Delaying your Social Security claim until age 70 can boost your benefits for life, but it may not fully compensate for a lack of savings. Larger monthly checks can help, but it’s important to save for retirement to maintain a comfortable lifestyle. Filing at 70 may not replace 70-80% of your pre-retirement income, so it’s crucial to aim for at least the lower end of that range. If struggling to save, start small with contributions to an IRA or 401(k) and consider working a side gig to increase income. Delaying Social Security can provide extra money, but savings are still crucial for retirement security.

Read more at Nasdaq: Can Claiming Social Security at 70 Take the Place of Retirement Savings?