Delaying Social Security to Age 70 Offers Higher Benefits Despite Skipped Checks
Delaying Social Security benefits from age 62 to 70 results in approximately $158,000 in skipped checks but offers a 76% higher benefit in nominal terms. The Social Security Administration's rules allow for an 8% increase in benefits for each year delayed past the full retirement age, up to age 70. This strategy provides a higher inflation-indexed benefit for life, which is often more advantageous than purchasing a private annuity. However, the decision to delay depends on individual circumstances, such as financial resources to cover the gap years and life expectancy considerations. 
