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I found this to be pretty interesting from CNBC. I know that not everyone has the luxury of waiting until 70 to retire. Life, health, finances and family can play a major roll when it comes to the decision of retirement. The graph in the article shows that 42% (the majority) of men claim SS Benefits by the age of 62, 34% make it to full retirement age before they claim, and only 2% wait until the age of 70+ to claim their benefits. Women, are pretty much in the same boat with 48% claiming at 62, 27% claiming at full retirement age, and 4% claiming at the age of 70+. Full retirement age depends on your birth year, but it generally ranges from 66 to 67.
It looks as though that it would be more beneficial for someone to wait until retirement age, and choose to live off of other income and savings. That way they can invest their SS benefits into variable annuities and indexed universal life policies. Yes, it would have the retiree living off of their own capital and investing their SS benefits until 70, but the benefits yield would be higher after 70. The article really breaks it down. I suggest checking it out to anyone who is interested.