Is Delaying Social Security Always the Smartest Move?

Core Insights - The article discusses the common advice to delay collecting Social Security benefits until age 70 to maximize retirement income, but emphasizes that this strategy may not be suitable for everyone [1][2] Group 1: Health and Longevity - Personal health and life expectancy significantly influence the decision on when to claim Social Security benefits, with those in poor health potentially benefiting from claiming earlier [3][4] - Delaying benefits until age 70 is only advantageous if an individual expects to live to around 80; otherwise, claiming early ensures some income during retirement [4] Group 2: Financial Situation - A comprehensive assessment of overall financial circumstances is crucial when deciding the timing for claiming Social Security; having other income sources can allow for a delay in claiming benefits [5]