‘It’s already highway robbery.’ Why people don’t wait to claim Social Security and what experts say

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When it comes to claiming Social Security retirement benefits, experts agree it's generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life. To get 100% of the benefits you've earned, you need to wait until full retirement age — between age 66 and 67, depending on your date of birth. To get the highest benefit, retirees need to wait to claim until age 70. More from Personal Finance: As Social Security's funds face insolvency, here's what to watch Why most of Warren Buffett's wealth came after age 65 Advice about 401(k) rollovers is poised for a big change. Here's why Understandably, some people cannot delay — either due to poor health or financial circumstances. Yet research also shows many people claim early because they are worried about the program's future, or they want to get the most of their benefits. In response to a recent CNBC article on why even waiting a few months to claim benefits can help, some readers had a strong reaction. "It's already highway robbery," one reader wrote. "You just don't want them [the government] getting their money back, do you?" Nevertheless, experts maintain waiting to claim is generally a beneficial strategy. "In the grand scheme of things, delaying claiming Social Security is one of the safest things that you could probably do to protect yourself over time," said David Blanchett, head of retirement research at PGIM DC Solutions, the global investment management business of Prudential Financial. Here's what experts say to the most common arguments for claiming Social Security benefits as soon as possible.