You probably shouldn't wait till 70 to claim Social Security. Here's math to open your eyes (but nobody likes to show)

Core Viewpoint - Delaying Social Security benefits until age 70 is often recommended for maximizing retirement income, but recent analyses suggest that this may not be the best option for everyone due to various financial factors [1][3][4]. Group 1: Financial Implications of Delaying Benefits - Claiming Social Security benefits at age 62 results in lower monthly payments compared to waiting until age 67 for full benefits, or age 70 for a 24% increase in monthly benefits [2]. - Financial planners typically advocate for delaying claims until age 70, but this advice may overlook individual circumstances and financial realities [3][6]. Group 2: Alternative Perspectives on Claiming Age - Some financial experts argue that age 70 is not necessarily the most financially advantageous age to start benefits, especially for individuals with a low discount rate or those who expect to live significantly beyond their life expectancy [4]. - Recent calculations challenge the notion that most individuals who claim benefits before age 70 are making a mistake, suggesting that earlier claims could be more beneficial for certain retirees [5]. Group 3: Assumptions in Financial Planning - The recommendation to delay benefits is based on simplified assumptions that do not accurately reflect the financial situations of most retirees, according to financial advisor Derek Tharp [6]. - Tharp highlights that traditional calculations assume future dollars hold the same value as today's dollars, which may not be realistic for retirees who invest in low-return assets, thus ignoring potential opportunity costs [7].