#7 Extra downside: You may not end up breaking even
One of the biggest downsides that have been seen by people over the years and that you may have been aware of before If you choose to wait to claim Social Security at 70 instead of 62, it will take you more than 10 years to make up for the amount of money you wouldn’t have received in those 8 years you held off. And when looking at the average American lifespan, you would need to live longer than most people in order to break even and receive all your benefits.
It may just be in your best interest, if you can, to take them out once you reach full retirement age and enjoy your full benefits, despite the lower sum if you do not wait.
Despite these, a lot of Americans are relying on Social Security for their income, and here are the ways in which you can live comfortably just by relying on Social Security benefits!
