Social Security: when to file, and why "break-even" is the wrong question

Ask the internet when to file for Social Security and you will get a break-even chart. Live past age X and waiting wins. Die before age X and filing early wins.

That framing misses what Social Security actually is: longevity insurance and survivor insurance. The right filing age depends less on your expected return and more on which risk you want to insure against.

For married couples, the higher earner's filing age sets the survivor benefit for whichever spouse lives longest. That single decision often outweighs every other Social Security choice put together.

We help clients model their filing decision against three scenarios: both spouses live long, one spouse outlives the other by a decade, and both spouses pass earlier than expected. The decision usually becomes clear once the picture is full.