Overview
- Choosing when to start benefits permanently shapes monthly checks, total lifetime income, and potential survivor payments for a spouse.
- Eligibility begins at 62, yet research repeatedly finds that delaying to age 70 is the best move for most retirees.
- A 2019 United Income study found nearly 60% of retirees built more lifetime wealth by claiming at 70, versus 6.5% who did better before 64, with early claims leaving about $111,000 per household on the table.
- National Bureau of Economic Research work from 2023 reports only 10.2% claim at 70 even though over 90% would benefit from waiting, with a median loss of about $182,370 in lifetime discretionary spending for those who do not.
- For roughly a quarter of workers, delaying would boost typical lifetime spending by more than 17%, and about one in ten would see gains above 26%, underscoring the value of careful planning before filing.