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Why don't more people wait to claim Social Security at 70? Although Social Security retirement benefits increase at the age of 70, many seniors opt to claim their benefits before they reach that age, according to personal finance website Motley Fool. The latest data shows that 90% of Americans start collecting benefits at age 66 or earlier, In fact, less than 5% wait until age 70 (2% of men and 4% of women). Since a retiree's benefit for those who wait until age 70 is a whopping 76% greater than those who file at age 62 (before adjusting for eight years of COLA increases), the looming question is: Why don't more people wait? The obvious answer is that many Americans stop working before 70 and need the money. This isn't necessarily by choice. In a study from EBRI, 61% of workers who stop working at age 65 or earlier, did so for health reasons. Another 18% were laid off, and yet another 18% retired to care for a family member. -- The Motley Fool
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