If you’ve ever found yourself lying awake at night, your mind drifting from your golf swing to your golden years, you’re not alone. My husband, Mark, and I have entered that club. We’re the Robinsons: Mark, the ever-pragmatic former civil engineer; me, Leo, a now-retired graphic designer who finds solace in a messy pottery studio; and our son, Sam, a hilarious and energetic 10-year-old who keeps us on our toes.

Yes, you read that right. We’re a family of two 60-year-olds and one fantastic fourth-grader. Our life is a beautiful, non-traditional tapestry, and we wouldn’t have it any other way. But this unique situation means our retirement planning has an extra layer of complexity. Recently, we sat down with our favorite iced teas on the porch of our fully-paid “Havencrest” home (our little slice of suburbia, valued around $1.2 million) to tackle the final big piece of our puzzle: When should we claim Social Security?

A Snapshot of Our Financial Canvas

First, a little background. After decades of diligent saving, we’re in a fortunate position. Our financial picture looks something like this:

• The Nest Egg: We have a combined $1.2 million in savings.
  • The Workhorse ($1 million): This is in our traditional IRAs, the fruit of a lifetime of maxing out contributions. It’s been growing steadily but is just waiting for its chance to be taxed.
  • The Flexible Funds ($200k): We have $125k in a brokerage account and another $75k in cash. This is our “life happens” fund—for everything from a new car to a spontaneous trip to see the Grand Canyon with Sam.
• Our Home: Havencrest is our anchor. No mortgage, just property taxes and the constant hum of a home that needs… something. Always.
• Our Lifestyle: Mark’s passion is restoring old wooden sailboats (a notoriously slow and expensive hobby), and mine is throwing clay on a wheel. We dream of traveling, showing Sam the world, and enjoying a comfortable, but not lavish, life.

The Social Security Crossroads

This is where it gets interesting. Our Social Security benefits are not created equal.

Mark’s Benefits (The Primary Earner):

• At 62: $2,546/month
• At Full Retirement Age (67): $3,590/month
• At 70: $4,000/month

My Benefits (The Spousal Claimant): As the spouse who primarily managed the home and freelance projects, my own work record is minimal. I’ll be claiming a spousal benefit, which is up to 50% of what Mark receives at his full retirement age.

So, the million-dollar question (quite literally!) is: When do we pull the trigger?

Analyzing Our Three Main Scenarios

We whiteboarded this for hours. Here’s the breakdown of our thought process.

Scenario 1: The Early Bird (Claiming at 62)

• The Allure: An immediate income of over $2,500/month starting in just two years. That’s a tempting cushion that would allow us to touch our IRA savings less, especially while Sam is still at home.
• The Reality Check: This is a permanent reduction. By claiming early, Mark locks in a 29% lower benefit than if he waited until 67. Even more impactful, my spousal benefit would be reduced as well, as it’s based on his early claim. This feels like a short-term gain that could cost us significantly over a 25-30 year retirement, especially with our family’s longer life expectancy.

Scenario 2: The Textbook Approach (Claiming at 67)

• The Allure: This is the “Full Retirement Age” scenario. We get Mark’s full $3,590 and I get my full spousal benefit (around $1,795). It’s the standard, sensible path.
• The Reality Check: It’s sensible, but is it optimal? We have to fund the next seven years entirely from our savings. While our nest egg is robust, drawing down $80k-$100k a year (to cover living expenses and taxes) for seven years would put a noticeable dent in our principal.

Scenario 3: The Delayed Gratification (Claiming at 70)

• The Allure: A whopping $4,000/month for Mark. That’s a guaranteed, inflation-adjusted annuity that one of us (likely me) will collect for life. My spousal benefit would still be based on his age 67 amount, but that’s okay. The goal here is to maximize the highest lifetime benefit.
• The Reality Check: This requires the most discipline. We would be relying on our savings to fund a full decade from age 60 to 70. This is a bold move, but our $1.2 million in liquid assets might just make it possible.

The Robinson Family Verdict

After countless cups of tea and reviewing the spreadsheets, we’ve landed on a strategy that feels uniquely “us.”

We are going to split the difference, using our savings as our strategic lever.

Here’s the plan:

1. Mark will delay his benefits until age 70. This is the cornerstone of our plan. By doing this, we are essentially using our substantial IRA savings to “buy” a higher, guaranteed, inflation-protected income stream for life. The jump from $3,590 to $4,000 per month is an 11% guaranteed return on waiting those three extra years—an deal we can’t get anywhere else.
2. I (Leo) will claim my spousal benefit when Mark turns 70. This gives our savings a single job: support us fully until Mark is 70. At that point, the Social Security spigot turns on fully, and we’ll have a massive, reliable income floor of nearly $6,000 per month ($4,000 for him + ~$1,795 for me) that we can’t outlive.
3. We will practice our retirement budget now. For the next two years, we’re going to live as if we are already drawing a higher amount from our savings. This dry run will ensure we’re comfortable with the withdrawal rate and give us confidence.

Why This Works for Us: Our $1.2 million in savings gives us the flexibility that many families don’t have. We can afford to let our biggest financial asset—Mark’s Social Security—grow to its maximum potential. It’s a trade-off: we accept a higher withdrawal rate from our portfolio for a decade to secure a much higher, lifelong income later. For a family with a young child and a passion for hobbies that could last a lifetime, that long-term security is priceless.

The best time to claim Social Security isn’t a one-size-fits-all answer. It’s a deeply personal equation based on your health, your savings, and your dreams. For the Robinsons, the best time is late—because the best of our lives is yet to come.