As many Americans look forward to retirement, maximizing Social Security benefits becomes a significant part of their financial planning. However, a recent

Many Americans look forward to retirement as a time to maximize their Social Security benefits and pursue their goals. However, a recent change in the retirement age may prompt some to rethink their plans.

The main idea behind waiting until age 70 to claim benefits is that the increase in monthly benefits will eventually make up for the foregone years of not collecting Social Security in your 60s. However, that requires you to live long enough to overcome the late start. And, unfortunately, that's far from guaranteed.