Core Insights - The decision of when to claim Social Security is crucial for retirees, as it significantly impacts monthly and lifetime benefits [1] - Data indicates that most retirees benefit more by delaying their claims until age 70 [5][8] Claiming Rules - Social Security can be claimed between ages 62 and 70, with early claims resulting in reduced benefits by up to 30% [6][7] - Delayed claims can increase benefits by as much as 24% compared to standard benefits [7] Optimal Claiming Age - Studies show that 57% of retirees achieve greater wealth by claiming at age 70, while only 6.5% benefit from claiming before age 64 [8] - Delayed claiming can lead to a 10.4% increase in lifetime spending for typical workers and a median household wealth increase of $182,370 [8]

Core Points - The article discusses the strategic decision of when to claim Social Security benefits, particularly focusing on the year 2026 as a potential filing year for individuals turning 62 or older. Group 1: Reasons to Claim Social Security in 2026 - Individuals turning 70 in 2026 should claim Social Security, as delaying beyond this age does not yield additional benefits and could result in financial loss [3][4]. - If retirement savings are sufficient to cover living expenses, claiming Social Security early can provide additional funds for personal goals, such as purchasing property or traveling [5][6]. - The decision to claim Social Security should consider both financial readiness and the potential impact on mental and physical well-being [7].