I don’t want to claim benefits at 70. This is why.

Millions of older Americans receive monthly Social Security benefits. And without that money, many would undoubtedly struggle to cover basic living expenses. That’s why it’s important to apply for Social Security strategically — and understand the implications of filing at different ages.

The earliest possible age to file for Social Security is 62. But you won’t be eligible for your full monthly benefit based on your individual earnings history until you reach full retirement age. For people like me born in 1960 or later, that age is 67.

There’s also a big advantage to delaying Social Security past full retirement age. For every year you do so, up until age 70, your monthly benefits grow by 8%. So all things considered, waiting can save you a lot more money each month.

Because there is such a strong incentive to apply for Social Security at 70, I used to think that was the best age to apply. But I have since changed my mind. 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 you’ll get a higher life span advantage.

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

Basically, the general formula is this: if you end up living longer than average, then claiming at age 70 works in your favor. If you end up living an average life expectancy, then your filing age usually doesn’t matter as much because you’ll be largely breaking even anyway. And if you end up living a shorter life, then claiming early works out best financially.

There is no way to know what someone’s life expectancy will be. So the real question you have to ask yourself in the context of claiming Social Security at 70 is whether you want to risk shortchanging yourself on your lifetime income. If you don’t want to do that, you’re better off filing sooner. That changed my thinking.

Sometimes you just don’t want to wait

There is another reason why I don’t want to claim Social Security at age 70. I have worked hard to save for my retirement throughout my career. And I have made financial sacrifices that have allowed me to consistently fund my savings. I have given up things like a nicer home and better cars to focus on my savings. This should allow me to claim Social Security at a younger age and enjoy that money to the fullest.

And because I have saved so aggressively and plan to continue to do so, I am hoping that Social Security will serve as a source of additional money for me. But I am hoping that I can pay for my basic needs with my savings. This will make it less of a problem for me to claim benefits before age 70 and receive less money each month.

However, if you’re entering retirement with little in the way of savings, you may want to consider filing for Social Security later — or at least waiting until you reach your full retirement age. You don’t want to find yourself in a situation where you have to take medication doses or skip meals because you don’t have enough retirement income.

There is still time to change your mind

I don’t anticipate retiring for a long time, which means I don’t have to commit to an official Social Security filing date anytime soon. And you may be in the same boat.

But while I wouldn’t absolutely recommend that you set an age by which to start claiming your pension, I would encourage you to think about when you want to start taking your benefits. The reason? It could affect your savings strategy in the years to come.

If you plan to file for Social Security at age 70, that can take some of the pressure off of funding your IRA or 401(k) plan (you should still try to contribute, but you may not need to pressure yourself to max out if your savings are on track to this point). And if you know you want to file for Social Security as early as possible, you can boost your savings to compensate for a smaller monthly benefit.

You should know that it is also OK to change your mind about when to claim Social Security. I have done so at least a few times over the past 10 years or so. But either way, it is wise to consider your options and understand the implications of each decision.