They'd have to live much longer than the average American to enjoy an economic benefit from the higher future payments. At that point, someone who lives just modestly longer than average might be better off delaying retirement benefits. Take this example To illustrate the point, consider a hypothetical example. John Smith turned 65 in January. But Smith has a full-time job he expects to keep for at least five more years.
Women live a few years longer on average.
Generally, if you have a spouse who would be claiming Social Security on your work record, rather than his or her own, the break-even point for you as a couple is even later. On the flip side, if Smith happens to be in a high tax bracket now while he's still working, the value of the current Social Security income would be pared by the tax bite. He may get more after-tax if he delays Social Security until he stops working and drops into a lower tax bracket. Still another consideration is that if Smith began collecting a Social Security check now and didn't need the money, he could invest it. The mathematical advantages of taking the money now will begin to erode in the future, Treanor said.