Should You Wait Until Age 70 to Take Social Security?

How would delaying benefits affect me personally? Depending on your birth year, starting at 62 would result in a 25-30% reduction in your full retirement age (66-67) benefit. Waiting to age 70 could result in a 124-132% increase. You can estimate your benefits using the retirement estimator at SSA.gov.

Will I live long enough to make up for waiting? If you’re currently 65, your average life expectancy is 84.3 years (men) or 86.6 years (women). One in four current 65-year-olds will live past age 90, and one in 10 will reach 95. For your own estimate, use the life expectancy calculator at SSA.gov.

 

Important Disclosures

1 Source: Social Security Administration.

2 Source: Social Security Administration, “The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.”

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