves to Make Before You File” by Jeremy Keil, Kiplinger Magazine
• “How Much Lifetime Social Security Benefits Are Americans Leaving On the Table?” – Larry Kotlikoff, David Altig & Victor Yifan Ye
• Social Security Administration website
• LongevityIllustrator.org
• “Social Security and Work: How Much Can You Make in 2026?” – Mr. Retirement YouTube Channel
• “Can Americans Really Rely on Social Security? With Chris Orestis” – Retire Today Podcast

Connect With Jeremy Keil:

• Keil Financial Partners
• LinkedIn: Jeremy Keil
• Facebook: Jeremy Keil
• LinkedIn: Keil Financial Partners
• YouTube: Mr. Retirement
• Book an Intro Call with Jeremy’s Team

Media Disclosures:

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