PortfolioRisk News & Analysis

Social Security Claims Affect Lifetime Benefits by $18,000

Delaying Social Security until age 70 can increase monthly benefits by up to 77%, but factors like health and life expectancy can influence this decision. A retiree who claims at 67 instead of 70, with a life expectancy of 80, may collect about $18,000 more in lifetime benefits. This suggests that not all retirees benefit from delaying their claims, especially those with shorter life expectancies. Understanding this can help retirees make more informed decisions about when to claim Social Security.