“Sure, waiting it out until your full retirement age can boost the final payouts, as most financial advisors and accredited social security lawyers will attest. However, two key factors can play a role in making people decide to cash in early: physical health and life expectancy.
The average life expectancy of a typical American is 79.8 years old; 77.4 for men, and 82.2 for women. Based on these alone, Americans might yet be encouraged to hold out until age 70 when benefits are compounded. Still, many Americans are claiming early because it is a form of paycheck for them that helps tide them over from month to month. A lot of Americans, too, find the financial landscape of Social Security too complex to figure out.”