Delaying Social Security benefits until age 70 could increase lifetime income by nearly $272,000

A recent study highlights that delaying Social Security benefits until age 70 can significantly increase lifetime income, potentially adding nearly $272,000 for the average retiree. Most workers could optimize their benefits by waiting until at least age 65. The research indicates that 91.6% of workers would benefit financially from waiting until age 70 to claim. Those aged 45 to 54 could miss out on an average of $271,790 by claiming benefits too early. While maximizing Social Security is important, individuals should also consider their retirement goals and life expectancy when deciding when to claim benefits. Early claiming may be necessary for those who prioritize spending more time in retirement.