A recent analysis found that delaying Social Security benefits to age 70 can result in an estimated $158,000 in higher lifetime benefits. According to the study, this increase still offers better value than any fixed annuity that can be bought from a reputable insurance company. Critics note that annuities often have fees and surrender charges that can significantly reduce their value over time.
Social Security recipients who delay benefits until age 70 will earn an estimated 8% annual increase in benefits, which is higher than the returns offered by most annuities. This has led analysts to conclude that delaying benefits to age 70 is still the best choice for many Social Security recipients. Not financial advice.