Social Security recipients missing $182,000

The study found that Social Security beneficiaries are missing out on close to $200,000 by claiming too early    

According to a study conducted by the Atlanta Federal Reserve Bank's 

Director of research, David Altig, and Boston University economists Laurence Kotlikoff 

and Victor Yifan Ye, 90% of recipients should wait until they are 70 or older to claim benefits, but only 10.2% do so    

The researchers found that, while people are eligible for Social Security benefits 

At age 62, they receive 30% less at that age. All major federal and State tax and transfer programs were incorporated into the analytical tool. 

Researchers found households gained $182,370 on average and Spent 10.4% more over the course of their lifetimes as a result 

According to the study, waiting for the benefits is associated with a median income reduction of $2,714

For one in four, the lifetime spending gains exceed 17% While for one in ten, the lifetime spending gains exceed 26%