Core Insights - A significant majority of working Americans, approximately 90%, do not plan to wait until age 70 to claim Social Security benefits, despite financial experts recommending this strategy for maximizing benefits [1][2]. Group 1: Financial Implications of Claiming Social Security - Claiming Social Security at age 70 results in a 24% increase in monthly benefits compared to claiming at age 67, with even greater differences when comparing benefits claimed at age 62 versus age 70 [4]. - Delaying benefits can be particularly advantageous for individuals with taxable retirement accounts, such as 401(k) or IRA, as it may help mitigate tax complications associated with simultaneous withdrawals and Social Security income [5]. Group 2: Reasons for Early Claiming - Common reasons for early claiming include immediate income needs due to retirement, a belief that waiting will not significantly change the benefit amount, and considerations of personal longevity [7]. - Many individuals underestimate their longevity in retirement, which can lead to a higher total benefit if they claim early, especially if they anticipate not living past age 80 [8].