Should I delay Social Security and spend investments first?

When the options are compared, spending investments while delaying Social Security can make sense in some plans, but the tax impact and the value of liquidity should be modeled before committing. In a couple's long term plan, survivor needs and access to cash can matter as much as the expected return on the investment itself. Within the broader financial plan, a pension can reduce the amount the investment portfolio must provide, but it does not eliminate inflation or longevity risk.