Short answer: for a high-earning dentist, Social Security is usually a smaller slice of retirement income than your savings — but the claiming decision still matters, because waiting increases your benefit for life. Claim as early as 62 for a permanently reduced check, at full retirement age for 100%, or wait until 70 for the maximum. The “right” age depends on your health, other income, and spouse.
How does claiming age change your benefit?
You can claim as early as 62, but your monthly benefit is permanently reduced. Wait until your “full retirement age” (mid-60s, depending on birth year) and you get 100%. Delay further, up to age 70, and your benefit grows by a set percentage each year you wait. In effect, waiting buys a larger, inflation-adjusted, lifelong income stream.
What are the trade-offs?
- Claim early — money sooner, but a smaller check for life; useful if you need income or expect a shorter lifespan.
- Wait — a larger lifelong benefit and more longevity protection, at the cost of drawing more from savings in the meantime.
- Health and family longevity — those who live longer generally benefit more from waiting.
- Spousal and survivor benefits — a higher earner’s decision affects what a surviving spouse receives.
How does it fit a dentist’s bigger picture?
For most dentists, Social Security is a supporting player, not the star — your savings and practice-sale proceeds do the heavy lifting. But the claiming decision interacts with your withdrawal strategy: delaying Social Security while drawing from tax-deferred accounts in your low-income years can be a powerful combination. Coordinate the timing with your overall income and tax plan.
How should you decide?
Weigh your health and family longevity, your need for income, your other assets, and your spouse’s situation — then coordinate the choice with your withdrawal and tax strategy. There’s no universally right age; it’s a personal decision that a good plan models rather than guesses. This is general education, not individualized advice.
Frequently asked questions
It depends on your health, longevity expectations, need for income, other assets, and spouse. Claiming at 62 gives a permanently reduced benefit; full retirement age gives 100%; waiting until 70 maximizes it. Healthy people expecting a long life — and higher earners protecting a surviving spouse — often benefit from waiting, but there’s no universal answer.
It’s usually a smaller share of a dentist’s retirement income than their savings, but it still matters — the claiming decision affects a guaranteed, inflation-adjusted, lifelong benefit and survivor benefits for a spouse. Coordinating when to claim with your withdrawal and tax strategy can add meaningful value.
Sources
Founder & Financial Planner · Investment Adviser Representative · Series 63 & 65
Ian McGinnis is the founder of Dental Wealth Partners and a fee-only financial planner dedicated to dentists. As an investment adviser representative (Series 63 and 65), he built the firm to give dentists coordinated, fiduciary advice across their practice, taxes, investments, retirement plans, and long-term goals — the whole picture in one strategy. A graduate of Belhaven University, Ian previously worked at Davis Private Wealth, MML Investors Services, and Northwestern Mutual, and is based in the Jackson, Mississippi area. He is the author of The Wealthy Dentist and hosts the Smiles & Cents podcast.
Keep reading
- Retirement withdrawal strategy: which accounts to tap, and whenThe order you withdraw from taxable, tax-deferred, and Roth accounts can save years of taxes. Why your withdrawals look different before and after Social Security.
- Building your retirement paycheck: turning savings into incomeRetirement flips the problem from saving to spending. How dentists can turn a portfolio and practice-sale proceeds into a reliable, tax-smart paycheck.
- The big tax mistakes retirees make (and how to avoid them)Taxes don’t stop in retirement — they change. The most common and costly tax mistakes retirees make, from RMD surprises to poor withdrawal timing.