Delaying Social Security benefits until age 70 may not be the best choice for everyone. Benefits depend on your average income of the 35 highest-earning years, but timing matters too. Claiming early at 62 gives 70% of your full benefit, while waiting until full retirement age guarantees 100%. Delaying beyond FRA earns 8% per year, increasing your payout to 124% at age 70.

The concept of Social Security is to receive similar lifetime benefits regardless of claiming age. The average American life expectancy is 76.4 years, with healthy life expectancy at 63.9. The break-even point is crucial – delaying past it results in a larger lifetime payout if you live longer. Factors like inflation, tax rates, and investment growth must be considered.

Consulting a financial advisor is advisable for personalized guidance. Consider the impact on retirement income, as delaying Social Security affects your overall financial plan. Health, financial situation, and investment strategy play a role in deciding when to claim. Evaluate your options carefully before making a long-term decision.

Read more at Yahoo Finance: Don’t fall for 1 of the biggest Social Security traps in the book. Here’s why delaying until 70 can be a big mistake