Core Insights - The timing of Social Security claims is a critical financial decision for retirees, often overlooked and difficult to reverse once made [1][2] - The environment in 2026 presents modest cost-of-living adjustments (COLA) and rising expenses, particularly in healthcare, making timing decisions more significant [2][3] Cost-of-Living Adjustments - The 2026 COLA is projected at 2.8%, which may not sufficiently offset inflation for many retirees [3] - Medicare Part B costs are expected to rise by 9.7%, increasing financial pressure on retirees [3] Longevity Considerations - Determining the right time to claim benefits requires careful consideration of life expectancy, which can vary based on health status and planning [4][5] - Mistakes in Social Security timing can lead to substantial reductions in retirement income, potentially costing families between $9,000 and $15,000 annually [5][6] Delaying Benefits - Delaying Social Security benefits can significantly increase total income, but only if the recipient lives beyond the break-even point [6] - There is a risk in delaying too long, as waiting until age 70 may negatively impact long-term retirement income plans [6]