Deciding when to start taking Social Security benefits is a very difficult question that millions of baby boomers are having to deal with. If a person takes Social Security too soon they risk turning down delayed retirement credits that could equal tens of thousands of dollars in lifetime Social Security income. If they wait too long though they might not get the benefit of Social Security income if they get sick. There are many different factors that go into the decision of when to start taking benefits which include things like health, employment, and family needs. If a person has other sources of retirement income it might be a mistake to delay Social Security benefits. Picking a time to start taking Social Security benefits is a person decision that depends on individual circumstances.
See Todd Campbell, How Claiming Social Security At 70 Can Be A Big Mistake, My San Antonio, April 8, 2016.
