Waiting on Social Security Pays a Guaranteed 8% a Year. Only 4% of Retirees Ever Collect the Age-70 Check.

Delaying Social Security from full retirement age to 70 boosts benefits by about 8% per year of postponement, a federal “guaranteed” increase layered on top of the annual cost-of-living adjustment (COLA). For someone with a full retirement age of 67, waiting to 70 would lift the benefit roughly 24% versus taking it at 67, and dramatically more than claiming at 62, when benefits are permanently reduced by up to 30%. Yet only about 4% of retirees claim the age-70 option. The article links the low take-up to the need to bridge up to eight years without payments, despite weakening savings rates and low consumer sentiment.