The choice to delay Social Security is one that more seniors are considering in today’s economy.

With inflation rising, stepping away from the workforce for good is a challenging prospect. Seniors must ensure they have the funds to support their future. For many, this means maximizing their benefits.

It’s true that waiting can lead to larger checks. But is this option really feasible for the average senior in 2023?

Delaying Benefits Can Make Life Hard for a Senior

The math behind delaying benefits makes sense. For example, waiting from 67 to 70 adds 32 percent to a benefit check, or 8 percent per year. That’s a sizable annual gain that could really improve a retiree’s financial resources.

But what about the challenges of staying in the workforce longer? While some seniors may still be energetic and healthy into their 60s, some may also be experiencing issues that make it hard to keep working. This means waiting could be dangerous to a retiree’s well-being.

There’s also the matter of life expectancy. Despite statistical outliers due to the COVID pandemic, people are living longer. This means they will need more money for both basic needs and retirement goals.

Retiring sooner may result in a smaller benefit amount, but if a senior lives longer and gets more checks due to retiring early, the total amount of benefits earned could actually end up higher overall.

Should You Delay Social Security? It Should Be a Personal Choice

While waiting to claim Social Security could pay off in some situations, not everyone has this option.

Working longer can be strenuous for seniors. Sometimes a slightly lower benefit amount can go further, especially when stretched over a longer period of years. But no matter when you retire, you deserve your benefits in full.

We fight for seniors to get fair yearly Cost-of-Living Adjustments (COLAs) plus reimbursement for years skipped. Sign our petition, then follow us on Facebook and Twitter.