Q: What are the advantages of delaying social security?
A: There are many factors to deciding when to take social security. Are you going to work? How is your personal health and family longevity? How is your financial situation? Are you married?
A rule of thumb is the longer you wait the greater the benefit. The main advantage is you will receive a higher monthly payment for a longer period of time. The price you pay is foregoing your benefits in the short term. People generally underestimate how long they are going to live. If you are healthy, believe you will live until 80, and can afford to postpone social security until 70 then it’s in your benefit to do so.