Older Americans would benefit financially by waiting to receive their Social Security benefits

Why do so many Americans start taking their monthly Social Security benefits early like age 62 or 63 instead of waiting until the most financially opportune time, like age 70?   

Older Americans according to United Income an online investment, older Americans are losing about 111 thousand dollars per family by receiving the benefits too early.  

Ken Bertucci with Bertucci and Labiche Wealth Management says when to decide to receive the benefits is always a tough decision.

"That's a complicated calculation to see whether or not it's going to be beneficial to you," said Bertucci.  "You know, a lot of people do take those benefits early." 

Only 4 percent of retirees take their social security benefits at the most opportune time, financially speaking.  

"For every year that you wait it is about an 8 percent additional benefit that you get from Social Security for every year you wait until full retirement age," Bertucci said.