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For some, waiting until you turn 70 is considered the smartest financial move you can make in retirement.
After all, who doesn’t like a potential 24% boost (1) to monthly benefits? A study by the National Bureau of Economic Research (2) (NBER) even suggested that waiting until age 70 was the right move for 90% of American workers currently between the ages of 45 and 62.
So the mathematical evidence overwhelmingly supports a delay.
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First and foremost, the NBER’s research is based on lifetime earnings.
Simply put, these calculations are focused on maximizing the total amount of money you get in benefits during retirement, and that hinges on how much you get every month as well as your life expectancy.
In reality, if your health has deteriorated, your life expectancy is probably shorter than average.
It also means that the utility of the boosted payouts has diminished.
There’s also your healthy life expectancy to consider.
This refers to the number of years, on average, Americans can live in “full” health.
According to the World Health Organization, this is just 63.9 (3).
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