Some of the biggest financial risks that retirees face include longevity, markets and inflation. Deciding when to begin collecting Social Security can affect all of these, and delaying collection can help ensure financial security.
The longer a retiree waits to claim Social Security, the greater the monthly payment will be. However, only 5% of retirees wait until age 67 or older to claim their benefits, meaning many retirees miss out on an effective strategy to improve their retirement security.
Waiting to claim Social Security can be beneficial to singles and married couples alike. The monthly benefits assured to the higher-income earner in the marriage is paid as long as either spouse is alive, meaning the payments continue throughout the lives of both spouses.