Delaying Social Security benefits until 70 is often recommended to maximize lifetime income, but few people actually choose this option. In 2022, only 10% of retirees claimed benefits at 70, while 29% claimed at 62 and 61% before full retirement age. Delayed retirement credits add 8% to benefits each year after full retirement age. Retiring at 70 instead of 62 could mean an additional $2,277 per month. However, delaying could backfire if you have a shorter life expectancy, leading to a net loss. Survivors may not receive the full benefit if you die before claiming. Waiting also poses risks to your retirement portfolio, as withdrawals may deplete assets if the market stumbles. Social Security’s long-term finances are under strain, with potential benefit cuts in the future. Delaying until 70 can be rational for those in good health with a diversified portfolio and financial cushion, but it’s essential to weigh the benefits and risks before making a decision.

Read more at Yahoo Finance: Holding off on Social Security until 70 can increase payouts, but for some, waiting too long may backfire