A certified public accountant is reconsidering advice given to clients about when to claim Social Security benefits.
The question of whether to claim Social Security early or delay until age 70 is complex, with financial experts holding varying opinions on the optimal strategy.
Data shows that only 8% to 10% of people wait until age 70 to claim Social Security, according to recent statistics. The majority claim benefits earlier, often at age 62, the earliest eligibility age.
Experts say the decision depends on individual circumstances, including health status, life expectancy, income needs and other retirement resources. Those who live longer may benefit from waiting, as monthly payments increase significantly for each year of delay. Conversely, those facing health challenges or immediate financial needs may benefit from claiming earlier.
Financial advisors recommend evaluating personal situations carefully before making a decision that will affect retirement income for decades to come.
