Many people feel pressure to claim Social Security as soon as possible. Yet for many retirees, waiting can significantly increase guaranteed income for life.

The challenge is covering living costs in the meantime without derailing long-term savings.

Why Delaying Helps?

Social Security is designed with strong incentives to wait. Claiming early permanently reduces your monthly benefit, while waiting until full retirement age (FRA)—or even to age 70—raises the payout for every month you delay. These higher checks continue for as long as you live.

For someone expecting a long retirement, that higher payment is like buying more lifetime income. It acts as protection against outliving investments. Once your benefit is set, it does not fall just because the market is having a rough year, which adds peace of mind.

Wade D. Pfau, a retirement income researcher, writes, “Delaying your Social Security benefits provides a higher payout rate and stronger inflation protection than commercially available annuities.”

The Bridge Concept

The bridge strategy is a practical way to delay claiming without sacrificing your lifestyle. Instead of filing at sixty-two, you “bridge the gap” by drawing from savings, workplace plans, or other resources until you reach full retirement age or later. In effect, you are trading some of your portfolio now for a higher, inflation-adjusted benefit later. That benefit continues as long as you live and may also support a surviving spouse. The trade-off is most attractive for people who expect to live into their late seventies or beyond.

Weighing Costs

On the surface, spending down savings early can feel backwards. However, in many common benefit scenarios, the math can favor waiting. A medium earner might see a much smaller check at sixty-two than at sixty-seven, requiring withdrawals from savings to fill the gap.

Over several bridge years, those withdrawals can add up. Yet the permanently higher benefit that starts later gradually repays that amount. After a certain age—often around the late seventies—the retiree generally comes out ahead.

Using Investments

Designing an effective bridge begins with a realistic spending plan. Estimating core expenses such as housing, food, health care, transportation, and modest leisure helps determine how much income is required before Social Security starts.

Many planners suggest a tax-aware approach. One common framework is to take enough from pre-tax accounts, such as traditional workplace plans or individual retirement accounts, to fill the lower tax brackets, then draw the rest from regular brokerage accounts. This can keep overall tax bills smoother and may extend the life of savings.

Because the bridge window is typically only a few years, some retirees move part of their short-term spending money into more stable holdings. That might include cash-like vehicles and high-quality bond funds, which aim to reduce the risk of selling volatile investments after a market downturn.

Annuities And Bonds

Not everyone is comfortable managing withdrawals from an investment portfolio. For those who prefer predictable income, an annuity can serve as a bridge tool. In exchange for a lump sum, an insurer provides a defined stream of payments for a set period or for life.

This can help reduce anxiety and simplify budgeting. However, annuities often include various fees and complex features. It is important to understand costs, surrender periods, and how the income fits alongside other retirement resources before committing a large portion of savings.

For people who prefer to avoid insurance contracts, a ladder of short to intermediate-term bonds and cash equivalents can also supply bridge income. These fixed income investments may offer lower fees and more flexibility, although they require more active management to reinvest proceeds and maintain the plan.

Working Longer

Continuing to work part time or full time in your early sixties is another powerful way to support a delay. Earnings from work can cover a portion or even all of your living costs, reducing or eliminating the need to tap savings during the bridge years.

This approach offers two benefits at once. First, you gain the higher Social Security payment that comes from delaying your claim. Second, you may keep contributing to retirement accounts, giving your portfolio more time to grow and supporting a more comfortable retirement.

Who Benefits Most?

A bridge strategy is not ideal for everyone. It tends to work best for people who have at least moderate savings, expect average or better health, and place a high value on secure income later in life. Those with serious health concerns or limited savings may reasonably choose to claim earlier.

Household structure matters as well. Couples often run scenarios that coordinate two benefits, survivor protections, and different retirement ages. In many cases, it makes sense for the higher earner to delay as long as possible to maximize the benefit that would continue for the surviving partner.

Final Thoughts

Delaying Social Security can transform a modest benefit into a more robust, guaranteed income stream, but it rarely happens by accident. Thoughtful planning—through drawing down savings, using conservative investments, buying an annuity, or working longer—can provide the bridge needed to wait. A practical next step is to map your “bridge years” with a simple budget, decide which accounts will fund the gap, and stress-test the plan against a downturn so you can delay with confidence.