I’m a CPA and tell my clients to claim Social Security early. Am I giving them bad advice?

Social Security benefits can be claimed starting at age 62, with monthly payments increasing for those who wait until age 70. According to data cited, between 8% and 10% of people delay claiming until age 70. The decision to claim at different ages involves financial tradeoffs: earlier claims result in lower monthly payments, while delayed claims result in higher monthly payments. Individual circumstances such as life expectancy, current financial needs, health status, and family history of longevity affect which claiming age maximizes lifetime benefits. Financial advisors may recommend different strategies depending on a client's specific situation.

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