Why You Should Never Delay Social Security Past Age 70

What: Delaying Social Security benefits past age 70 will not increase the total amount received in retirement.
Why: The delayed retirement credit only increases benefits by a maximum of **8%** per year, which is not enough to offset the potential loss of benefits due to delayed filing.
Signal: The Social Security Administration will send a letter to beneficiaries at age 62, 65, and 70, reminding them of their filing options and potential benefits.
Target: Beneficiaries should aim to file for benefits between ages 62 and 70, as this allows them to maximize their total benefits while also considering their individual circumstances.
Risk: Delaying benefits past age 70 may put beneficiaries at risk of reduced life expectancy, which could result in a lower total benefit amount.