The Financial Value of Delaying Social Security

Waiting to claim Social Security could be one of the most powerful — and overlooked — financial strategies for retirement

New research from the Retirement Income Institute shows that delaying benefits can significantly boost lifetime income, providing greater financial security, higher monthly payments, and a stronger foundation for retirement planning. Yet many Americans claim early, often leaving substantial guaranteed income on the table.

Delaying Social Security is one of the few risk-free strategies retirees can use to significantly increase lifetime income and protect against outliving savings.

In his new paper, Wade Pfau breaks down the real-world impact of delayed claiming, showing how each year of waiting can dramatically increase total retirement wealth. The findings reinforce the importance of reframing Social Security not just as a safety net, but as a strategic asset that can meaningfully improve retiree outcomes. Whether you’re planning for your own retirement or advising others, understanding the true value of waiting could make all the difference.

Read the paper

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