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

What we drew from this source

The claims Via News extracted from this document. We point to the source; we don't replace it.

• Calculations do not support the presumption that the vast majority of people who choose to start their Social Security retirement benefits before age 70 are making a mistake

  80% confidence

• Working with a financial advisor can add about 3% to net returns over time

  80% confidence

• Most people don't have portfolios consisting of assets that earn just 0% to 2%. Rather, their portfolios hold a mix of stocks and bonds — which historically have earned closer to 5% above inflation

  80% confidence

• Average healthy life expectancy in the U.S. is just 63.9 years

  80% confidence

• Retirees with modest portfolios, health concerns, or a propensity to underspend may see effective discount rates of 6%-8% or more, which shifts the decision strongly towards early filing

  80% confidence

• Taking Social Security benefits as early as possible (age 62 for those born after 1960) could result in lower monthly payments

  80% confidence

• Nearly 50% of Americans are making 1 big Social Security mistake

  80% confidence

• Simple spreadsheet calculations assume that future dollars are worth almost the same as today's dollars, based on assumption that retiree invests primarily in ultra-safe assets

  80% confidence

• At 70, your monthly benefit stops increasing

  80% confidence

• At age 67, you qualify for full benefits, but if you delay your claim until age 70, you could enjoy a 24% total boost to monthly benefits

  80% confidence

• Assuming you'll earn about 5% rather than less than 2% on Social Security income can completely change the math; it makes delaying benefits much less attractive

  80% confidence

• Life expectancy is 78.4 years

  80% confidence

• Retirees with substantial resources who are less vulnerable to policy or sequence of returns risks may still benefit from delaying until age 70

  80% confidence

• If you die early, you could be leaving hundreds of thousands of dollars on that table that otherwise could have been spent or given to loved ones or causes one cares about

  80% confidence

• Age 70 is not the most financially rewarding age to initiate benefits unless an individual has a low discount rate and/or is confident they will live several years past their life expectancy

  80% confidence

• Used 8 solid, repeatable money rules to turn $9,800 into a $150B fortune

  80% confidence

• Only 10% of retirees wait until 70 to claim benefits

  80% confidence

• The average retirement age in the U.S. is 62

  80% confidence