Many ‘experts’ advise waiting until age 70 to claim Social Security benefits. The reasoning is sound on its face – the longer you wait the larger your monthly check.

According to the SS Administration the following is how much of your full benefit you will receive depending upon the age you file:

age 62 – 75%

age 63 – 80%

age 64 – 86.7%

age 65 – 93.3%

age 66 – 100%

age 67 – 108%

age 68 – 116%

age 69 – 124%

age 70 – 132%

If the waters of a larger check are muddied by an immediate need for cash then it might make sense to follow the advice of a different set of ‘experts.’ These people suggest calculating the so-called breakeven age – the point at which benefits are equal regardless of age at filing after adjustments for taxes, inflation and investment returns.

The breakeven age typically falls in a person’s mid-80s. Life expectancy at age 70 is 15 years (age 85) for males and 17 years (age 87) for females. If breakeven is so close to life expectancy does it make sense to forgo benefits for up to 8 years on the front end by filing at age 70 instead of 62?

Keep in mind these figures are based on actuarial tables. No attention is paid to genetics or health. Did your parents die in their 60s? Are you a two-pack-a-day smoker?

All said the promise of a larger monthly check simply for delaying until age 70 may be more mirage than oasis.