Retirement benefits taken at age 70 are 76% higher, adjusted for inflation, than retirement benefits taken at 62, research finds.
Claiming before age 70 results in an estimated median household loss of $182,370 in lifetime discretionary spending for claimants ages 45 to 62, the researchers found.Why it pays to wait to claim Social Security
Those contributions count toward the Social Security retirement benefits workers may claim later in life. Generally, the higher your lifetime earnings, the higher the benefits you may receive.The rich have the most to lose by screwing this decision up. The poor have relatively more to lose because they're more dependent on Social Security.
The return for waiting to claim Social Security benefits may also beat stock market returns, which are highly risky, Kotlikoff noted.But there is one caveat: For those who anticipate dying sooner, it may make sense to claim early.
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