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No. of Recommendations: 6
When discussing life expectancy in the context of Social Security, it's critical to remember the S in OASDI- Survivor.
While the chance of any particular 70 year old reaching 90 or 95 may be relatively low, the odds that a married couple that age will have a surviving widow/widower who reaches 90 are quite high- about 45%.
I got that number from this Michael Kitces article, which links to a Joint Life Mortality Calculator excel file. https://www.kitces.com/blog/rigorous-analysis-of-pension-opt...

The spreadsheet is based on SSA's "Period Life Table 2004" which I assume is fairly conservative for 2022, since life expectancy tends to get longer over the years (post-USSR Russia excepted!).

An event that has almost a 1 in 2 chance of happening has to be planned for. I don't recommend playing Russian roulette with 3 bullets loaded!

Waiting until 70 to take SSI can be seen as an insurance policy for the couple, increasing the odds that the survivor never runs out of money since the increased benefit becomes the couple's survivor benefit.
Obviously, with health, diet & lifestyle issues YMMV to the point where claiming at 62 makes total sense.
My take: if you & your spouse are in average to above average health, planning for at least one you to reach 95 seems prudent.
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