For someone whose full retirement age is 67, waiting until 70 could mean a 24% increase in their benefit. This is a significant boost, especially considering that Social Security payments are adjusted for inflation annually.
If Carol is in good health and expects to live into her 80s or beyond, waiting could provide her with more financial security in her later years when other sources of income may be less reliable.
However, there are downsides to waiting. Carol would be forgoing several years of income, which could strain her current budget. Given rising costs for essentials like food, healthcare, and housing, Carol might struggle to cover her expenses.
If Carol's health is uncertain or her family has a history of shorter lifespans, it may make sense for her to reevaluate her decision to delay claiming benefits.
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