1. Your Retirement Savings Are Low

Seniors are expected to need around 70% or 80% of their former income during retirement. Social Security, however, represents around 40% of that, which is why living off it alone could be quite challenging.

But if you can survive off your current savings without claiming, it might be a good idea to budget for a few more years, take on side gigs and push off claiming until later. That way you can claim more money later on in life.

You might think that since you’re reliant on Social Security, you have no choice but to claim early, yet you might be doing yourself a disservice by slashing your benefits by doing so.