Group 1 - The Social Security retirement benefits can increase by about 25% if claimed at age 70 compared to claiming at full retirement age, which varies between 66 and 67 depending on birth year [1] - The decision to delay claiming benefits may not be suitable for everyone, as lifetime benefits tend to average out regardless of when they are claimed [2] - There are significant risks associated with delaying benefits, including potential reductions in payouts due to the Social Security program's solvency challenges, with a projected 23% reduction in benefits by 2033 if no changes are made [3] Group 2 - Claiming benefits earlier may allow individuals to receive 100% of their due payments for a period, which could be financially advantageous despite future reductions [4] - The value of time and personal circumstances, such as health and work plans, play a crucial role in deciding when to claim Social Security benefits [5] - Ultimately, enjoying life and the time secured through hard work is deemed more important than maximizing financial benefits from Social Security [6]