Claiming Social Security early can cost retirees $110,000

Many retired Americans rely on Social Security for income, but the timing of when to claim benefits can significantly affect total payouts. Claiming early at age 62 can lead to a loss of up to $110,000 compared to waiting until age 70. A report shows that about 57% of retirees could benefit from waiting until age 70 to claim Social Security. However, only 4% of recipients currently choose this option, meaning most may miss out on additional income. Delaying benefits can increase monthly payments, but it may not be ideal for everyone, especially those with health concerns. A breakeven analysis can help individuals decide the best time to claim based on their life expectancy.